Hidden Champions in der Eifel
Hidden Champions: The Backbone of the German Economy
Introduction to Hidden Champions
- Many world-class companies are based in villages with populations as small as 200, yet they excel globally.
- Hermann Simon introduces himself and shares his background as a professor and entrepreneur, highlighting his global business success.
The Concept of Hidden Champions
- Simon explains that while large corporations are often credited for Germany's export success, many medium-sized "hidden champions" exist that are lesser-known but highly successful.
- These hidden champions are defined as companies that rank among the top three in their market globally or first on their continent, typically generating less than five billion euros in revenue.
Importance of Hidden Champions to Germany
- In Germany, hidden champions play a crucial role; Simon has identified over 3,000 such companies, with 46% located in Germany.
- He emphasizes the significance of these companies being situated not in major cities but predominantly in rural areas and smaller towns.
Personal Connection to the Eifel Region
- Simon reflects on his emotional ties to the Eifel region and how he aims to bring global insights back home through initiatives like "Kinder der Eifel."
- He highlights notable individuals from small towns who have achieved remarkable success, showcasing local potential and instilling pride within communities.
Characteristics of Eifel Residents
- A unique trait of people from the Eifel is their groundedness and humility. Simon contrasts this with vanity by coining terms related to self-awareness.
- He discusses how these qualities contribute positively to their achievements on a global scale.
Strategic Advantages for Local Businesses
- The geographical location of the Eifel region offers strategic advantages for businesses looking to expand into European markets.
- Despite having numerous hidden champions, there is a need for more entrepreneurial initiatives among youth in rural areas due to talent migration towards larger cities.
Challenges Facing Young Talent Retention
- Attracting young talent remains a significant challenge; many prefer urban environments over rural settings.
- To combat this issue, local businesses must engage early with students through internships and practical experiences to foster connections and reduce out-migration.