Do you know what connects Arnold Schwarzenegger, one of the highest GDP in Europe, the biggest amount of Nobel prizes per capita and a brilliantly developed startup ecosystem? Short tip - California is the wrong answer!
It’s Austria that has become the place of birth of Terminator, reaching not only $431bln GDP but also 19 Nobel Prizes and, to boot, was selected as one of the best startup hotspots by Forbes Magazine.
That wouldn’t be possible without organizations that enhance both local and regional startup ecosystems every day - so with no further ado let’s say Guten Tag to the best accelerators and incubators in Austria.
Science Park Graz
With almost 20 years of experience and more than 150 accelerated startups Science Park Graz is the key player in the tech-based startup ecosystem. SPG is the home of the ESA Business Incubation Centre in Austria and the ESA Business Applications Ambassador for Austria.
There are two programs run by SPG and both of them consider the development of technology as the most significant subject. AplusB is a free-of-charge course for high-tech startups that lasts for 18 months (sic!). It may seem quite long but the process of implementing new technology, prototype building and patent registering is extremely time-consuming and need to be done thoroughly. Besides supporting teams with workshops, investors’ networking and essential business knowledge, the AplusB team pays great attention to motivating startups throughout the whole process.
We can dare to say that the second program is completely out of the moon, not only because it focuses on space-related industries but also because it gathers in one place the best mentors and industry experts. The European Space Agency’s Business Incubation Centre admits only around 12 teams per year and works alongside them for up to 24 months. Within this time startups and SMEs access global investors, become members of the space innovation community and get business support. Houston, we no longer have a problem.
Elevator Lab
Elevator Lab is a fintech program powered by Raiffeisen Bank International that seeks later-stage startups which are changing the banking of tomorrow. The Partnership Program offers support in developing proof of concept, gaining access to real customer data, connecting with top-notch experts from a wide range of business areas and providing the possibility to work with the leading banking experts from the CEE region. Although the program is free of charge, the ElevatorLab does not get any equity or provide money for the teams, during the program investment options may be discussed with RBI on an individual basis.
Thanks to the fact that Raiffeisen Bank International is a well-known and respected market player, startups that are part of the ElevatorLab have a chance to kick off their businesses much faster and on a much bigger scale.
weXelerate
Founded in 2016 and located in the heart of Vienna, weXelerate is one of the most known corporate accelerators. The word that accompanies it at every step is innovation. Depending on your needs you can apply to three, slightly different programs: weXplore, weXecute or weXperts.
WeXplore is the gateway to the Austrian innovators’ community, as the program focuses on experience exchange with each other, structured analysis of the latest trends, and networking with experts. This is the program for those who look for innovative impulses and insightful solutions.
Once you want to launch ingenious solutions and network with the rising stars of the DACH startup ecosystem you should choose WeXecute path. The program works as a matchmaking platform for innovation projects, mainly from Ai, Robotics and Big Data sectors.
WeXperts is dedicated to those who wish to shape the future of a company in a more open-minded way and are ready to face obstacles such as resistance and fear of change.
Impact Hub Vienna
There are more than one hundred Impact Hubs across the world, all of which have the same goal - to make our society more responsible and aware of global challenges that we are facing. Depending on your field of expertise, Impact Hub Vienna offers 13 different acceleration programs devoted to peculiar sectors. Just to mention a few, in Impact Hub Vienna, you can accelerate startups focused on innovative transport solutions by applying to HiReach, fight with the fast fashion by participating in Fashion Accelerator for Better Business, or hit pause on climate change by engaging in Climaccelerator. Trust me, once you want to develop a social impact business then Impact Hub is the right place to support your growth.
Grow F - Female Founders
Grow F is an acceleration program launched by Female Founders for female-led ventures that offers mentoring sessions with industry-leading experts, individual mentoring, support on the entrepreneurial path and access to a network of European early-stage investors.
There are two main goals of the program, the first one is to prepare startups for investment and the second is to strengthen the position of women in the business world that still is more accessible for those with chromosomes XX rather than XY.
Vestbee has chosen Female Founders as the Accelerator of the Month. The whole overview of the Grow F program can be found here, because who can present it better, than the CEO herself?
ELEVATE
ELEVATE is an acceleration program launched by TheVentury - an innovation agency for startups from the idea up to the scale stage. There are three main pillars of the program: Bootcamps & Workshops, Funding & Execution, and Networking & Events that provide participants with the most critical entrepreneurial knowledge, methodologies and skills. The ultimate goal of sweat and tears during those 4 months is to create MVP and establish as many as possible relations among TheVentury’s community.
Once a startup is admitted to the program, it gets 5 000 EUR for initial business expenses such as registering a company or first experiments with building a product. Elevate alumni agree that the most significant values of the program are mentoring sessions and the exchange of expertise among the participants.
Additionally, the thing that distinguishes Elevate from other accelerators is the hybrid outline of the program which allows entrepreneurs to establish face-to-face relations as well as access numerous startup initiatives online.
Up to Eleven
Startups working on mobile and digital solutions that have already surpassed the proof of concept stage should definitely take a look at Up to Eleven.
It is an acceleration program that doesn’t take half measures into consideration - you must be motivated and devoted to developing your startup. The team looks for founders with strong passion who are experts in their specific industries. For those whose motivation was tenacious enough to get to the program, the Up to Eleven team provides seed-stage funding, operational expertise, mentoring, office infrastructure and easy access to international networking events.
Factory1
Factory1 is an accelerator created by Kapsch - a company known for supporting innovations by manufacturing the first portable radios.
Located in Austria but working globally, Factory1 is an accelerator for startups that have decided to improve the future of mobility. If a team wants to be accepted to the program, it needs to meet the following requirements: having a functional prototype or working product, first references and a motivated, experienced team. The acceleration program lasts for 4 months throughout which startups take part in the bootcamp, mentoring sessions run by industry experts, workshops and numerous networking events. Besides, the Factory1 team works on establishing a long-term strategic partnership with each participant in order to provide best, tailor-made support along their entrepreneurial way.
Agro Innovation Lab
Agro Innovation Lab is a later-stage accelerator powered by one of European’s biggest players in agriculture - RWA Raiffeisen Ware Austria AG. Its main objective is to take an active part in shaping the future of agriculture by fostering and implementing new technologies in order to significantly improve the lives of farmers and consumers.
The course of the program is shaped slightly different than those offered by other accelerators - with each startup admitted to the program, the Agro Innovation team develops a cooperative innovation 5-month project including a monthly intensive Acceleration Week custom-made for each team. Such a workflow may sound bizarre at first but looking at Agro Innovation Lab’s portfolio it’s definetely effective.
In addition to the acceleration program, Agro Innovation Lab simultaneously runs various challenges that have a common focus - the more sustainable farming of tomorrow.
Legal Tech Hub Europe
I bet that every one of you can name an accelerator that focuses on AI or on healthcare solutions but can you name one that specializes in legal subjects? This white whale AKA Legal Tech Hub Europe is located in Vienna and has already accelerated more than 150 startups and SMEs.
Legal Tech Hub Europe is looking for legal tech solutions in the fields of process optimization, document management, anonymization, contract analysis (AI), word plugins, team coordination and other smart office solutions that could make a lawyer's job easier.
The acceleration program itself is tailor-made to the needs of each team and consists of individual mentoring, coaching and transferring legal knowledge by 500+ best lawyers in CEE. Except for legal-focused workshops, Legal Tech Hub Europe provides also know-how on basic entrepreneurial subjects such as the art of public speaking, team management, or defining the company’s values.
build!
Once you have an innovative idea but no knowledge of the business world then you should consider applying to build! incubator.
The goal of build! is to support young entrepreneurs on the way to building their own companies which aim to disrupt the market of IoT products and services.
Build! team takes care of startup coaching, workshops, networking events, financial support and office infrastructure. Fifteen years of experience in business incubation processes and an extensive community network make build! a dynamic hub in the entrepreneurial ecosystem in the Alps-Adriatic region and beyond. Thanks to this startup incubator, those of you who are fluent in German, may explore the startup’s history by listening to their inspiring business-related podcast.
INiTS Universitares Grunderservice Wien
Thank heaven that the path school-university-work-marriage is a blast from the past and now students all over the world have the chance to start their entrepreneurial journey while completing a master's degree. The INiTS Universitares Grunderservice Wien is one the best academic accelerator programs in Europe for technology- and research-based solutions. It combines three great Austrian institutions: University of Vienna, the Vienna University of Technology and the Vienna Business Agency. Thanks to such amazing shareholders INiTS can proudly organize four different programs including Health Hub Vienna accelerator, Scale Up Incubator, Start:IP marketplace and Start Kapital financing program.
From the startup ecosystem point of view, INiTS is the ultimate player supporting promotion and implementing new technologies in Austria.
Want to discover more accelerators and incubators from other countries? Check out the list below.
Top Accelerators and Incubators from:
- Round-up Of The Best Accelerators In The CEE Region
- Albania
- Belgium
- Bulgaria
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- France
- Finland
- Germany
- Greece
- Hungary
- Ireland
- Italy
- Latvia
- Lithuania
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Slovakia
- Spain
- Switzerland
- Türkiye
- Ukraine
- United Kingdom
- Western Balkans.
Related Posts:
Best Startup Accelerators and Incubators In Latvia (by Dorota Potępa, Community Builder, Vestbee)
Best Startup Accelerators and Incubators In Germany (by Dorota Potępa, Community Builder, Vestbee)
Best Startup Accelerators and Incubators In Slovakia (by Dorota Potępa, Community Builder, Vestbee)
