Lower Saxony Startup Monitor 2023 (Startup-Verband)

Summary

• The number of startup foundings in Lower Saxony rose by 43% compared with 2019 to 126 in 2022, faster than nationwide (8%).p.2
• Hannover is the strongest city for foundings in the state with 113 new startups since 2019.p.2
• The share of female founders in Lower Saxony is 25%, well above the federal average of 20%.p.2
• 54% of all startups have external capital needs in the next 12 months (Germany: 69%), on average €900,000.p.18
• Venture capital is used by only 5.7% of startups in Lower Saxony, while 27.7% prefer it.p.18
• Startups in Lower Saxony less often receive venture capital than the federal average, and in smaller amounts.p.2

Key insights

1. 86.3% of founders in Lower Saxony hold an academic degree, and 58.7% of the graduates earned it in Lower Saxony.p.13
2. 50.0% of startups have received university support in the past.p.13
3. Capital raising was a challenge for almost every second startup in 2020, but now only for just under 30%.p.20
4. 17% of startup employees in Lower Saxony do not come from Germany, versus 28% nationwide.p.19
5. 90% of startups plan to hire in the next 12 months, on average 4 new employees.p.19
6. Business angels are used by 17.2% of startups, while 36.1% prefer them.p.18