The AIT Austrian Institute of Technology, AustrianStartups and the WU Start-up Centre presented the eighth edition of the Austrian Start-up Monitor. The findings show that Austria’s start-up scene remains a key driver of innovation – but faces structural challenges.
71% of Austrian start-ups are developing key technologies and are thus making a central contribution to technological transformation, particularly in areas such as artificial intelligence, data innovation, life sciences and biotech, as well as energy and environmental technologies.
At the same time, start-up activity remains subdued: more than 3,600 start-ups have been founded in Austria since 2014. Following a boom up to 2019, the number of new start-ups per year has stagnated at a constant level. In an international comparison, Austria thus lags behind countries such as Germany, where start-up figures have recently risen significantly again.
“Austrian start-ups are making a decisive contribution to technological transformation,” explains Karl-Heinz Leitner, scientific project lead and Senior Scientist at the AIT Austrian Institute of Technology. “Particularly in areas such as artificial intelligence and other key technologies, it is clear just how strong the region’s innovative capacity is – this potential must be further strengthened in a targeted manner.”
Internationalisation is showing positive trends: the proportion of revenue generated abroad stands at a record 42%, and around 80% of start-ups are planning further expansion.
Challenges remain in terms of access to capital and diversity: the proportion of female founders has fallen to 21%. In a long-term comparison, however, the proportion of women has improved. At the same time, 62% of start-ups are pursuing social or environmental goals. Around 60% of entrepreneurs develop the intention to start a business whilst still in education or during their first few years in the workforce. At the same time, the importance of academic start-ups continues to grow: spin-offs now account for 23% of the total.
The Austrian Startup Monitor makes it clear: Austria has great potential for innovation, but needs targeted measures – particularly regarding financing, framework conditions and support for start-ups – to remain internationally competitive.