Plug and Play Tech Center and PwC Luxembourg Opening Gates of Silicon Valley to European High-tech Start-ups

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Plug and Play Tech Center, the largest high-tech center in the Silicon Valley and PwC Luxembourg, a member of PwC, the leading professional services network in the world, are investing resources to meet the increasing quality of start-up deals in Europe and provide a soft takeoff place for US high tech companies in Europe.

Plug and Play Tech Center, the largest high-tech center in the Silicon Valley and PwC Luxembourg, a member of PwC, the leading professional services network in the world, are investing resources to meet the increasing quality of start-up deals in Europe and provide a soft takeoff place for US high tech companies in Europe.

The two institutions decided to launch “PwC’s Accelerator, powered with Plug and Play”, one of the very first business accelerators in Europe plugged into the Silicon Valley. The ceremony of signing the Memorandum of Understanding was taking place in Luxembourg on June 27, 2011.

PwC, the leading professional services network, recognizes the need to provide innovative solutions for the international high-tech industry to access faster key financial, commercial and human resources at the global level. At the same time, PwC Luxembourg has discovered a community of increasingly successful European high-tech start-ups that are facing challenges accessing key resources due to the small and fragmented European venture capital industry.

To meet these challenges, PwC Luxembourg, the local market leader, is heading this innovative initiative with the support of the PwC network by launching this Luxembourg-based European Accelerator and cooperating with the leader in start-up acceleration in the Silicon Valley – Plug and Play Tech Center. The European entrepreneurs who made the journey to the Silicon Valley with Plug and Play achieved in one month what would have taken six months in Europe.

Luxembourg is a carefully selected home base for this exciting initiative. Luxembourg is a small yet dynamic country in the center of the European Union that has been historically recognized for its successful innovations in the field of industry, e-business and finance and its welcoming attitude towards US companies over the last 60 years.

Due to Luxembourg’s high quality high-tech infrastructure, favorable business framework, qualified pool of engineers and responsive government, some of the largest global high-tech companies such as iTunes, PayPal, Skype, SES ASTRA etc. have established European headquarters in Luxembourg. At the same time, Luxembourg is officially home to most of the recently established and important funds in Europe. As the second most important global center after the US, Luxembourg represents 27.4% of European market with net assets over 2.1 trillion and houses approximately 74.6 % of all cross-border funds in Europe.

The newly established project “PwC’s Accelerator, powered with Plug and Play” will help develop and market innovative products with tailor-made solutions to boost innovation and success, including:

  •     A physical location directly linked via video to the Plug and Play Tech Center,
  •     A full range of tailored services to prepare European companies for the Silicon Valley journey: training, coaching, business plan review with US specialists, communication tools adaptation, market access strategy, US executive search as well as tailored soft landing services for US companies willing to gear up for the EU market,
  •     A full range of services accelerating companies’ projects including market access strategies, fund raising, business development and corporate exit.

“Many US high tech companies are looking for a soft takeoff place to enter European markets and attract key resources”, mentions Laurent Probst, partner at PwC Luxembourg. “The first objective of PwC’s Accelerator will be to provide these successful players with the necessary ”Eco system” to accelerate their development in Europe”.

“The second objective of PwC’s Accelerator is to help European companies prepare their journey to the Silicon Valley. We noticed that this first preparation phase was often the most critical for companies which would like to take this big step”, says Didier Mouget, Managing Partner PwC Luxembourg. “Our deep expertise and proven track record in the high tech and transaction fields, be it ICT, life sciences or eco-technology, coupled with PlugandPlay track record, expertise and community will constitute a strong value proposition to tap into the European innovators pool.

“Silicon Valley remains the top high tech hub in the world today for emerging technology companies looking to make a name for themselves. With this cooperation, PwC and Plug & Play look forward to supporting the best of these companies in Europe and the US and to provide them with access to the resources of Silicon Valley” added Saeed Amidi, CEO of the Plug and Play Tech Centre.

ABOUT PRICEWATERHOUSECOOPERS:
PwC is the largest professional services firm in Luxembourg with over 2100 people employed originating from 53 different countries. It provides audit ,tax and advisory services including management consulting, transaction, financing and regulatory advice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. It helps its clients creating value by giving comfort to the capital markets and providing advice through an industry focused approach.

PwC Luxembourg is a member firm of PwC International Limited ("PwC IL"). The PwC network is the largest global professional services network with more than 170.000 people working in 154 countries. PwC is the brand under which each member firm operates and provides services. All PwC member firms are separate legal entities which deliver their services locally and internationally without engaging in any way PwC IL' responsibility or liability.

ABOUT PLUG AND PLAY TECH CENTER:
Plug and Play Tech Center is Silicon Valley’s leading high-tech accelerator and is home to more than 300 technology start-ups. Since its founding in 2006, companies residing in Plug and Play have raised more than $750 million in funding. In 2010 only Plug and Play companies raised over $130 million and got acquired for more than $700 Million in total.

Plug and Play partnered with over 170 institutional VC firms, over 50 corporate venture arms and 300 Angels for funding, M&A and business development opportunities and has been hosting a broad spectrum of technologies from digital media, networking, mobile, voice and data communication, enterprise software to wireless, clean-tech and semiconductor. Plug and Play is supporting entrepreneurs at all stages of the start-up lifecycle, from seed and early stage, to growth and later stage.

Over the past 2 years, Plug and Play has created a soft landing platform for more than 60 international start-ups, partnered with 15 foreign governments to host their Silicon Valley incubators.

Contact for Media:

Plug and Play Tech Center:
Mirjana Shasha, PR Manager
shasha(at)plugandplaytechcenter.com

Contact for Media:
PriceWaterhouseCooper:
Di Nino Mylène, Head of Communications
mylene.di.nino(at)lu.pwc.com

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Mirjana Sasa
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