Record Number of New Start-Ups in Vienna

Record Number of New Start-Ups in Vienna

Walter Ruck speaking at a press conference in March 2023, Florian Wieser

 

A record number of new companies were founded in Vienna during the first half of 2024, according to a press release from the Vienna Chamber of Commerce.

The chamber reported that 5,170 new businesses were established, representing a 2.5% increase compared to the same period last year.

Walter Ruck, President of the Vienna Chamber of Commerce, described Vienna as the “start-up capital,” noting that the city accounts for a quarter of all new companies in Austria.

“As the latest economic forecasts indicate, Vienna’s economy is once again outperforming Austria as a whole,” Ruck stated.

Ruck also highlighted that Vienna has been able to make the most of its strengths even during tough economic times. The outlook for start-ups remains highly positive, with a current projection from the Chamber of Commerce suggesting that around 9,700 companies could be founded over the entire year. This would also mark a record for annual new business formations.

According to the chamber, flexible working hours and lifestyle arrangements are particularly significant for founders, with three quarters citing this as a key reason for starting their business in Vienna. Additionally, 71% expressed that the desire to be their own boss was a major motivation for launching their venture.

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