Why nobody needs mock advisory boards

Following the BJDW's disastrous position paper, Bitpanda CEO Eric Demuth accuses the committee of refusing to work in a guest article, rips the self-promotion of founders via Instagram and TV to shreds and criticizes the fact that many have created an autocratic bubble internally.

Supposedly progressive in name, extremely stupid in output: The "Young Digital Economy" has abolished itself. The public is quite rightly taking its position paper to task, the ministry has deleted it from its website, the trade press is highly outraged - and we founders are even more so. Yes, I am really angry because it is precisely this amateurism that is backfiring on an entire industry and was so unspeakably predictable.

The Advisory Board's understanding of democracy and its values with regard to the free press either do not coincide in any way with 99% of the industry, or - if the paper was actually written by just one member - it is simply a case of the other members refusing to work and I wonder how they define their role and the responsibility that goes with it.

After all, you don't even have to go into detail to realize that the rhetoric doesn't fit the values of young entrepreneurs at all, at least not the ones I know. Orbán, on the other hand, would like it.

What we don't need, however, are committees with rubber-stampers, self-congratulators and those who follow the motto: "The main thing is that the name is underneath".

Eric Demuth, CEO Bitpanda

It should not be forgotten that appointments to political bodies naturally serve as a clever self-marketing tool, and the appointment is applauded accordingly. In my view, this applies not only to the German scene, but also to the Austrian scene. In my view, the work of Christian Miele, for example, who has been active in the German start-up scene for years and acts as the head of the local scene, so to speak, shows that things can be done differently.

What we don't need, however, are committees with rubber-stampers, self-congratulators and those who follow the motto: "The main thing is that the name is underneath". Either you put in the work and time - or you leave it at that and hand over the reins to others. Instead of just attracting attention with big Instagram and TV appearances, you should be aware of the responsibility you have when advising politicians. Because suddenly you are representing an entire industry with many jobs and have the opportunity to help shape the future.

Many people are no longer reflective enough to realize that they have created an autocratic bubble internally.

Eric Demuth, Bitpanda CEO

It is also a fact that some founders have become overly self-important. Many are no longer reflective enough to recognize that they have created an autocratic bubble internally. As we know, this is particularly easy to do within your own empire. And so some people like to come up with the idea that things should always be the same in the rest of the world as they are in their own company - i.e. above all without contradictions and free from critical reflection. The sceptre high, the nose even higher. It therefore no longer surprises me that many founders are alienated from the public and have simply forgotten the difference between self-promotion (PR) and journalism (critical reporting).

But you have to be completely disillusioned if you think you want to influence the freedom of the press. In times of right-wing populists and fascists, who are always trying to discredit other opinions and thus the free press and portray them as liars because the content and facts do not suit their own small-minded ideology, such demands from supposed thought leaders are an absolute scandal and extremely dangerous. On the contrary, we need to strengthen the free press and thus support our democracy.

If you can be celebrated, you should be able to stand in the wind.

Eric Demuth, Bitpanda CEO

Speaking of critical reporting: is it really so surprising that there are critical disputes when companies go public for billions without ever having earned a cent? Or when enormous sums of money flow into young companies in a very short space of time (as is the case with my company)? It is absolutely logical that this is not just applauded. This is all very new and incomprehensible to many people. But instead of being transparent, meeting with society, simply explaining your own business model and vision, would you prefer to conveniently avoid the critical questions? Sorry, but that's part of our job. If you can be celebrated, you should also be able to stand in the wind.

Last but not least, blaming third parties - ergo "the media" - is born out of desperation. Of course, it is easier to write than to make concrete proposals for political action. The fact is that we are lagging massively behind, whether in Austria, Germany or Europe. To date, most start-ups have been successful not because of politics, but in spite of it. What is completely missing is an awareness among politicians that the young digital industry is the hobbyhorse for the coming decades. California has done a lot of things right, while incentives have fallen short here in Germany. This status quo can only be described as critical.

Anything goes, a lot must - especially without sham committees, but with a critical public, please.