Young, innovative and creative – this is how the young entrepreneurial scene in Vienna presents itself. The location has weathered the pandemic well, at least for start-ups.
Specifically, 9,051 companies were founded in Vienna last year. In total, almost a quarter of all start-ups in Austria are located in Vienna (23 percent). “The location has absorbed the consequences of the pandemic well above average. Another proof of this is the high level of start-up activities. This means we are almost at pre-pandemic levels,” said Walter Ruck, president of the Chamber of Commerce.
Particularly pleasant:
The new Viennese companies will immediately create 17,200 jobs. The added value contribution amounts to 2.4 billion euros. In addition to the jobs that are directly in the companies, they also provide many jobs indirectly – the total economic employment effect is well over 28,000 jobs.
Young Viennese with entrepreneurial spirit
Vienna not only has the most founders in Austria, but also the youngest. “The average age of the Viennese founders has been falling continuously in recent years and is currently 36 years old – 38 years old across Austria,” says Clemens Schmidgruber, head of Junge Wirtschaft Wien.
Multiple crises are a heavy burden for businesses
Credit protectors are still sounding the alarm: according to the experts, 40.3 percent more Viennese companies went bankrupt in the first quarter than in the same period of 2022. The various crises – from the aftermath of Corona to the war in Ukraine to inflation – could have an effect show to have.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
