The German American Business Association (GABA) recognizes “outstanding contributions to transatlantic business relations and inspiring success stories on both sides of the Atlantic.”
SAN FRANCISCO/HAMBURG, June 2, 2024 – German serial entrepreneurs and investors Petra Vorstecher and Ragnar Kruse are this year’s recipients of the prestigious GABA Award for Excellence. The award was presented by the German American Business Association (GABA) at a ceremony in San Francisco on Friday. The two technology and AI pioneers were honored for their life’s work and “outstanding contributions to transatlantic business relations and inspiring success stories on both sides of the Atlantic.” Vorstecher and Kruse currently support AI startups in particular in Germany through various initiatives that mobilize private venture capital, including in the United States. The GABA organization has been facilitating transatlantic knowledge exchange between the business and technology communities of the United States and Germany since 2003. Previous recipients of the award include well-known German entrepreneurs such as SAP co-founder Hasso Plattner, Sun Microsystems co-founder Andreas Bechtolsheim, online academy Udacity co-founder Sebastian Thrun, LinkedIn co-founder Konstantin Gericke and former Stanford University President Gerhard Kaspar.
Their passion for technological advancements and sustainable business practices has made Vorstecher and Kruse a driving force in shaping the future of innovation and entrepreneurship from an early stage. From the very beginning of online shopping, they recognized the potential of e-commerce. In 1996, they played a key role in growing the start-up Intershop into a public company with a market capitalization of $12 billion. In 2005, they founded Smaato, the world’s leading mobile advertising platform, in San Francisco, which has since been sold. Today, Vorstecher and Kruse are at the forefront of the integration of AI in enterprises through their own company and their growing ecosystem, AI.GROUP, and are committed to promoting and developing emerging AI companies in Germany and Europe through initiatives such as AI.HAMBURG, AI.STARTUP.HUB, AI.IMPACT, the international AI.SUMMIT and AI.FUND, the first European AI fund. Both Vorstecher and Kruse have lived in San Francisco and Hamburg for decades.
“The US is a hub of innovation and technology. It is therefore important for German and European AI startups to enter the US, the largest IT market where technology is rapidly spreading,” says Ragnar Kruse. “In particular, around 20 times more venture capital is invested in startups here, which is essential for the growth of young companies. Europe is undoubtedly home to a large number of attractive AI startups that can compete internationally.”
Petra Forstecher is delighted: “Receiving the GABA Excellence Award in recognition of our lifetime achievement is a great honor for us. Entrepreneurial spirit – building bridges and connecting people and companies – is more important today than ever before. In particular, strengthening and promoting the friendship and economic cooperation between Germany and the United States is very important to us and close to our hearts.”
Oliver Schramm, Consul General of the Federal Republic of Germany in San Francisco: “What Petra and Ragnar have achieved with their numerous initiatives at the Hamburg-based AI.GROUP is truly groundbreaking. They are encouraging many young German talents to realize their potential and embark on the path to becoming successful AI startups. The German government is also pursuing this approach with its AI Strategy and the creation and promotion of AI hubs across Germany. Petra and Ragnar are setting completely new standards with what they have achieved and what they continue to achieve. It is no coincidence that many of the talents they have nurtured are now successful not only in Silicon Valley but also in Germany. I would like to congratulate both of these deserving recipients on this award. Of course, as a Hamburg native, I am very happy for them.”
Jason Chu, U.S. Consul General in Hamburg: “Petra Forstecher and Ragnar Kruse are true ‘tech ambassadors’ who generously donate their time, passion and expertise to startups on both sides of the Atlantic. The U.S. Consulate General in Hamburg is thrilled to work with AI.GROUP on a program that fosters transatlantic collaboration and supports AI experts, entrepreneurs and thought leaders who want to shape a better future for us all.”
About GABA
The German American Business Association (GABA) is an alliance of companies, organizations and professionals dedicated to strengthening business across the Atlantic. Since 2001, GABA has built on German-Californian networks and knowledge sharing, working at the forefront of international business, trends and technologies. The GABA Awards of Excellence are presented annually. Find out more at GABA.
About AI.GROUP
Headquartered in Hamburg, the AI.GROUP promotes successful AI innovations and their use in business in Europe. Founded in 2019 by Petra Vorsteher and Ragnar Kruse, the group works to enable economies and companies to exploit the great innovations, opportunities and possibilities that AI offers as new technologies for a better future. Within the AI.GROUP, the non-profit initiative AI.HAMBURG offers a range of activities to promote the use of AI and machine learning, including workshops, training courses and networking events such as AI.SUMMIT. Furthermore, the AI ​​accelerator AI.STARTUP.HUB runs as part of the consortium. In cooperation with Hamburg Messe, AI.HAMBURG is also regularly organizing the AI ​​CENTER at the trade fair from 2023. The early-stage venture capital fund AI.FUND invests in the best AI startups in Europe. The newest member of AI.GROUP is AI.IMPACT, an AI venture studio that creates positive impact through AI-powered projects and products, from idea to product to global scale. For more information, please visit https://ai-group.ai/.
