5 Questions with... Matthias Leibetseder, This month, we spoke with Matthias Leibetseder, Senior Investment Manager at WaVe-X and member of invest.austria. In our conversation, he shares a clear view on what AI can already deliver in logistics, where the limits still are, and why the biggest shifts will not come from better tools alone, but from how companies rethink roles, processes and responsibility. 5 Questions with... Matthias Leibetseder 21.4.26, 10:00 This month, we spoke with Matthias Leibetseder, Senior Investment Manager at WaVe-X and member of invest.austria. In our conversation, he shares a clear view on what AI can already deliver in logistics, where the limits still are, and why the biggest shifts will not come from better tools alone, but from how companies rethink roles, processes and responsibility. AI Hype vs. Reality: Everyone claims AI will transform industries, but in logistics, where margins are tight and complexity is brutal: how much of today’s AI (hype) is actually usable in logistics? More reality than the sceptics admit – but less than the vendors promise. In logistics, AI works concretely today in three areas: communication automation, route optimization, and document processing. Everything else – autonomous end-to-end decisions, self-learning supply chains – is still in development, not product yet. We invest where the use case is already live, not where the pitch deck vision ends. The Real Bet Behind HappyRobot: WaVe-X invested in HappyRobot to automate communication, coordination, even negotiation areas traditionally owned by humans. Are we underestimating how fast entire job categories could disappear? Yes, we’re underestimating the speed and abilities. HappyRobot doesn’t just automate communication, it replaces an entire coordination layer that today is built by humans with headsets, Excel, and a lot of patience. The question isn’t whether entire job categories will disappear, but how quickly companies will realize they’re already filling those roles worse than an AI could. The huge opportunity that most don’t see is that you can’t just improve what is there, but also enhance your teams with agentic colleagues. If your team is doing X calls, does that mean there aren’t more calls, or is it just that they can’t manage more? Would more calls perhaps lead to more volume? One can try these hypotheses today pretty easy and find out and that is the beauty of it in my eyes. Trusting Machines with Money & Decisions: Would you trust an AI agent today to negotiate prices or manage payments on your behalf? If not, what still fundamentally breaks? For defined scenarios – yes, already today. Discussing a price within a limitation works fine and the AI has the advantage that it can hold the same conversation with X counterparts at the same time and interchange the information given inbetween calls and steer the discussion accordingly. For open negotiations with a real counterpart – not fully yet. What breaks is the accountability. When an AI agent strikes a bad deal, nobody wants to own the liability. Not legally, not internally. That’s not a technical problem, it’s a governance problem – and no better model alone will solve it. But that is what I tell most colleagues: What can be automated will be automated – what differentiates us as humans is the ability to build real relationships that is where we need to focus. If something goes wrong – humans need a human to be mad at. Europe’s AI Problem: Europe is pushing hard on regulation with the EU AI Act, while the US is scaling AI companies at speed. From your perspective: is regulation becoming Europe’s competitive disadvantage in industrial AI, or could it actually turn into an advantage? Both, regulation could long-term become a quality signal – “European AI” as a trust mark in critical infrastructure and industrial applications. Short-term, however, compliance costs time and capital that European scale-ups simply don’t have. The real problem isn’t the regulation itself – it’s that we still don’t have a European hyperscaler capable of turning it into a moat. Winners, Losers & Timing: Five years from now, who in the logistics and industrial space will look completely outdated because they underestimated AI? The losers are already decided – they just don’t know it yet. Freight forwarders still relying on manual dispatching. Brokers without a data advantage. Mid-size 3PLs without a tech budget and without the courage to transform their own business model. In five years, survivors will either have become a platform themselves or will be running white-label on someone else’s. There’s nothing in between in my point of view. invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Advanced Academy „Expanding Horizons“ mit SFG, CVF & Slovenian Business Angels, Weingartenhotel Harkamp, Flamberg 46, 8505 Sankt Nikolai im Sausal, Austria Advanced Academy „Expanding Horizons“ mit SFG, CVF & Slovenian Business Angels 18. September 2025 um 08:00:00 Weingartenhotel Harkamp, Flamberg 46, 8505 Sankt Nikolai im Sausal, Austria This is not your typical investor event. Together with invest.austria, Steirische Wirtschaftsförderung (SFG), Carinthian Venture Fonds (CVF) and the Slovenian Business Angels, we’re creating an experience designed to foster cross-border connection, collaboration and future-driven investment. Set against the scenic backdrop of one of Austria’s most beautiful wine regions, this event is for those who think beyond borders and see partnership as the most powerful form of capital. We’ll bring together neighbors, innovators, co-creators and forward-thinkers to explore new opportunities for growth – in a setting that inspires deep conversation and meaningful connection. More Information Advanced Academy „Expanding Horizons“ mit SFG, CVF & Slovenian Business Angels Weingartenhotel Harkamp, Flamberg 46, 8505 Sankt Nikolai im Sausal, Austria 18. September 2025 um 08:00:00 This is not your typical investor event. Together with invest.austria, Steirische Wirtschaftsförderung (SFG), Carinthian Venture Fonds (CVF) and the Slovenian Business Angels, we’re creating an experience designed to foster cross-border connection, collaboration and future-driven investment. Set against the scenic backdrop of one of Austria’s most beautiful wine regions, this event is for those who think beyond borders and see partnership as the most powerful form of capital. We’ll bring together neighbors, innovators, co-creators and forward-thinkers to explore new opportunities for growth – in a setting that inspires deep conversation and meaningful connection. invest • austria Events Become a Member

Exclusive Spotlight: 5 Questions With…State Secretary Elisabeth Zehetner, This week, at Austria’s government conference the creation of a new Standortfonds with a fund-of-funds for startups was announced. Right afterwards we spoke exclusively with State Secretary Elisabeth Zehetner about this new fund-of-funds, a concept initiated and long promoted by invest.austria as the “Rot-Weiß-Rot Dachfonds.” Elisabeth Zehetner shares first insights into the next steps, explains the key success factors for the fund-of-funds, and reveals which international best practices Austria will draw on. Exclusive Spotlight: 5 Questions With…State Secretary Elisabeth Zehetner 9.9.25, 10:00 This week, at Austria’s government conference the creation of a new Standortfonds with a fund-of-funds for startups was announced. Right afterwards we spoke exclusively with State Secretary Elisabeth Zehetner about this new fund-of-funds, a concept initiated and long promoted by invest.austria as the “Rot-Weiß-Rot Dachfonds.” Elisabeth Zehetner shares first insights into the next steps, explains the key success factors for the fund-of-funds, and reveals which international best practices Austria will draw on. Interview: You announced that the EcoAustria study on the necessity of the fund-of-funds will be published in September. Can you already share some insights with our network? We have already been able to draw some exciting findings from the EcoAustria study, which we also underlined during the government conference. The study analyzed different fund-of-funds models in the US, Europe, and Asia — each with its own advantages and disadvantages. While the US relies heavily on private capital, European countries tend to focus on public-private partnerships, such as Germany with KfW Capital or Denmark, which has since transitioned to a purely private model. Germany in particular is an important reference point for us: KfW Capital is expected to reach a fund volume of around €13.6 billion by 2030. For us as policymakers, it is crucial that the Austrian fund-of-funds is managed independently and led by a team with international experience. That is a key factor for success. The fund will be anchored by public investment and will additionally pool private capital. What success criteria must the Rot-Weiß-Rot fund-of-funds meet to function both as an effective policy instrument and as an attractive investment vehicle? And which international best practices are you looking to when shaping its structure? The fund-of-funds must achieve two things: First, it should serve as an effective economic policy instrument that fosters growth, innovation, and value creation in Austria. Second, it must also be an attractive investment opportunity for investors. Only if both come together will it be successful in the long term. The EcoAustria study shows that international models are very diverse — ranging from highly private-driven approaches in the US to public-private partnerships like in Germany or previously Denmark. For us, it is crucial to leverage the strengths of these examples and adapt them to Austria’s needs. Above all, we will orient ourselves towards best practices that emphasise independent management with international expertise. This is key to building trust, ensuring professional operations, and delivering real impact. What steps will follow the publication of the study, and what timeline do you foresee to move from concept to concrete implementation? The next step will be to bring institutional investors on board, such as insurance companies, pension funds, or provident funds. We are working intensively on this right now. At the same time, we are reviewing the necessary framework conditions to ensure that participation in the fund-of-funds is as attractive as possible for all parties involved. In your view, what political, technical, or financial hurdles must be overcome in the coming months to successfully launch the fund-of-funds? On the political level, there is consensus: the fund-of-funds is necessary to give startups, scale-ups and spin-offs in Austria a real future and support them financially during their growth phase. In the coming months, the main task will be to establish the right framework conditions and secure the necessary partners. You are driving both the Rot-Weiß-Rot fund-of-funds and Austria’s startup policy overall. What personally motivates you to champion startups and innovation, and how do you see their contribution to Austria’s future as a “startup nation”? I have been engaged with the startup scene for more than twenty years. In my former role as head of Junge Wirtschaft and the Gründerservice at the Austrian Economic Chamber, I was deeply committed to the concerns of founders. That enthusiasm has never left me. Today, I have the opportunity to do even more to ensure that Austria truly becomes a startup nation. invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Tausch von Eigenkapitalinstrumenten ist ertragssteuerlich neutral – klare Aussagen im EStR-Wartungserlass 2025, Mit dem EStR-Wartungserlass 2025 hat sich die Finanzverwaltung – im Gefolge der FlexCo – dieses Thema, das bisher gewisse Fragen offenließ, näher angesehen und hat erfreulicherweise einen aus Sicht des Steuerpflichtigen steuerschonenden Ansatz festgelegt. Tausch von Eigenkapitalinstrumenten ist ertragssteuerlich neutral – klare Aussagen im EStR-Wartungserlass 2025 30.6.25, 10:00 Mit dem EStR-Wartungserlass 2025 hat sich die Finanzverwaltung – im Gefolge der FlexCo – dieses Thema, das bisher gewisse Fragen offenließ, näher angesehen und hat erfreulicherweise einen aus Sicht des Steuerpflichtigen steuerschonenden Ansatz festgelegt. In diesem Zusammenhang wurde nun folgendes in die Einkommensteuerrichtlinien aufgenommen: Die Umwandlung eines Eigenkapitalinstruments in ein anderes Eigenkapitalinstrument gleicher Beteiligungsqualität derselben Kapitalgesellschaft ist wirtschaftlich nicht anders zu beurteilen als der Tausch von Anteilen anlässlich der formwechselnden Umwandlung von Kapitalgesellschaften. Es liegt daher nach Ansicht der Finanzverwaltung im Hinblick auf die Beteiligung gleicher ertragsteuerlicher Qualität als Eigenkapital an ein und derselben Körperschaft kein Tausch im Sinne des § 6 Z 14 lit. a EStG vor. Beispielhaft wird dazu ausgeführt, dass davon zB die Umwandlung von Unternehmenswertanteilen in normale Gesellschaftsanteile gemäß § 9 Abs. 9 FlexKapGG oder der Umtausch von Aktien in Substanzgenussrechte betroffen sind. Bedeutung für die Startup-Praxis Die neue positive Aussage der Finanzverwaltung ist für verschiedene Bereich bedeutsam: Zur Incentivierung von ausgewählten Startup-Mitarbeitern werden diesen oftmals gewisse Beteiligungsprogramme angeboten, wobei neben virtuellen Anteilen auch echte Anteile in Frage kommen. Im Rahmen eines „echten“ Beteiligungsprogrammes werden Mitarbeitern zB Substanzgenussrechte oder Unternehmenswertanteile gewährt. In weiterer Folge kann es vorkommen, dass diese Substanzgenussrechte oder Unternehmens-wertanteile in „normale“ Geschäftsanteile (zB GmbH-/FlexCo-Anteile) umgewandelt werden sollen. Die begünstigte Umwandlung von Kapitalanteilen unter Anwendung des Umgründungssteuergesetzes setzt idR gewisse Voraussetzungen voraus (zB mindestens 25%-Beteiligungsausmaß), die gerade bei Mitarbeiterbeteiligungen nicht schaffbar sind. Aufgrund der neuen Aussagen der Finanzverwaltung ist zB die Umwandlung von Substanzgenussrechten in GmbH-/FlexCo-Anteile oder die Umwandlung von Unternehmenswertanteile in FlexCo-Anteile jedenfalls steuerneutral möglich. Abgesehen davon können die neuen Aussagen der Finanzverwaltung auch für Startup-Investoren interessant sein. Bei der Sicherstellung der Startup-Finanzierung wird unter anderem auch auf die aus den USA stammenden „SAFE“-Instrumente (SAFE = Simple Agreement for Future Equity) zurück-gegriffen. Beim SAFE handelt es sich um die Zurverfügungstellung eines zwischen Startup und Investor definierten Investitionsbetrags. Der Investitionsbetrag wird bei Abschluss der SAFE-Vereinbarung vom Investor zur Verfügung gestellt und stellt eine Vorauszahlung für einen künftigen Kapitalanteil dar, der später bei vertraglich näher definierten „trigger events“ im Ausmaß des Investitionsbetrags gewährt wird. Sofern eine SAFE-Vereinbarung aus steuerlicher Sicht als EK-Instrument einzustufen ist (dieser Aspekt ist vorab jedenfalls im Detail zu prüfen), so sprechen uE gute Gründe dafür, auch für die Umwandlung eines SAFEs in echte Geschäfts-anteile (zB GmbH-/FlexCo-Anteile) die neuen Ausführungen der Finanz-verwaltung anzuwenden und diese Umwandlung steuerneutral abzuwickeln. Der Vollständigkeit halber ist in diesem Zusammenhang auch noch kurz auf Fremdkapitalinstrumente hinzuweisen. Bei Wandeldarlehen (FK-Instrument) ist weiterhin Vorsicht geboten, da die Finanzverwaltung im Zuge der Wandlung nach derzeitiger Verwaltungspraxis einen Tausch unterstellt (gegen diese Sichtweise und für eine steuerneutrale Abwicklung lassen sich jedoch einige gute Argumente ins Treffen führen). Fazit Die neuen Aussagen der Finanzverwaltung mit dem Einkommensteuerwartungs-erlass 2025 sind jedenfalls sehr erfreulich. Dennoch ist bei einer Umstrukturierung von Eigenkapitalinstrumenten vorab darauf zu achten, dass die Rahmenbedingungen passen (zB Einstufung eines SAFE als EK-Instrument, Einstufung der Genussrechte als Substanzgenussrechte), damit es im Nachgang zu keinem „steuerlichen Desaster“ kommt. Der Artikel wurde von David Gloser (Partner, Steuerberater und Wirtschaftsprüfer) und Christoph Puchner (Partner und Steuerberater) von ECOVIS Austria verfasst. ECOVIS Austria ist eine der führenden Steuerberatungskanzleien in Österreich im Startup-Bereic h. www.ecovis.at invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Follow-on Success: How to Keep Your Rights & Raise/Invest Smart, cowerk Wien, Gonzagagasse, Vienna, Austria Follow-on Success: How to Keep Your Rights & Raise/Invest Smart 11. März 2025 um 21:30:00 cowerk Wien, Gonzagagasse, Vienna, Austria Follow-on Rounds sind ein essentieller Bestandteil auf dem Weg zum Wachstum eines Start-ups. Gleichzeitig bringen sie auch Herausforderungen mit sich, die bedeutende Auswirkungen auf Gründer:innen, Business Angel und Investor:innen haben können. In dieser Masterclass befassen wir uns eingehend mit den wichtigsten rechtlichen Aspekten von Follow-on Rounds. Wie können Stimmrechte und die Einflussnahme auf Entscheidungen aufrecht erhalten werden? Wie wirken sich Vesting-, Liquidation Preference- und Anti-Dilution Bestimmungen langfristig auf die Stellung der Gründer:innen, Business Angel und Investor:innen aus? Wir freuen uns auf einen deep-dive von Christof Strasser (42law) in die rechtlichen Rahmenbedingungen sowie aktuelle und marktübliche Terms and Conditions. Become a Member Follow-on Success: How to Keep Your Rights & Raise/Invest Smart cowerk Wien, Gonzagagasse, Vienna, Austria 11. März 2025 um 21:30:00 Follow-on Rounds sind ein essentieller Bestandteil auf dem Weg zum Wachstum eines Start-ups. Gleichzeitig bringen sie auch Herausforderungen mit sich, die bedeutende Auswirkungen auf Gründer:innen, Business Angel und Investor:innen haben können. In dieser Masterclass befassen wir uns eingehend mit den wichtigsten rechtlichen Aspekten von Follow-on Rounds. Wie können Stimmrechte und die Einflussnahme auf Entscheidungen aufrecht erhalten werden? Wie wirken sich Vesting-, Liquidation Preference- und Anti-Dilution Bestimmungen langfristig auf die Stellung der Gründer:innen, Business Angel und Investor:innen aus? Wir freuen uns auf einen deep-dive von Christof Strasser (42law) in die rechtlichen Rahmenbedingungen sowie aktuelle und marktübliche Terms and Conditions. invest • austria Events Become a Member

Generalversammlung invest.austria 2025, cowerk Wien, Gonzagagasse, Vienna, Austria Generalversammlung invest.austria 2025 10. Juni 2025 um 21:30:00 cowerk Wien, Gonzagagasse, Vienna, Austria Wir dürfen euch zur Generalversammlung von invest.austria am Dienstag, den 10. Juni 2025 um 17:00 Uhr in die Gonzagagasse 1/1/11 einladen. Anträge zur Generalversammlung sind mindestens drei Tage (6. Juni) vor dem Termin der Generalversammlung beim Vorstand ( board@invest-austria.com ) schriftlich per E-Mail einzureichen. Im Anschluss an die Generalversammlung laden wir euch herzlich zu unserem Sommerfest ein. Become a Member Generalversammlung invest.austria 2025 cowerk Wien, Gonzagagasse, Vienna, Austria 10. Juni 2025 um 21:30:00 Wir dürfen euch zur Generalversammlung von invest.austria am Dienstag, den 10. Juni 2025 um 17:00 Uhr in die Gonzagagasse 1/1/11 einladen. Anträge zur Generalversammlung sind mindestens drei Tage (6. Juni) vor dem Termin der Generalversammlung beim Vorstand ( board@invest-austria.com ) schriftlich per E-Mail einzureichen. Im Anschluss an die Generalversammlung laden wir euch herzlich zu unserem Sommerfest ein. invest • austria Events Become a Member

Achtung: Neue WiEReG-Meldeverpflichtung iZm Treuhandschaften (auch „Mini-Treuhandschaften“)., Mit 1.10.2025 wurde eine WiEReG-Meldeverpflichtung für sogenannte „Nominee-Vereinbarungen“ (Treuhandschaften) eingeführt. Dadurch sind auch Treuhandschaften auf Ebene eines meldepflichtigen Rechtsträgers zu melden, selbst wenn diese für das wirtschaftliche Eigentum nicht relevant sind (dh unabhängig vom Beteiligungs- bzw Stimmrechtsausmaß). Achtung: Neue WiEReG-Meldeverpflichtung iZm Treuhandschaften (auch „Mini-Treuhandschaften“). 18.11.25, 11:00 Mit 1.10.2025 wurde eine WiEReG-Meldeverpflichtung für sogenannte „Nominee-Vereinbarungen“ (Treuhandschaften) eingeführt. Dadurch sind auch Treuhandschaften auf Ebene eines meldepflichtigen Rechtsträgers zu melden, selbst wenn diese für das wirtschaftliche Eigentum nicht relevant sind (dh unabhängig vom Beteiligungs- bzw Stimmrechtsausmaß). Neue Meldeverpflichtung iZm Treuhandschaften Bisher waren Treuhandschaften bei GmbH- oder FlexCo-Geschäftsanteilen nur dann zu melden, wenn diese im Hinblick auf das Beteiligungs- und Stimmrechtsaumaß für die Begründung von wirtschaftlichem Eigentum „relevant“ waren (insbesondere, wenn das Beteiligungs- und Stimmrechtsausmaß über 25 % treuhändig gehalten wurde). In diesen Fällen kommt es durch die gesetzlichen Neuerungen zu keinen Änderungen. Ab 1.10.2025 besteht auch für „nicht relevante“ Treuhand-Vereinbarungen folgende Meldeverpflichtung: Auf Ebene des meldenden Rechtsträgers sind sowohl relevante als auch nicht relevante Treuhandschaften und deren Vertragsparteien zu melden, dh Treugeber (Nominatoren), Treuhänder (Nominees) und Nominee-Direktoren (nominierter Angehöriger der obersten Führungsebene). Während auf übergeordneten Ebenen nicht relevante Treuhandschaften nicht zu melden sind, hat bei relevanten Treuhandschaften (also bei über 25%igen Beteiligungs- und Stimmrechtsausmaß) auch auf übergeordneten Ebenen eine Meldung zu erfolgen. Startups als Betroffene der neuen WiEReG-Meldeverpflichtung Bei einigen Startups bestehen Treuhandverhältnisse (zB. Business Angels mit eigenen Anteilen und zusätzlichen Anteilen als Treuhänder für dritte Investoren als Treugeber, Founder mit eigenen Anteilen und zusätzlichen Anteilen als Treuhänder für Dritte in der Treugeberfunktion). Aus diesem Grund sind Startups künftig von der neuen WiEReG-Meldeverpflichtung für nicht-relevante Treuhandschaften betroffen (auch bei zB. „Minitreuhandverhältnissen“ von nur 2 %!). Fristen iZm der neuen Meldeverpflichtung Die neue Regelung gilt für alle Meldungen (Änderungsmeldungen und Jahresmeldungen), die ab dem 1.10.2025 gemäß der jeweils anzuwendenden Fälligkeit an das Register übermittelt werden. Alleine das Bestehen einer nicht relevanten Treuhandschaft löst grundsätzlich keine gesonderte, sofortige Meldeverpflichtung (in Form einer Änderungsmeldung) binnen 4 Wochen ab dem 1.10.2025 aus. Vielmehr sind allfällige relevante bzwr nicht relevante Treuhandschaften bei der nächsten Änderungs- bzw. Jahresmeldung zu berücksichtigen. Achtung: Eine Ausnahme besteht jedoch für bislang meldebefreite Rechtsträger (zB OGs, KGs und GmbHs mit ausschließlich natürlichen Personen als Gesellschafter): Für meldebefreite Rechtsträger ist zu beachten, dass ab 1.10.2025 bei Vorliegen einer Treuhandschaft – relevant oder nicht relevant – jedenfalls keine Meldebefreiung mehr besteht. In diesem Fall sind Treuhandschaften – unabhängig davon, ob diese zur Begründung von wirtschaftlichem Eigentum relevant oder nicht relevant ist – innerhalb von 4 Wochen ab dem 1.10.2025 an das Register zu melden (somit bis spätestens 29.10.2025). Strafbestimmungen Abschließend ist noch darauf hinzuweisen, dass im Hinblick auf die erweiterten Meldeverpflichtungen iZm Nominee-Vereinbarungen auch die Strafbestimmungen des § 15 WiEReG entsprechend angepasst wurden. So wird bspw die Nicht-Offenlegung bei vorsätzlichem Handeln mit bis zu EUR 200.000 und bei grober Fahrlässigkeit mit bis zu EUR 100.000 bestraft. Die oben angeführten Beträge stellen die Maximalstrafen dar, die in der Praxis ausgesprochenen Strafen sind deutlich niedriger, aber immer noch sehr empfindlich. Autoren: Christoph Puchner , Partner und Steuerberater & David Gloser , Partner, Steuerberater und Wirtschaftsprüfer von ECOVIS Austria , einer der führenden Steuerberater Österreichs im Startup-Bereich. www.ecovis.at invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Exclusive Spotlight: 5 Questions With…Regina Hodits, Regina Hodits, Managing Partner at Wellington Partners and co-initiator of Germany’s Zukunftsfonds, shares how she helped align key stakeholders to launch the €1B Fund-of-Funds, highlights its impact on Germany’s VC ecosystem, and offers strategic advice to Austria as it builds its own initiative to strengthen innovation and investment. Exclusive Spotlight: 5 Questions With…Regina Hodits 22.1.25, 11:00 Regina Hodits, Managing Partner at Wellington Partners and co-initiator of Germany’s Zukunftsfonds, shares how she helped align key stakeholders to launch the €1B Fund-of-Funds, highlights its impact on Germany’s VC ecosystem, and offers strategic advice to Austria as it builds its own initiative to strengthen innovation and investment. For this edition we spoke to Regina Hodits , who was instrumental in co-initiating Germany’s Fund-of-Funds, the renowned Zukunftsfonds . In our exclusive interview, Regina shares her journey in overcoming challenges, aligning stakeholders and driving innovation through the Zukunftsfonds. She also offers invaluable advice for Austria as we work on our own initiative. Regina Hodits is a distinguished fund manager and Managing Partner at Wellington Partners. In addition to her success in venture capital, she previously served as Chair of the Board of the German Private Equity and Venture Capital Association (BVK). During her tenure, she co-initiated Germany’s Fund-of-Funds, the Zukunftsfonds, also referred to as the “KfW Dachfonds.” Regina, to your mind, what is the role of Private Equity and Venture Capital for companies, both startups and SMEs? Venture Capital (VC) and Private Equity (PE) play a vital role in any economy by driving innovation, creating jobs, and fostering economic growth in both startups and SMEs. VC/PE-backed companies are often significant job creators, leading to increased employment opportunities across various skill levels, from entry-level positions to highly specialized roles. VC/PE investments also allow for the development and application of innovative technologies and business models, which can significantly enhance their competitiveness, boosting not only individual firms but also general economic outcomes. Investments can foster the development of entire innovation ecosystems, attracting talent to these clusters. VC/PE funding often leads to increased competition within industries, potentially driving down prices, improving product quality, and offering consumers more choices. Last but not least, successful VC and PE investments lead to significant returns for all shareholders. These exits generate wealth not only for investors but also for founders and employees through stock options and other compensation tools, which, in turn, can contribute to broader economic prosperity. What were the key objectives behind the creation of the Zukunftsfonds, and how did you approach aligning stakeholders to bring the concept to life? The key objective of promoting a German Fund-of-Funds (Dachfonds) was to provide much-needed private institutional capital for VC and Growth funds based in or investing in Germany. This, in turn, aimed to increase investment in highly innovative and fast-growing companies in Germany and beyond. By pooling investments and diversifying risk, the aim was to attract investments from private sources, particularly institutional investors like insurance companies and pension funds. These investors struggle to invest directly in smaller and local funds, as they need to deploy large tickets—often equivalent to the entire fund volume of a smaller fund—and they lack the teams to manage a significant number of such relationships alongside their current business. And—to cut a long story short—the concept worked. The first German Growth Fund, Wachstumsfonds Deutschland, was closed in 2024 with over €1 billion in commitments. This fund augmented the investment of the German federal government and KfW Capital with commitments from over 20 institutional investors, including major insurance companies, foundations and large family offices. The concept of a public-private partnership for a Fund-of-Funds to support the local PE/VC industry was not new at the time we at the BVK started lobbying for it in 2015. Several other countries, like France and Denmark, had already established such structures, with Denmark in particular serving as a role model. Early on, we were able to foster an exchange between the players on the government side in Germany and Denmark to get the ball rolling. In addition, the BVK, together with Roland Berger and the Internet Economy Foundation, published a study based on a comprehensive analysis of the state of our industry. This study clearly demonstrated that a Dachfonds was a necessity to ensure not only the viability of the VC and growth investor ecosystem in Germany but also the sustainability of the German innovation economy as a whole. At the time, the BVK had managed to initiate an LP group led by Peter Hielscher, who represented the LPs on the BVK Board and who had also been the Head of Alternative Investments at Talanx, one of Germany’s largest insurers. This LP group opened the doors to discussions with several prominent institutional investors about the Dachfonds idea. This effort led to the involvement of the GDV (Gesamtverband der Deutschen Versicherungswirtschaft), which subsequently played an important role in structuring the fund. Initial skepticism, concerns and differences over the structuring and implementation of such a fund from potential future LPs were overcome by the tireless work of representatives of the German federal government and especially the BMWK, the BMF and KfW. Several roundtables with high-ranking government representatives and C-level executives of institutional investors proved essential. Finding the best structure and operating model for the fund was a herculean task for all the aforementioned parties. Many more hands and minds contributed to this effort, including the German Start-Up Verband and the European Investment Fund (EIF). What were the main challenges the BVK faced during the development and implementation of the Zukunftsfonds, and how were these addressed? When we started lobbying for a Dachfonds, we received a lot of goodwill from the German government, and the concept even sparked the interest of several institutional investors. But it soon became clear that ideas for such a fund—how to structure and manage it, and how to split returns—were quite divergent. In addition, legal concerns about navigating EU law, particularly regarding state aid legislation, as well as local fiscal rulings, needed to be addressed. At the BVK, we had the opportunity to provide input from our perspective on what would work for our industry and what we had seen working in other EU countries. We also ensured that we used our media channels to maintain positive momentum for such a worthwhile cause—even when things looked bleak at times. How has this Fund-of-Funds influenced the venture capital and private equity landscape in Germany, particularly for startups and innovation-driven sectors? The Wachstumsfonds has already made significant commitments to several funds, which will invest in businesses with strong German ties. These commitments will help enlarge fund sizes and, in turn, allow for more substantial investments, particularly in growth-stage companies, thereby strengthening their competitiveness and future growth. It is too early to measure the output in numbers for the German Wachstumsfonds. However, looking at the Danish example: not only were they able to achieve very attractive returns of over 17% IRR on their initial growth fund, but they also managed to raise an even larger follow-on fund, where much less economic incentive was needed to get private investors to commit. Another example is France—BPI has become a powerhouse, investing over €1 billion annually in funds and leveraging those investments by a factor of more than 5x with private money. Back to Germany, on the back of the first Wachstumsfonds, the WIN initiative—backed by the federal government, KfW, and several larger corporations, and also supported by the BVK—aims to further boost growth and innovation capital in Germany. One of its major goals for 2026 and beyond is a follow-on fund for the first “Wachstumsfonds Deutschland”. Based on your experience, what advice would you give to Austria as it works on developing its own Fund-of-Funds initiative? Are there any specific pitfalls we should aim to avoid? The Austrian Fund-of-Funds is key to fostering the Austrian venture capital and private equity industry. Over the last decade, Austria has developed a much more vibrant VC and PE market, fueled both by external funds investing in Austria and—this is a great achievement—by several funds founded and raised to significant size in Austria, such as Speedinvest, with several others like APEX, Fund-F and more on the rise. Still, reaching a three-digit million figure for a fund in Austria remains a significant challenge—yet such fund sizes are necessary to compete on an international scale. Achieving a critical mass of funding would foster a more vibrant ecosystem and make Austria an even more attractive location for both businesses and investors. Continuing to involve all decision-makers—from politicians to potential LPs and institutions capable of managing such a fund is crucial. If needed, provide incentives to encourage institutional investors to join the first fund. It is also essential that the fund is managed by an independent and experienced management team. By rigorously vetting the private VC/PE funds it invests in, the Austrian Fund-of-Funds could assess and, over time, improve the overall quality of the investment landscape. This would allow it to serve as a bellwether investor, attracting more investors both domestically and from abroad. And—first and foremost—stay committed! Now is the time to get the Austrian Fund-of-Funds off the ground. invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Entdecken Sie die Vision 2030 von invest.austria und gestalten Sie mit uns die Zukunft des Investierens in Österreich. Ambitionen, Strategien und Wirkung. Vision 2030 Für politischen Wandel Investitionen in Startups und innovative Unternehmen sollen attraktiv sein. Als Vertreter der Investor:innen setzen wir uns aktiv dafür ein. Vision 2030 Herunterladen Idea Fund-of-funds Vision 2030 Government Agenda Start WO STEHEN WIR? Wo wir stehen? Ein Dachfonds für Österreich Kapital für Innovation und Wachstum Der Dachfonds ist eine Initiative von invest.austria mit dem Ziel, den Kapitalzugang für österreichische Unternehmen zu verbessern. Er bündelt Mittel institutioneller Investor:innen wie Pensionskassen, Versicherungen und Banken und investiert diese in Venture-Capital- und Private-Equity-Fonds. Diese Fonds unterstützen Startups und KMU, stärken den Wirtschaftsstandort Österreich und beugen der Abwanderung innovativer Unternehmen vor. Mehr erfahren Die Kernforderungen der “Vision 2030” 1. Stärkung des Kapitalmarktes Dachfonds für institutionelle Anleger:innen gründen: Institutionelles Kapital bündeln, um gezielt in österreichische Startups und KMU zu investieren. Bestehendes Wagniskapitalfondsgesetz reformieren: Attraktivere rechtliche und steuerliche Rahmenbedingungen. Beteiligungsfreibetrag einführen: Bis zu €500.000 p. a. pro Investor:in steuerlich begünstigen, um Frühphasenfinanzierung zu erleichtern. 2. Stärkung des Wirtschaftsstandorts Mitarbeiterbeteiligung reformieren: Steuervorteile und Rechtssicherheit für Beteiligungen. Verlustausgleich ermöglichen: Private Investor:innen dürfen Verluste steuerlich geltend machen. Digitale Wertpapiere: Rechtsgrundlage schaffen, um Innovationen zu fördern. Rechtliche Unterstützung: Standardisierung rechtlicher Prozesse für Startups. 3. Unternehmergeist fördern Entrepreneurship Week: Ausweitung auf alle Schulen zur frühzeitigen Gründungsförderung. Unternehmerisches Maturaprojekt: Alternative zur vorwissenschaftlichen Arbeit. Gründungsstipendium einführen: Sicherheit in der frühen Unternehmensphase. Stimmen zur Vision 2030 • Niki Futter invest.austria "Wir glauben an das enorme Potenzial unserer Wirtschaft und sehen Vision 2030 als klaren Fahrplan." Markus Raunig AustrianStartups „Startups müssen Zugang zu Kapital erhalten, sonst verlieren wir Innovation.“ Claudia Falkinger Junge Wirtschaft „Wir brauchen einen Beteiligungsfreibetrag, um Investitionen in jeder Phase zu fördern.“ FAQs zur Vision 2030 Was ist das Ziel der Vision 2030? Ein wirtschaftlich stärkeres, innovationsfreundlicheres Österreich mit besseren Bedingungen für Gründer:innen und Investor:innen. Wer steht hinter der Vision 2030? invest.austria, AustrianStartups, Junge Wirtschaft und WKÖ StartupNOW. An wen richtet sich die Vision 2030? An politische Entscheidungsträger:innen und die interessierte Öffentlichkeit. Warum braucht es diese Maßnahmen jetzt? Österreichs Wirtschaft steht vor strukturellen Herausforderungen: Wachstumsraten stagnieren, innovative Unternehmen finden zu wenig Kapital, und der Unternehmergeist ist schwach ausgeprägt. Die Vision 2030 reagiert auf diese Entwicklungen mit konkreten Vorschlägen, um langfristig Wettbewerbsfähigkeit, Arbeitsplätze und Innovation zu sichern. Was bringt ein Beteiligungsfreibetrag? Ein Beteiligungsfreibetrag soll Investitionen in junge, innovative Unternehmen steuerlich begünstigen – insbesondere durch Business Angels und private Investor:innen. Das erhöht die Attraktivität von Frühphasenfinanzierungen und bringt mehr privates Kapital in die Innovationslandschaft. Wie funktioniert der vorgeschlagene Dachfonds? Der Dachfonds bündelt Kapital von institutionellen Anlegern (z. B. Pensionskassen, Versicherungen) und investiert als Anker in VC- und PE-Fonds mit Fokus auf österreichische Startups und KMU. Ziel ist es, mehr heimisches Kapital im Land zu halten und für Innovation nutzbar zu machen – mit Vorbildwirkung aus Ländern wie Dänemark. In Zusammenarbeit mit Kontakt für Rückfragen zur Vision 2030: Ansprechpartnerin: Head of Communications Johanna zu Stolberg presse@invest-austria.com Presseverteiler First name Last name Email* Agentur/Verlag* Position* Submit

Nehmen Sie an der Investors Academy teil – einem zweitägigen Workshop für angehende und erfahrene Angel Investor:innen in Österreich. Jetzt mehr erfahren! ADVANCED ACADEMY Expanding Horizons: Where Vision Meets Wine! Register Now 18. September Styria A day that expands your investment strategy. Program in English 18. Sepetember 2025 Styria Invest! 8 hr Program in English Discover new perspectives in an exclusive setting. Our Academy is designed for investors with existing portfolio experience who want to deepen their knowledge. Led by industry experts and seasoned investors, we cover current topics and emerging trends in a focused and practical way. Direct exchange with like-minded peers, engaging case studies and hands-on collaboration with startups create the perfect environment to immediately apply what you’ve learned. Register Now AGENDA Your training as an investor! Register Now 10:00 – 10:30 | Welcome Coffee A warm welcome to kick off a day of inspiration, exchange, and new connections. 10:30 – 12:30 | Portfolio Management & Exit Strategies with Hansi Hansmann What does it take to build a portfolio of 50+ startups – and exit some of Europe’s biggest success stories? In this exclusive workshop, legendary business angel Hansi Hansmann opens his playbook. Expect real talk, sharp lessons, and practical strategies for navigating exits in today’s market. Whether you’re scaling your portfolio or just getting started, this is your chance to learn from the best. 12:30 – 14:00 | Lunch Break Regional flavors, fresh conversations, time to recharge (or catch up on emails). 14:00 – 16:00 | DeepTech Investments with Nina Ready to dive into the world of STEM and DeepTech? This session guides you through the high-potential, high-complexity landscape of DeepTech investing – with a focus on intellectual property, tech transfer, and university partnerships. Nina brings you the strategies that turn lab breakthroughs into billion-dollar ventures. 17:00 – 18:00 | Wine Tasting & Vineyard Walk Explore sparkling wines, enjoy the view and connect on a deeper level, glass in hand, conversation flowing. 18:00 – 22:00 | Startup Pitches & Networking Get inspired by standout founders from Styria, Carinthia, and Slovenia. This is your chance to meet the region’s brightest startups and find your next investment opportunity, in an unforgettable setting. AGENDA Speakers Exit Strategies with Hansi Hansmann What does it take to build a portfolio of 50+ startups and achieve some of Europe’s biggest exits? In this exclusive workshop, legendary business angel Hansi Hansmann shares hands-on insights, real stories, and practical strategies for navigating exits in today’s market. Benefit 01 DeepTech Investing with Nina Dremelj How do you turn research into billion-euro ventures? Nina Dremelj walks you through the core of DeepTech investing – from IP and tech transfer to strategic university partnerships. Perfect for those ready to back the next wave of breakthrough innovation. Benefit 02 Register Now Networking Connect with like-minded peers, funding institutions and business angels in a relaxed atmosphere. Build genuine relationships and start collaborations on equal footing. Benefit 03 Benefits of the Advanced Academy Advanced Academy A day that expands your investment strategy. Questions? What does it take to successfully exit in today’s early-stage investment landscape? How do experienced investors build and manage a high-performing startup portfolio? What makes DeepTech ventures unique and how can I evaluate their real potential? How can intellectual property and university partnerships drive long-term investment success? Register Now In collaboration with FAQ How much does participation in the Investors Academy cost? The regular ticket price is €249 per person. A limited number of discounted tickets is available for invest.austria members at a price of €199 per person. What is included in the ticket? The ticket includes access to the Academy and on-site catering. Travel and accommodation costs are not included in the ticket price. How many participants can attend the Investors Academy? To ensure a high-quality experience, participation is limited to a maximum of 30 people. Tickets for the Investors Academy are allocated on a first come, first served basis. Who can participate in the Advanced Academy? The Academy is open to both active and aspiring investors who are interested in expanding horizons through startup investments and want to further develop their strategies. The Advanced Academy offers an exclusive environment for meaningful exchange, regional networking, and the development of joint co-investment opportunities with an expanding horizons mindset. Any further questions? Please contact us at: events@invest-austria.com For investors looking to deepen their expertise and take their strategy to the next level. Jetzt Anmelden Points of contact Daniela Haunstein Managing director Mert Ravci Head of Events & Digital Operations Marie Friebus Event Manager

Investors Lounge Oktober, Rechte Wienzeile 225, 1120 Wien, Österreich Investors Lounge Oktober 7. Oktober 2025 um 16:00:00 Rechte Wienzeile 225, 1120 Wien, Österreich Wie können Startups ihre Mitarbeiter:innen am Erfolg beteiligen und welche Modelle funktionieren in Österreich wirklich? Unsere nächste Lounge widmet sich den aktuellen Entwicklungen rund um Mitarbeiterbeteiligungsmodelle. Den Auftakt macht ein Impulsvortrag von David Gloser von ECOVIS , der die wichtigsten Instrumente prägnant auf den Punkt bringt: von virtuellen und echten Shares über Substanzgenussrechte bis hin zu den Neuerungen durch § 67a EStG. Anschließend führt David Gloser durch eine spannende Panel-Diskussion mit der Hans(wo)men Group und einem erfahrenen Founder. Gemeinsam sprechen wir offen über Chancen, Herausforderungen und Best Practices aus der Praxis. Sei dabei, wenn wir die Zukunft der Mitarbeiterbeteiligung in Österreich diskutieren – und nutze die Gelegenheit zum Austausch und Networking mit Investor:innen, Gründer:innen und Expert:innen. Become a Member Investors Lounge Oktober Rechte Wienzeile 225, 1120 Wien, Österreich 7. Oktober 2025 um 16:00:00 Wie können Startups ihre Mitarbeiter:innen am Erfolg beteiligen und welche Modelle funktionieren in Österreich wirklich? Unsere nächste Lounge widmet sich den aktuellen Entwicklungen rund um Mitarbeiterbeteiligungsmodelle. Den Auftakt macht ein Impulsvortrag von David Gloser von ECOVIS , der die wichtigsten Instrumente prägnant auf den Punkt bringt: von virtuellen und echten Shares über Substanzgenussrechte bis hin zu den Neuerungen durch § 67a EStG. Anschließend führt David Gloser durch eine spannende Panel-Diskussion mit der Hans(wo)men Group und einem erfahrenen Founder. Gemeinsam sprechen wir offen über Chancen, Herausforderungen und Best Practices aus der Praxis. Sei dabei, wenn wir die Zukunft der Mitarbeiterbeteiligung in Österreich diskutieren – und nutze die Gelegenheit zum Austausch und Networking mit Investor:innen, Gründer:innen und Expert:innen. invest • austria Events Become a Member

Exclusive Spotlight: 5 Questions With...Flo Haas, This month, we sat down with Flo Haas, Head of Startups at EY Austria and, since June 2025, newly appointed board member of invest.austria. Flo is one of the leading voices in Austria’s innovation landscape. At EY, he regularly publishes the EY Start-up Investment Barometer, a biannual deep dive into Austria’s start-up funding environment. The latest edition, covering H1 2025, paints a sobering picture: early-stage activity is weakening, international investors are pulling back, and the country is facing another year of recession. In our conversation, Flo discusses why now is a critical moment for Austria’s innovation policy, how investor behavior is shifting in early-stage deals, and why stronger public-private collaboration is the key to restoring momentum. He also shares his perspective on our recent Austrian Investing Report, and why he remains cautiously optimistic for the second half of the year – if the right signals are sent. Exclusive Spotlight: 5 Questions With...Flo Haas 8.8.25, 10:00 This month, we sat down with Flo Haas, Head of Startups at EY Austria and, since June 2025, newly appointed board member of invest.austria. Flo is one of the leading voices in Austria’s innovation landscape. At EY, he regularly publishes the EY Start-up Investment Barometer, a biannual deep dive into Austria’s start-up funding environment. The latest edition, covering H1 2025, paints a sobering picture: early-stage activity is weakening, international investors are pulling back, and the country is facing another year of recession. In our conversation, Flo discusses why now is a critical moment for Austria’s innovation policy, how investor behavior is shifting in early-stage deals, and why stronger public-private collaboration is the key to restoring momentum. He also shares his perspective on our recent Austrian Investing Report, and why he remains cautiously optimistic for the second half of the year – if the right signals are sent. Interview: You recently joined the board of invest.austria. What motivated you to take on this role, and what do you hope to contribute to the ecosystem through this position? I’ve been actively engaged in the Austrian start-up and scale-up scene for years, so joining the board of invest.austria felt like a natural next step. It’s a platform with real influence and momentum. Together with the board and all members, I want to help position Austria as a place where innovation doesn’t just start, but thrives and scales. Strengthening the connection between private and institutional capital will be key to achieving that. The EY Start-up Barometer H1 2025 shows a 64% year-on-year drop in funding volume. What do you see as the key drivers behind this sharp decline, and how should the ecosystem respond? The sharp decline in funding is the result of a combination of factors, but one of the most significant is Austria’s overall economic weakness. While many other European countries are already showing signs of recovery following the global downturn in start-up funding in 2023, Austria continues to struggle. According to the latest IMF spring forecast, Austria is the only EU member state projected to experience negative GDP growth in 2025, entering its third consecutive year of recession. This has had a direct impact on the investment climate: international investors are increasingly avoiding markets without a clear growth narrative, and Austria is at risk of falling behind. In this environment, global funds are pulling back from riskier geographies and concentrating their capital in more stable ecosystems. At the same time, investor sentiment is weighed down by geopolitical tensions, ongoing trade disputes, and a general slowdown in consumer and business confidence. These factors are fueling a growing aversion to risk and contributing to a capital shortfall that affects start-ups at every stage, from early ideation to international expansion. To counter this trend, Austria urgently needs a coordinated and forward-looking policy response. This includes targeted investment incentives that make it more attractive to commit capital to young companies. In particular, the implementation of a sovereign fund – the so-called Dachfonds, as outlined in the current government program – is a critical step. Such a vehicle could not only unlock additional public-private capital, but also send a strong signal of confidence in Austria’s innovation ecosystem. In addition, measures such as a participation allowance for private investors, modern frameworks for employee equity programs, and the ability to carry forward and offset tax losses are necessary to create a competitive and founder-friendly environment. The report indicates a notable drop in early-stage deals, especially those below one million euros. What do you think are the main reasons behind this hesitation in early-stage investments? The decline in early-stage investments reflects a broader shift in investor behavior. In times of economic uncertainty and increased market volatility, many investors are pulling back from new, high-risk commitments and instead focusing their capital on stabilizing existing portfolio companies. This capital reallocation is particularly evident in the early-stage segment, where perceived risk is highest and returns are longer-term. In addition, the overall risk appetite in the market has declined. Smaller tickets – especially those under one million euros – often require a leap of faith based on the strength of the team and the vision, rather than on solid traction or revenue. In the current climate, that leap is becoming harder to justify for many investors. Public funding programs and co-investment mechanisms that traditionally supported these rounds have also come under pressure or are not scaling quickly enough to fill the gap. As a result, even promising early-stage start-ups are struggling to raise the capital they need to validate their ideas, build their teams, and enter the market. This hesitation in early-stage investing creates a long-term risk for the ecosystem: without a strong and well-funded pipeline of new ventures today, there will be fewer scale-ups and success stories tomorrow. To reverse this trend, we need stronger public-private collaboration, faster implementation of support measures like the national fund (Dachfonds), and more visible recognition of the value that founders bring to the economy. If we act now, we can turn this moment of hesitation into an opportunity – and rebuild a more resilient and forward-looking innovation ecosystem. When comparing the EY Barometer to the Austrian Investing Report 2024, what are the key similarities and differences these reports offer? Both reports highlight the same core message: Austria’s investment environment remains under strain, and the availability of capital across all start-up stages is limited. However, they approach the issue from different but complementary angles. The EY Start-up Barometer focuses on quantitative deal data – capturing actual funding volumes, stage distributions, and sector trends within Austria’s start-up ecosystem. It provides a snapshot of how much capital is flowing, at what stages, and under what market conditions. In the first half of 2025, it documents a dramatic decline in investment activity, particularly in early-stage deals and larger growth rounds, underscoring the immediate financing challenges faced by founders. In contrast, the Austrian Investing Report 2024 zooms in on the perspective of capital providers themselves. Based on a detailed survey of 165 private and institutional investors – including business angels, VC and PE funds, family offices, and investment companies – the report offers insights into investor sentiment, motivations, and strategic priorities. It shows that despite the challenging macroeconomic backdrop, many investors remain cautiously optimistic: in 2025, they plan to invest up to €225 million in Austrian start-ups and SMEs. Importantly, both angels and institutional investors intend to increase their domestic allocation, signaling untapped potential in the local market. The Investing Report also reveals a strong thematic focus on future-oriented sectors such as AI, cybersecurity, defense, and medtech, and highlights that many investors are driven by more than just financial returns with a notable emphasis on contributing to growth, sustainability, and the development of the local ecosystem. At the same time, the report clearly outlines structural challenges: geopolitical uncertainty, high interest rates, and Austria’s regulatory framework are named as key obstacles. Many investors explicitly call for improved investment structures and more predictable conditions. A strong consensus emerges around the importance of the planned sovereign fund (Dachfonds), which is seen as a vital lever to activate additional private capital, spread risk, and strengthen Austria’s financing landscape. Taken together, the two reports provide a comprehensive view of the current state of the market: the EY Barometer tracks what has happened – a sharp decline in deal activity – while the Austrian Investing Report outlines what could happen, if the right conditions are put in place. It’s a valuable combination: one identifies the urgency, the other points to the opportunity. Given the current market climate, what is your outlook for the rest of 2025? What are your expectations of the End-of-Year EY Report? Despite the challenging environment, I’m cautiously optimistic about the second half of 2025. We’re already seeing signs that the ecosystem is adapting: founders are becoming more capital-efficient, investor conversations are regaining focus, and some international funds are starting to look at Austria again, especially in tech-driven verticals like AI, green transformation, and industrial innovation. While a full rebound may still take time, I expect to see selective momentum return in the coming months, particularly in milestone-based financings and sector-specific opportunities. If public initiatives like the national fund (Dachfonds) begin to materialize, and co-investment structures become more accessible, we could see renewed confidence on both the investor and founder side. My expectation for the End-of-Year EY Report is not a dramatic turnaround in absolute numbers, but a qualitative shift. I believe we’ll see stronger signals of resilience, more focused investments, and a healthier funding environment built on long-term conviction rather than short-term hype. That would be a good foundation for sustainable growth in 2026 and beyond. invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel