Economy: Highest number of new companies founded in Vienna in 31 years

The economic engine in Vienna is humming along nicely. In the first half of the year alone, 5,170 new companies were founded. A record number since 1993. The number of new companies founded in the climate protection business area is particularly high.

VIENNA. Even though the economic data nationwide still paints a rather poor picture, people in the federal capital are satisfied. According to the Vienna Business Agency, young entrepreneurs have recently been in an eager mood to start up businesses. 5,170 newly founded companies were counted in the first half of 2024. The best figure since 1993.

Demand for funding from the business agency is also high. From January to July 2024, 1,618 Viennese companies submitted a funding application, 744 of which were start-ups. More than half of the projects submitted have a climate aspect.

“Fresh ideas”

For City Councillor for Economic Affairs Peter Hanke (SPÖ), this is a positive signal: “A competitive and sustainable economy thrives on fresh ideas and bold initiatives. The interim report now available is not only a positive sign of the high resilience of the Viennese economy, but also an important signal to face difficult economic times with courage and inventiveness.” The increase is also clear compared to the first half of 2023. 38 percent more projects were submitted in the half-year comparison.

“The increase in companies that want to implement climate protection projects in Vienna is also particularly pleasing. This shows that companies have understood our most important message – in Vienna, both are possible: running a successful business and protecting the climate,” said the city councilor with satisfaction.

Various challenges

In order to be successful in the long term, companies must make their business models climate-friendly. More and more companies are also subject to the reporting requirements of the EU directive on sustainability aspects.

Gerhard Hirczi, head of the business agency, also praises the efforts. His agency has long since responded to the increasing importance of sustainability and has been offering services tailored to climate and environmental issues since 2023. These have also been well received: By the end of July, 88 entrepreneurs had completed further training in the so-called impact workshops and coaching sessions. “As the complexity of products and business relationships increases, so does the risk of negative consequences for the environment and society. Only if entrepreneurs know from the start what impact their business model will have can they avoid harmful consequences,” assured Hirczi.

Precise planning is essential: 80 percent of a product’s ecological footprint is determined in the design phase, estimates the Joint Research Center. It is also worthwhile to formulate the company’s goals in detail right from the start and to take the time to do so. Regular analyses of the value chain make it possible to determine the actual ecological and social impacts. “Partners and suppliers should be involved in the sustainable procurement strategy right from the start. Companies can then adapt their strategies sensibly based on the knowledge gained,” explains Mann at the business agency.

Always check

However, it is also important to always keep an eye on the impact of the business area. Because only what is measurable and comparable can be demonstrably improved. “The CO₂-Footprint should be calculated in the conception phase and an impact logic should be created. “On the basis of the data, companies can implement meaningful activities and also argue for them,” says the business agency.

The free impact workshops were created precisely to address the challenges mentioned: “In them, participants deal with climate-friendly business models and learn about helpful tools such as Schöpf value chain and product life cycle analyses or greenhouse gas emission calculations and impact logics.” Further information is available online at wirtschaftsagentur.at

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