Shifting Perceptions in the Startup Scene

For years, the United States was seen as a role model and the most important international partner for Germany’s startup community. However, since the change in the US administration, skepticism is growing among German founders. According to a recent survey conducted by the digital association Bitkom among 152 tech startups, 70% of founders now view the US under Donald Trump as a risk to the German economy. More than one-third (35%) say they would hesitate to collaborate with American startups or companies right now. An overwhelming 87% believe that Germany should strengthen its digital sovereignty to become less dependent on the United States.

Bitkom President Dr. Ralf Wintergerst emphasizes the opportunity for Germany and Europe: “If startups intentionally choose Germany and Europe as their base, that’s a huge opportunity for us. Tech startups can and will play a vital role in building a digitally sovereign Germany.” Wintergerst also calls for priority action to reduce bureaucratic obstacles and provide startups with easier access to public contracts. “Government agencies and public administrations should become anchor customers for startups,” he explains, adding that mobilizing more venture capital, especially from institutional investors, is crucial.

Investment Attitudes Begin to Shift

Currently, nearly a third (31%) of German startups are reconsidering funding from US investors. Thirteen percent now prefer EU-based investors because of the US political situation, while 11% have become more cautious when it comes to American funding. For 7% of startups, US investors are no longer an option at all. Still, 30% of respondents say American capital remains attractive even after the change in government. Meanwhile, 26% state that US investment doesn’t matter for their business, and 14% chose not to answer.

Transformation in the US: New Priorities Emerge

American companies are facing a complex set of challenges, including macroeconomic uncertainty, geopolitical risks, and evolving trade barriers. Many consequences of recent shifts in trade policy remain unclear, and the full impact may not be known for some time. Yet, stepping back to view the broader picture, it’s evident that structural changes are opening new opportunities—especially where operational resilience, pricing power, and strategic importance intersect.

Automation, electrification, and digitalization are propelling a new era for industries worldwide, including in the United States. Infrastructure expansion, reshoring initiatives, and investments in AI-driven manufacturing and electric mobility are redefining strategic priorities for many firms. This ongoing transformation is particularly energy-intensive, highlighting the growing economic importance of diversified energy sources and decarbonization efforts.

Louis Citroën, portfolio manager for US equities at Comgest, notes, “From our perspective, this creates long-term growth prospects for companies capable of not only adapting to these trends but actively shaping them by positioning themselves across the value chain.”