You are looking for a location that offers all the important success factors for companies to thrive and expand? The Vienna Region is the answer to your quest, providing the necessary ingredients needed for a perfect business environment.
The most important success factors for companies
Business success builds on a number of key factors. Some of them are internal, depending solely on the entrepreneurs. For example, strategic focus, which means that the company’s goals, brand, values, and actions all move towards a targeted goal. Or the product respectively service is a key factor in itself. Is there sufficient demand for this product/service to thrive? Has it been tailored to the customer’s needs and expectations?
Other important factors for success depend on external circumstances and on the business location. For example, finance and funding, production cost, available infrastructure, competent staff, etc. The country or region a company is located in, provides a certain business environment and quality of life.
The Vienna Region offers great perspectives in all of these areas as well as in specialized fields like life science, digital technologies, creative industries, sustainable technologies, industry & materials, future manufacturing and many more.
Austria’s many assets
When founding a business, the location is a key factor to success. The Vienna Region is sought after by international companies – and here is why:
There are several jump-start programs as well as accelerators young entrepreneurs can participate in. All these offers focus on the support of start-ups, helping them with starting their business, gaining prominence, or finding investors. There are grants, guarantees, or subsidized loans. Early-stage mentoring, workshops and office infrastructure are available as well. The Vienna Business Agency, Ecoplus. and Wirtschaftsagentur Burgenland (the 3 Vienna Region business agencies) provide funding support and all the important information new companies need. The Austrian Research Promotion Agency (FFG) and Austria Wirtschaftsservice GmbH (aws) are two additional important funding sources in Austria.
There are also networking hubs like weXelerate or IST Cube which facilitate the exchange of innovative ideas. They provide an interface where investors, researchers, innovators and creators can meet and where new projects can grow.
You are ready to take off with your new business venture? Read more about different funding options here.
The Vienna Region is experiencing a growing interest from international start-ups. In the last ten years, this location has seen rapid and dynamic development, resulting in a thriving business environment. Connection, interaction, and exchange are valued highly, they are encouraged and facilitated by various platforms and agencies. For example, Impact Hub Vienna, a worldwide and the world’s largest network for start-ups, provides support and programs for start-ups. They have a worldwide network and community for the exchange of innovative ideas.
The Vienna region is home to a vast number of universities and colleges with more than 210.000 students. For example the TU Vienna, the Danube University Krems or the Austrian Institute of Management. Excellently trained people graduate from these schools. Optimally motivated and excellently trained people graduate from these schools. You can be sure to find competent staff for your projects and a variety of higher education and training opportunities for your employees.
There are many research facilities that support innovation, science, and product development. Here are a few examples: The Institute of Science and Technology Austria (Lower Austria) is a cross-disciplinary research institution that combines basic science research with graduate education. FH Burgenland conducts research in several fields such as energy and environment, economy, IT, health, and social affairs. WIFO, the Austrian Institute of Economic Research, is a leading institute for applied empirical economic research with a strong commitment at a European level.
“I am a big believer in education, because when I grew up in Austria – I had a great education and great teachers.”— Arnold Schwarzenegger,
Austrian actor, publicist, entrepreneur, former bodybuilder and former US politician
Austria is one of the most important centers of the European life sciences scene. Life sciences include medicine, biomedicine, pharmacy, biochemistry, chemistry, biology, molecular biology, biophysics, bioinformatics, human biology, but also agricultural technology, nutritional sciences, and food research.
The high degree of networking between producing, supplying and service-providing companies makes Austria an excellent life science location. With seven percent of GDP, the life sciences sector also contributes significantly to the national gross value added and is responsible for over 60,000 highly qualified jobs. The Vienna Region is a hub for international research and offers all the necessary success factors for companies operating in this field.
Quality of life
In Austria, the Vienna Region also stands out due to its excellent quality of life. There is a high level of personal and social security, political stability, and legal certainty. Crime rates are low and personal property is safe, making the Vienna Region an excellent place to raise a family. There is an attractive shopping and recreational infrastructure with lots of activities for children. The diverse range of entertainment options, cultural and sports activities doesn’t leave any desires unanswered. The high standard of living makes it a desirable destination for relocation. If you are looking into moving your business and taking your employees with you, the Vienna Region will definitely appeal to them.
Austria’s well-preserved natural environment and picturesque countryside contribute significantly to the high quality of life in the Vienna Region. You will find an abundance of natural resources, green meadows, mountains, clean water, and good air quality. Austria has a high share of organic farming. The Austrian population is quite environmentally conscious, and ecologically compatible production technologies are on the rise.
Attractive price level
In spite of the high quality of life, the cultural offerings and the excellent infrastructure in the Vienna Region, the costs of living are rather moderate. Vienna is significantly more affordable than other European cities such as Zurich, London, Milan, or Paris. Affordable costs of living are a benefit for employees and businesses alike.
Situated in the heart of Europe, the Vienna Region offers excellent and highly-developed infrastructure. Eastern European countries as well as Germany or Italy and Major capitals like Bratislava, Munich, Prague, Bukarest, or Budapest are easily accessible by car, train or airplane.
The international Vienna Airport offers direct flights to all surrounding capitals. The infrastructure is modern and reliable which is of utmost importance to production, trade, and sales. Austria’s stable economy and its geographical location attract many foreign investors.
Digitalization, technology, and innovation
The Vienna Region is a forerunner in digital transformation. A lot of effort is being put into research, educational institutions, and the facilitation of interdisciplinary and international exchange.
Interfaces like the House of Digitalization (Lower Austria) also raise awareness among the public and act as a meeting point for interested citizens in the field of new technologies. People and companies, know-how providers and entrepreneurs are brought together in this network.
Creating a digital experience of a physical store has become increasingly important during the Corona pandemic. Digital Pulse Vienna is a platform where companies can look for experts from the creative industry to help them take steps towards digitalization.
DigiVil (Burgenland) aims at improving cooperation between key players in regional innovation systems through new forms of cooperation and knowledge transfer. It also emphasizes cross-border cooperation and promotes digitalization approaches in the entire Slovak-Austrian region.
Digitalization and innovation are key factors in the entire Vienna Region.
Protecting our climate and resources is of utmost importance to the Vienna Region. The climate strategies aim at CO2neutrality and smart cities. Many research facilities focus on sustainable technologies. The implementation of renewable energy, e-sharing and sustainability are promoted and subsidized in all areas of life.
Made in Austria
Reputation is yet another success factor for companies. In this regard, manufacturing companies can benefit greatly from Austria’s excellent reputation. Austria is well known for its high-quality products and high production standards. The Vienna Region is your first choice if you are looking for a beneficial location for your new operating location or production facility. “Made in Austria” will signal high quality to your customers and business partners.
The Austrian Institute of Economic Research (WIFO) announced that in 1Q22, Austrian GDP grew by 8.7% y/y. Given the repercussions of Covid-19 this growth is surprisingly high. Generally, inflation and unemployment rates have been low in Austria. More than 40.000 new businesses have been founded in Austria in 2021, many of which are start-ups with innovative products, services, or business ideas that did not exist on the market. Austria holds seventh place worldwide in terms of the “quota of inventors” measuring the number of registered patterns per inhabitant.
Plenty of success factors for companies
The Vienna Region is home to many successful companies. Some of them have originated in Austria, like Manner or Affiris. Others have relocated to Austria or moved production facilities to the Vienna Region, like Siemens or Ottobock. All of them benefit from the key factors for success that the Vienna Region offers.
The above list of benefits is comprehensive, but not complete – the Vienna Region has much more to offer than can be articulated. Yet, this overview will give you an idea of the many amenities this location has in store. It is an excellent place to launch a new business or establish a new production facility. Business grants, talented staff, research facilities, excellent infrastructure, and a pole position within Europe will make your business thrive. All the important success factors for companies await you in the Vienna Region!
Let me give you five reasons why you should set up your headquarters in the Vienna Region:
- it is part of the 4th richest country of the European Union
- a high quality of life at affordable prices
- Excellent, highly-developed infrastructure
- highly qualified workforce
- outstanding spending capacity of customers
- home to many international companies, universities as well as research facilities
- direct access to South East and Eastern Europe
- high level of personal security, political stability and legal certainty
- an international as well as cosmopolitan region due to a population with migration background
What a founder-friendly location needs is a focus on the global market. Austria’s location in particular makes it an ideal hub for the international start-up scene in Central and Eastern Europe.
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