Austria Sees Growth in Start-ups, Female Founders Rise

Austria Sees Growth in Start-ups, Female Founders Rise

Image: APA/GEORG HOCHMUTH

 

Austria saw 36,673 companies established last year, a slight increase compared to 2023, according to the Austrian Economic Chamber (WKÖ). The proportion of female founders has risen from 41% to 46% over the past 15 years.

The average age of those starting new businesses is 36.6 years, with seven out of ten companies remaining active five years after their launch.

The strongest growth was observed in the 50- to 60-year-old age group, said Mariana Kühnel, deputy secretary-general of the WKÖ.

Wolfgang Hattmannsdorfer, secretary-general of the WKÖ, pointed out that the 2024 founding figures represent a “record” and offer a beacon of hope in what has otherwise been a challenging economic landscape. “Start-ups are the engine for jobs, growth and innovation,” he said.

Flexibility, Independence and Responsibility Drive Start-ups

According to the WKÖ survey, the key motivations for starting a business are the flexibility to manage time and life (71%), the desire to be one’s own boss (69%) and the responsibility to contribute to a company that one previously carried as an employee (63%).

Financially, most entrepreneurs rely on personal savings (66%) and grants (52%) to fund their ventures.

Support and Economic Conditions Remain Key Factors

Hattmannsdorfer suggested that economic conditions for start-ups could be improved, calling for reforms. “The economic policy framework could be better,” he said, pointing to his role on the negotiation team of the People’s Party (ÖVP) for the anticipated government between the far-right Freedom Party (FPÖ) and the ÖVP.

The WKÖ’s “Economic Barometer,” a survey of 3,200 businesses conducted last November, highlights a clear need for policy changes. Among the top priorities are reducing ancillary labour costs (93%), creating more incentives in the tax system for full-time work and providing benefits for overtime and working during retirement (68%). Overall, businesses are calling for broader tax relief (60%).

Since 2012, 3,400 start-ups have been launched, primarily in the innovative digital sector. Together, these start-ups now employ 30,000 people across Austria.

Don’t have an account yet? 

Latest News

Reach out for a handcrafted promotion of your business or product.