14 May Innovation still at the fore of Austria’s economy
Austria ranks second in Europe for expenditure on research and development, and is renowned for its extensive innovation ecosystem
Ranking second in Europe for spend on research and development, and renowned for its extensive innovation ecosystem, other locally created and government-supported products are also playing a vital role. For instance, vast numbers have downloaded Austria Red Cross’ app that uses bluetooth on smartphones for contact tracing, high-tech startup Plasticpreneur is making visors from recycled plastics, technology giant Kapsch has developed smart crowd management systems and biotech firm Apeiron Biologics has produced a potential drug treatment that is being tested in Austria, Germany and Denmark.
In addition, over 100 technology companies have signed up to offer free cutting-edge digital services to small- and medium-sized enterprises switching to home working. Explaining why she initiated the Digital Team Austria register, Minister for Digital and Economic Affairs Margarete Schramböck said: “When coping with the corona crisis, it is important to me that our companies remain liquid and that jobs in Austria are secured. All my ministry’s measures are aimed at this.” In line with that, Schramböck has also unveiled business loan guarantees and €150-million in funding for startups, while the government as a whole has pledged up to €38 billion to keep businesses open.