40% off TNW Conference!
Ultimately, they decided to establish a subsidiary in Amsterdam with a one-to-one relationship.
Their staff is now split between these two offices.
Bottomline, Ive now doubled my work on the admin side.
But, on the upside, commercially and thats what we wanted to optimize for there was no question.
If its just an administrative problem youre trying to solve, any part of Europe will work.
Is there access to talent?
Is there a language barrier?
Are tax incentives important for you?
For small companies that can be the worst news because wait and see doesnt pay the bills.
It was a massive shock when the UK voted to leave the EU.
Everyone actually thought that the UK would eventually reverse that decision.
But it didnt happen, says Digipharms Chief Operations Officer, Mohammed Rahman.
Especially from an investment perspective, there are a number of grants that EU-based companies can benefit from.
And perhaps its only a matter of time until the Horizon program is also closed to the UK.
Germany, the Netherlands, and Switzerland for instance all have startup incubator and accelerator programs.
Its platform allows you to easily patch your address or cancel services across multiple accounts.
However, Monadd has hit a few roadblocks.
Brexit has made it more challenging to work with local governments in the EU.
Its a discovery process for the startup but also for the other end, Mendoza says.
Many of these local governments are still unfamiliar with the implications of Brexit.
But this comes as no surprise as many UK leaders seem to be just as clueless.
She offered four great tips to get started.
Get professional legal adviceDIT also connected Mendoza with some lawyers who could help her iron out the legal details.
Were lucky to have had great legal advice, especially in terms of developing data transfer agreements.
Having great lawyers is key.
Connect with other startupsAlso know whats going on in the startup community.
However, the future of data transfers still presents much uncertainty for Monadd.
Theyre now starting to contact different providers within the EU and familiarize themselves with the different options available.
The country is going to have to figure out its own way to trade with the EU.
Im lucky that I havent accepted EU funding yet, but there is interest in that realm.
However, it has pushed the company to tweak its strategy.
It did force us to take a more serious look earlier at the US as a market.
In medical technology, even US companies often look to the EU first.
In part, its because the regulations in the EU were easier to comply with for new products.
The major changes that the pandemic has brought to our working conditions have also facilitated this shift.
Instead, Brexit has brought a lot of uncertainties and question marks for the way moving forward.
The UK has just dropped out of the EU emissions trading scheme and its creating its own.
But this needs cross country collaboration to be effective.
So any lobbying we can do is reduced.
The way I see it, the UK has two options.
In both cases you stand to lose either market or influence and thats strategically naive.
Although Horizon2020 grants have continued, not all of the grant programs have.
Were testing the market now.
Moving forward
Brexit has left us with a lot of unknowns.
But, if anyone is equipped to navigate them, its the countrys innovative startup community.
While Britain may have left the EU, its startups arent giving up on the relationship.
TNW is a partner in the DMS Accelerator.
