Vienna Ranked Number One for the Ninth Straight Year: A Success Story “Made in Austria”, Not a Coincidence
Vienna scores high in all areas, whether one considers political, social or environmental aspects, health care or educational opportunities. However, it is the economic conditions which lure numerous companies to Austria each year, and which apparently make a major contribution to Vienna’s top global ranking.
Capital of startups, magnet for foreign founders
For example, Vienna has been a real magnet for company founders for years. The number of startups in the capital city in 2017 once again surpassed the figure of 9,000, according to the Austrian Federal Economic Chamber. Every fourth new Austrian company has its roots in Vienna. In addition to extensive public funding programs including the 14 percent research tax credit or the business-friendly tax practices for risk investments, startups also benefit from a flourishing talent pool.
Life science startups are pleased with the graduates of the Medical University of Vienna in the same way as IT companies are happy with the future employees studying at the Vienna University of Technology. According to the Vienna Business Agency, more than 190,000 students from all corners of the world live in Vienna. These advantages are complemented by the city’s central geographical location in Europe, not only offering sales and distribution channels but also access to employee potential in Germany, Hungary, Czech Republic and Slovakia.
However, it should be noted that the Viennese startup scene not only attracts founders from Austria. Many young foreign entrepreneurs decide for the capital city, a perceptible development which last but not least can be attributed to the annual PIONEERS Festival. The event focusing on future technologies and entrepreneurship attracts more than 2,500 startup founders, investors, corporate representatives etc. from 70 countries each year. Magnificent success stories such as those of Runtastic and MySugr took root here.
Pharmaceuticals and biotechnology count on Vienna
In addition, one should not forget to mention the role of Vienna as one of the most important hubs in the field of life sciences. Multinational pharmaceutical firms such as the Swiss company Novartis and Boehringer Ingelheim from Germany have set up business operations in Vienna. Boehringer Ingelheim will be expanding its facility in the near future at a cost of EUR 700 million. Austrians rank among the very best in the world in the field of life sciences research, and the sector generates more than EUR 10 billion in revenue p.a. in Vienna alone.
Finally, Austria’s metropolis offers a whole lot of soft factors. The enormous cultural offering, the good traffic infrastructure and the scenic charm directly at the city’s doorsteps set benchmarks. Compared to many world metropolises, people not only live quite well in Vienna but most importantly at comparatively favorable prices. That is why the song “Vienna, Vienna, Only You and You Alone” continues to apply for companies, investors and employees