Despite many economic uncertainties, the entrepreneurial spirit in Austria is intact. In 2023, 36,380 new companies were founded, which is a new record according to the Chamber of Commerce (WKO). Last year there were exactly 34,685. Start-ups by women are also at a record high.
The strongest founding sector was trade and crafts, followed by commerce. The trade and craft sector accounted for almost 40 percent and trade for about 26 percent, more than two-thirds in total, according to a press release. The information and consultancy sector also took up a lot of space with just under a fifth of the start-ups, followed by the tourism and leisure sector with more than eight percent.
Strong growth in the hotel industry
The strongest increases were recorded in the hotel sector (+24.3 percent), electricity, construction, alarm and communications technicians (+22.1 percent) and insurance agents (+13.0 percent). On the other hand, there was a decline in the chemical industry and in monument, facade and building cleaners (minus 1.6 percent).
The sole proprietorship remained the most popular legal form, which, according to the chamber, is due to the relatively quick and unbureaucratic handling. The number of GmbH formations has decreased slightly compared to 2022, but has remained stable in the long term, the company said based on preliminary figures. According to the WKO, personal care providers are not included in the data.
The chamber stated that the primary motive for establishing the company was the desire for independence, followed by flexible time and lifestyle arrangements and the desire to be one’s own boss. “Self-employment opens up new perspectives at every stage of life. With our start-up services, we offer all founders a comprehensive service and reliable start-up assistance,” recalls WKO President Harald Mahrer.
So many more companies founded by women
Nearly half of all new companies were led by women: the share of women (measured in the number of individual companies founded) was 44.5 percent in 2023, compared to around 45 percent last year. According to absolute figures, never before have so many individual companies been started by women: 13,288. According to the WKO, the previous high was 12,915 startups (2021).
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.
