Vienna supports startups
Financing is one of the most important aspects of establishing a startup. Vienna is top of the class in the pre-seed and seed phases as well as in ongoing support for startups.
The Vienna Business Agency supports local and international companies in all phases of their development with around 14 funding programmes, providing advice on all corporate issues and helping expats get up and running in Vienna. If you’re looking for funding, business premises, an office, free advice or workshops and want to establish new partnerships, the Vienna Business Agency are the best people to speak to!
Other major sources of funding in Vienna include the Vienna Employment Promotion Fund (also known as waff), the Austrian Economic Chamber (WKO), Wiener Kreditbürgschafts- und Beteiligungsbank (WKBG), the Austrian Research Promotion Agency (FFG) and the Austrian federal government’s promotional bank (aws). These institutions offer non-repayable subsidies, guarantees and loans.
Local venture-capital enterprises, such as Speedinvest, and a host of business angels frequently help startups to access financing and invest many millions of euro in businesses that appeal to them.
For an overview of the funding and financing on offer, click here.
Vienna Startup Package
The Vienna Startup Package offered by the Vienna Business Agency aims to attract international startups to Vienna. Submissions have increased ten-fold over the last six years; with startups from the United Kingdom leading the way in applications received, there has also been a significant rise in interest from CEE and African countries. From 2014 - 2019 the Vienna Startup Package has received 946 applications from 104 countries around the world.
One best practice example of how to use of this package comes from Baher al Hakim and his app, Medicus – a sort of digital health coach. In 2016, he moved to Vienna with the help of the Vienna Startup Package, founded his company’s first branch here, and has been using Vienna as a base from which to conquer the world ever since. “I’m a big fan of the business location Vienna and, soon after my first visit to the city, we decided to relocate Medicus from Dubai to Vienna,” says al Hakim. “Vienna is the ideal location for our business; we can roll out into the European market from here. The Vienna Business Agency provided advice and support during our move to Vienna and we also received a great deal of support from the local startup ecosystem.”
For information about Vienna’s startup ecosystem, click here.
Photo startpage: (c) Pamela Russmann