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"Being a startup in Austria" by Roman Rericha, Partner at BTP

ABA
2 June 2017

Runtastic, spire, mySugr, shpock, kiweno, Waytation, USound and several others have set an example for “Being a Startup in Austria". These startups have succeeded in conquering the business world from the Austrian business location thanks to an innovative concept and a lot of hard work. However, bureaucratic and financial obstacles which need to be overcome await company founders on their path towards translating an extraordinary idea into reality.

The entire Austrian startup scene has clearly gained in momentum in recent times, and there are no signs of a slowdown in growth. The public, political decision makers, large multinationals, consultants and funding institutions have focused intensively on the topic of “startups”. They have contributed to improving underlying conditions for young companies in Austria, and particularly in Vienna, which has emerged as a startup hub.

This year’s opening in Vienna of weXelerate, the largest startup center in Central and Eastern Europe, is gratifying news for founders and all those who aim to be. Each year about one hundred startups in the fields of Internet of Things (IoT), FinTech and media are to be admitted to the innovation center located in the Nouvel Tower on the Danube Canal and given support in their efforts to enter the market. An infrastructure designed to promote innovation and consisting of mentors – successful companies, partners in the fields of service, sales and venture capital as well as incubators and investors – will support the development of startups. A second major project, the A1 and Talent Garden Co-Working Campus, underlines the current development path. It offers room for more than 500 workplaces which can be leased for a limited period of time, and is expected to be filled with life this spring thanks to the presence of startups, companies, freelancers, investors and agencies.

To read up more on the topic, visit the ABA website: https://investinaustria.at/en/blog/2017/05/being-a-startup-in-austria.php

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