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Exclusive Spotlight: 5 Questions With… Larysa Marchenko, At the invest.austria conference 2025 on November 5th, we spoke with Larysa Marchenko, Partner at EY in the Strategy and Transactions (SaT) department. With over 20 years of experience in investment advisory and strategy consulting across Ukraine, CEE, and Germany, Larysa now works out of Brussels, engaging with European institutions, IFIs, and the private sector on investment opportunities in Ukraine. One of her core focus areas: connecting institutional and commercial players in the defence sector to drive technology cooperation, joint ventures, and scaled-up production across Europe. Exclusive Spotlight: 5 Questions With… Larysa Marchenko 16.12.25, 12:00 At the invest.austria conference 2025 on November 5th, we spoke with Larysa Marchenko, Partner at EY in the Strategy and Transactions (SaT) department. With over 20 years of experience in investment advisory and strategy consulting across Ukraine, CEE, and Germany, Larysa now works out of Brussels, engaging with European institutions, IFIs, and the private sector on investment opportunities in Ukraine. One of her core focus areas: connecting institutional and commercial players in the defence sector to drive technology cooperation, joint ventures, and scaled-up production across Europe. Defence and security tech have become increasingly relevant for investors. What’s driving this surge in interest and how sustainable is the current momentum? The surge in interest is primarily driven by heightened geopolitical instability, notably the war in Ukraine, and the recognition that resilience is now a strategic priority for governments and businesses alike. Increased defense budgets across Europe, combined with rapid technological advancements in areas such as AI, cyber, and space, have created a dynamic investment landscape. This momentum is likely to remain strong in the medium term because these changes are structural rather than cyclical. Long-term sustainability will depend on continued innovation and the ability to integrate defense technologies into broader security and resilience frameworks as well as procurement cycles. In your role at EY, you work closely on Ukraine’s reconstruction and EU integration. How do you see this process shaping new investment opportunities in Europe’s defence and resilience sectors? Ukraine’s reconstruction is not simply about rebuilding—it is about modernization and alignment with EU standards. This process creates significant opportunities for interoperable defense systems, cybersecurity solutions, and resilient infrastructure. Investors will find attractive prospects in dual-use technologies, localized supply chains, energy security, and advanced manufacturing. Moreover, EU funding mechanisms and public-private partnerships linked to resilience and defense modernization will play a critical role in enabling these investments. Recently Ukraine Facility Framework has been extended to finance dual-use projects. Also Ukrainian companies are gradually getting access to European defence financing programs, among them EDF and EDIP, and actively pursuing collaboration with European sector players. I hope we’ll see real projects examples very soon. Investing in defence tech often comes with regulatory and ethical complexity. What do investors need to understand to navigate this market responsibly? Investors must navigate a landscape shaped by stringent export controls, EU defense directives, and sanctions compliance. Ethical considerations are equally important, particularly around ESG principles, transparency, and ensuring responsible end-use of technologies. To operate responsibly, investors should implement robust due diligence frameworks, engage with compliance experts, and align their strategies with international norms. This approach mitigates reputational and legal risks while supporting sustainable growth in the sector. How can public-private partnerships and cross-border collaboration between EU countries, and Ukraine, accelerate innovation in this space? Defence innovations require constant investments into R&D. Public-private partnerships are essential for unlocking funding and de-risking research and development. EU initiatives such as the European Defence Fund and EDIP foster collaboration and innovation. Ukraine brings combat-proven technologies and an agile innovation ecosystem, while the EU offers scale and regulatory stability. Joint ventures and co-development programs can significantly shorten innovation cycles and strengthen interoperability across the region. Looking ahead, what role can private capital play in ensuring that Europe remains both technologically and geopolitically resilient once the immediate demand for defence innovation subsides? Private capital will be critical in bridging gaps in public funding and sustaining innovation ecosystems beyond the current surge in demand. It can help scale dual-use technologies for civilian applications and support long-term investments in cybersecurity, space, AI, and critical infrastructure. By focusing on resilience as an economic driver, private investors can position Europe as a global leader in secure and sustainable technologies, ensuring that geopolitical and technological strength endures well into the future. invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

invest.austria is the national representation of interests of investors of the pre-IPO capital market in Austria. Valentin Krenkel Deputy Managing Director Back Next

invest.austria is the national representation of interests of investors of the pre-IPO capital market in Austria. Daniela Haunstein Managing Director Back Next

Exclusive Spotlight: 5 Questions With... Kal Deutsch, At the Startup World Cup Austria 2025, Kal Deutsch shared insights on U.S. expansion, virtual accelerators, and the rise of AI in early-stage startups. He emphasized that combining European strengths with Silicon Valley pragmatism can help founders build globally scalable and efficient companies. Exclusive Spotlight: 5 Questions With... Kal Deutsch 22.5.25, 12:00 At the Startup World Cup Austria 2025, Kal Deutsch shared insights on U.S. expansion, virtual accelerators, and the rise of AI in early-stage startups. He emphasized that combining European strengths with Silicon Valley pragmatism can help founders build globally scalable and efficient companies. This month, we sat down with Kal Deutsch , Managing Partner at Silicon Valley in Your Pocket and Batchery, two leading startup accelerators based in the San Francisco Bay Area. Kal was part of the jury at the Startup World Cup Austria 2025 Grand Finale, bringing with him decades of experience from the world’s most influential tech hub. Having supported over 3.000 startups in more than 40 countries and served as a mentor, investor and accelerator leader, Kal shares his insights on U.S. market expansion, the future of virtual accelerators, and the growing impact of AI on early-stage venture building. His unique blend of European perspective and Silicon Valley pragmatism makes for great insights on how to bridge ecosystems and build globally scalable companies. In this interview, Kal speaks about: How global founders can approach U.S. expansion amid growing economic volatility What Europe can learn from — and do differently than — Silicon Valley Why virtual accelerators and AI-powered startups are changing the founder-investor dynamic What Austrian founders are doing right — and how to go even further Interview 1. With renewed trade tensions and U.S. tariffs making headlines, how do you see these developments impacting transatlantic startup collaboration and investment? Obviously, any such hindrance to free trade presents challenges to both sides of any trade, no matter where they are in the world. But the optimistic side of me tells me that you cannot hold innovation back. Efficient markets find workarounds. California, the fourth largest global economy, has strongly indicated that it is still open for business and continues to work to diminish those detrimental impacts. And lastly, many capital-efficient technology companies tend to have good operating margins, which should still allow a profitable US market entry. Something that should only get better with the rectification of these policies. 2. What should European founders be aware of when thinking about U.S. expansion in this climate? Without sounding glib, keep looking at the U.S. market if it makes economic sense, and avoid it if it doesn’t. On occasion, we have advised against U.S. market entry strategies to founders when we did not see a path to success. For example, we helped a European company do a Silicon Valley competitive analysis for their industry. They found that there were 32 competitors doing the same thing. Instead, they chose to incorporate in the U.K. (pre-Brexit). They subsequently participated in two different notable European accelerator programs, and found success that they would not have found in the U.S. So, think globally when strategically pursuing the best markets. Founders should remind themselves that it is a global marketplace. The United States economy at $28 trillion is an important part of that global marketplace, but only 24% of the $115 trillion global marketplace. Founders should consider the global potential of their startup from the get-go. A modern startup might have its headquarters in Vienna, sales office in the United States, back-office in Sofia, developers in Sarajevo, accounting in Mexico City, and customer service in Manila. A broad global footprint allows even early-stage companies to optimize the operations, while keeping costs under control and strongly positioning them for a strong and sustainable global expansion. 3. Silicon Valley is often praised for its risk culture and investor-founder dynamics. What cultural or structural barriers do you still see in Europe? What are countries like Austria doing well in comparison? I am a bit of a contrarian when it comes to classic Silicon Valley risk. The traditional venture capital market often focuses on creating Unicorn start-ups at the expense of a high failure rate among portfolio companies. That model is not necessarily optimal for startup founders. In fact, it is not optimal for investors, as historical venture returns have tended to be below those of Wall Street. Given my European upbringing in the United States, I appreciate some aspects of the conservative risk aversion that you might see in European investors and I think there are opportunities to find a healthy middle ground by being more analytical and deliberative during the early-stage startup phases. We strongly encourage using processes like Steve Blank’s Customer Development methodology to iteratively validate the foundations of product/market fit before going too deep into development and launch. Given the excellent academic and scientific foundations in Austria, there are excellent opportunities for founders to derisk their ventures by leveraging these methods. 4. You’ve supported startups remotely across continents. In smaller markets like Austria. What’s your take on the role of virtual accelerators and remote investor relationships? Are they here to stay? We started our company because we wanted to export the Silicon Valley mindset and best practices to the world. Entrepreneurism is the 21st century economic catalyst that can empower problem-solving and economic prosperity. We got to experience first-hand the power of fostering student-entrepreneurs at U.C. Berkeley. In-person coaching and mentoring are always best, but the second-best opportunity would always be to deliver the tools, methods, mindset and coaching through digital means. We genuinely feel that this mission is bigger than us, so we welcome collaboration and even train-the-trainer programs, so that we can collectively build more and bigger innovation ecosystems around the world. Indeed, I believe the virtual models are here to stay. We are collaborating with multiple organizations to design an international network of interconnected AI hubs. Our vision is knowledge and best practices sharing to foster the development of the 21st century economic engine the world needs. 5. What current trends in the U.S. startup and VC scene do you think European founders and investors should be paying more attention to – whether it’s AI, climate-focused funds, or shifting LP dynamics? There is a seismic shift underway, thanks to the Lean AI movement - the deployment of AI in early-stage startups in the quest for foundational and sustainable operational efficiencies. We consider it the great enabler for specific verticals that need innovation, like climate tech. With the proper deployment of different technological stacks, founders (even solopreneurs) can now streamline and accelerate their paths to market, including key milestones ranging from customer discovery to MVP development to monetization pilots. The risk, however, is that founders’ competitors are afforded those same opportunities, which is why we developed our Batchery Pragmatic AI program, so that founders can define and develop longer-term sustainable advantages. We’re already witnessing some remarkable outcomes, as startups are demonstrating unprecedented revenue per employee statistics; better even than the original tech wave in Silicon Valley, sometimes up to $3.7MM per employee. We anticipate that, as a result, the relationship with investors may change, as those companies that can achieve these efficiencies should be able to negotiate more favorable terms. In fact, some founders may even avoid traditional financing in favor of revenue-growth based financing. All-in-all, it is a great time to be a founder! invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Exclusive Spotlight: 5 Questions with… Florian Wimmer , Florian Wimmer, Co-Founder and CEO of Blockpit, is one of Austria’s leading voices in crypto compliance. Having scaled Blockpit internationally, he operates at the intersection of blockchain innovation and EU regulation under MiCA. In our conversation, Florian shares where Austria stands in blockchain and fintech, why Vienna is gaining regulatory momentum, what still makes EU-wide scaling challenging and what this means for investors and startups navigating Europe’s evolving digital asset landscape. Exclusive Spotlight: 5 Questions with… Florian Wimmer 26.2.26, 12:00 Florian Wimmer, Co-Founder and CEO of Blockpit, is one of Austria’s leading voices in crypto compliance. Having scaled Blockpit internationally, he operates at the intersection of blockchain innovation and EU regulation under MiCA. In our conversation, Florian shares where Austria stands in blockchain and fintech, why Vienna is gaining regulatory momentum, what still makes EU-wide scaling challenging and what this means for investors and startups navigating Europe’s evolving digital asset landscape. Compared to Germany, Switzerland or generally the EU, where does Austria genuinely outperform in blockchain and fintech and where are we currently losing momentum? We've built great competence at the regulator (FMA) in Austria, which is now giving us strong momentum due to the international rush into European markets enabled by the MiCA Regulation. In theory, you can choose any of the 27 member states to get the license, but major players are flocking to Vienna. I'm not sure if we can lose momentum anywhere, which we never had. Blockpit expanded internationally early on. What structural barriers still make EU-wide scaling harder for Austrian fintech startups and what needs to change at the capital market or policy level? EU-wide scaling is hard in general, as you are restricted by many national rulesets (regulation, taxation, employment etc) which need to be considered in every part of your internal structure as well as the product. This is not just true for Austrian startups but for everyone trying to expand into multiple markets - it is way easier to address the same market size in the USA (450mio vs 350mio) which mostly harmonized these topics across 50 states. Austria is often seen as relatively crypto-friendly, yet EU regulation is tightening rapidly. Over the next five years, will regulation become a competitive advantage for Austrian startups or a structural growth constraint? It depends on the business model - if regulation can be integrated as a product feature, certain markets will be made accessible, which are blocked for others (especially AI-blackboxes). Especially in the fintech and compliance sector, it is very important where your company is based and if legal action can be taken against you if you do not fulfill your obligations. If you had EUR 1 Mio to deploy as an investor in Austria right now, which sub-sector within blockchain or fintech would you back and why? Anything that is "AI-resistant", meaning the business model cannot (in my current view) easily disrupted by AI - or on the other side, idea stage startups by serial entrepreneurs which plan to heavily leverage AI in all parts of their workflows. With the first EU-regulated stablecoin emerging under MiCA, do you see this as a breakthrough moment for Europe’s digital asset sovereignty, or will US-dollar-backed stablecoins continue to dominate in practice? What does this mean for Austrian startups and investors? USD-backed stablecoins will definitely continue dominating global liquidity due to network effects (they have a "long" history in crypto and are integrated as the base for liquidity pairs everywhere). However, MiCA-regulated euro stablecoins are strategically important for European institutional adoption and regulatory clarity. The breakthrough is less about market share and more about credibility and infrastructure. Austrian startups should focus on enabling compliant usage rather than competing on currency dominance. invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Umwandlung einer GmbH in eine FlexCo, Mit dem Start-up-Paket wurde neben der neuen FlexCo-Gesellschaftsform auch ein steuerlich begünstigtes Mitarbeiterbeteiligungsmodell eingeführt, das Start-ups mehr Flexibilität und Anreize für Schlüsselkräfte bietet. Die Umwandlung einer GmbH in eine FlexCo ist steuerlich neutral, betrifft weder Verlustvorträge noch Behaltefristen und ermöglicht echte Beteiligungsmodelle nach § 67a EStG – virtuelle Beteiligungen sind derzeit jedoch nicht begünstigt. Umwandlung einer GmbH in eine FlexCo 4.4.24, 10:45 Mit dem Start-up-Paket wurde neben der neuen FlexCo-Gesellschaftsform auch ein steuerlich begünstigtes Mitarbeiterbeteiligungsmodell eingeführt, das Start-ups mehr Flexibilität und Anreize für Schlüsselkräfte bietet. Die Umwandlung einer GmbH in eine FlexCo ist steuerlich neutral, betrifft weder Verlustvorträge noch Behaltefristen und ermöglicht echte Beteiligungsmodelle nach § 67a EStG – virtuelle Beteiligungen sind derzeit jedoch nicht begünstigt. Mit dem „Start-up-Paket“ wurde neben einem neuen steuerlichen Mitarbeiterbeteiligungsmodell auch eine neue Gesellschaftsform (FlexCo) eingeführt. Mit der FlexCo soll Startups mehr Flexibilität gegeben werden (zB vereinfachte Anteilsübertragungen, neue Finanzierungsmöglichkeiten, stimmrechtslose Unternehmenswert-Anteile, etc…). Aus diesem Grund überlegen bestehende Startups derzeit, ob eine Umwandlung einer bestehenden GmbH in eine FlexCo mit negativen steuerlichen Konsequenzen verbunden ist. Nachfolgend sollen daher die steuerlichen Aspekte iZm einer derartigen Umwandlung beleuchtet werden. Umwandlung von GmbH in FlexCo aus steuerlicher Sicht Aus steuerlicher Sicht liegt bei einer Umwandlung einer bestehenden GmbH in eine FlexCo eine sogenannte „formwechselnde Umwandlung“ vor, welche die Identität des Rechtsträgers unverändert belässt. Für eine derartige Umwandlung sind die steuerlichen Begünstigungen des Umgründungssteuergesetzes nicht erforderlich. Eine derartige formwechselnde Umwandlung ist ertragsteuerneutral auf Ebene der Gesellschaft und der Gesellschafter möglich. Weiters ergeben sich auch keine nachteiligen Auswirkungen auf vorhandene Verlustvorträge oder allfällige Behaltefristen (zB bei ausländischen Investoren hinsichtlich der KESt-Befreiung gemäß § 94 Z 2 EStG). Mangels Vermögensübertragung findet auch kein umsatzsteuerbarer Leistungsaustausch statt, sodass die formwechselnde Umwandlung keinen umsatzsteuerbaren Vorgang darstellt. Weiters werden auch die Tatbestände des Gebührengesetzes und des Grunderwerbsteuergesetzes (für den Fall, dass das Startup über Liegenschaftsvermögen verfügen würde) nicht erfüllt. Aufgrund der Erläuterungen zur Regierungsvorlage sind keine besonderen Maßnahmen zum Schutz der Gläubiger (wie Umwandlungsbilanz, Sicherstellungsanspruch oder Gründungsprüfung) erforderlich. Für Informationszwecke kann die formwechselnde Umwandlung mittels eines kurzem Schreiben dem zuständigen Finanzamt offengelegt werden. Mitarbeiterbeteiligung Im Bereich der FlexCo besteht die Möglichkeit, ausgewählte Schlüsselarbeitskräfte im Rahmen eines Mitarbeiterbeteiligungsprogrammes mit echten Anteilen (sogenannten „Unternehmenswert-Anteilen“) an dem Startup zu incentivieren. Der Vorteil dabei ist, dass derartige Unternehmenswert-Anteile stimmrechtslos sind und sämtliche Unternehmenswert-Anteile gebündelt ausgewiesen werden (sodass der Cap-Table „clean“ bleibt). Die neue steuerliche Startup-Mitarbeiterbeteiligungsbegünstigung gemäß § 67a EStG gilt zB neben GmbH-Anteilen auch für Unternehmenswert-Anteile und ist dahingehend breit ausgestaltet (wobei die Anwendungsvoraussetzungen zu beachten sind). Die Besteuerung erfolgt mit folgendem begünstigtem pauschalem Regime, sofern gewisse Voraussetzung zutreffen: Abgaben Arbeitseinkünfte mit Sondersteuersatz Arbeitseinkünfte mit progressiver Besteuerung Einkommensteuer zu 75 % mit Sondersteuersatz iHv 27,5 % zu 25 % mit progressiven Einkommensteuertarif Lohnnebenkosten keine Lohnnebenkosten (zB KommSt, DB, DZ) Lohnnebenkosten (zB KommSt, DB, DZ, DGA [für Wien], MVK) Sozialversicherung aufgeschobene Sozialversicherung auf Dienstverhältnis beschränkt (Bemessungsgrundlage bei Veräußerung = Veräußerungserlös, sonstige Zufluss-Ereignisse = monatliche Höchstbeitragsgrundlage) aufgeschobene Sozialversicherung auf Dienstverhältnis beschränkt (Bemessungsgrundlage bei Veräußerung = Veräußerungserlös, sonstige Zufluss-Ereignisse = monatliche Höchstbeitragsgrundlage) Für virtuelle Beteiligungsprogramme steht das begünstigte Besteuerungsregime gem § 67a EStG derzeit nicht zu, sodass bei derartigen virtuellen Beteiligungen – im Vergleich zu echten Beteiligungsprogrammen – mit einer höheren Steuerbelastung zu rechnen ist. Ob die Umwandlung von virtuellen Beteiligungen in einen Kapitalanteil unter Anwendung des § 67a EStG als steuerneutral angesehen werden kann, bleibt wohl eine offene Rechtsfrage. Diesbezüglich wäre eine Klarstellung seitens der Finanzverwaltung für die Startup-Branche hilfreich. Fazit Der Rechtsformwechsel von einer GmbH in eine FlexCo ist dem Grund leicht umsetzbar und auch mit keinen negativen steuerlichen Konsequenzen verbunden. Mit der FlexCo steht Startups mehr Flexibilität zur Verfügung (zB vereinfachte Anteilsübertragungen, neue Finanzierungsmöglichkeiten, stimmrechtslose Unternehmenswert-Anteile, etc…). Zurzeit sind allerdings nur echte Mitarbeiterbeteiligungsprogramme (und keine virtuellen Beteiligungen) vom neu eingeführten Besteuerungsregime umfasst. Hinsichtlich der Umwandlung von virtuellen Beteiligungen in Kapitalanteile wäre eine Klarstellung seitens der Finanzverwaltung noch hilfreich. 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-Bereich. invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Michael Edtmayer, MLE Finance & Consulting GmbH , Seit 10 Jahren in der österreichischen Startup-Szene betreue ich aktive, private Startup-Investoren und biete Ihnen ein maßgeschneidertes Multi Family Office. Die Leistungen reichen von passivem Investment- Backoffice für aktive Investoren bis zum kompletten Portfolio Aufbau und Management. 19.-20. April, 2026 DORDA Wien Jetzt Anmelden Michael Edtmayer CEO MLE Finance & Consulting GmbH Seit 10 Jahren in der österreichischen Startup-Szene betreue ich aktive, private Startup-Investoren und biete Ihnen ein maßgeschneidertes Multi Family Office. Die Leistungen reichen von passivem Investment- Backoffice für aktive Investoren bis zum kompletten Portfolio Aufbau und Management. Vorheriger Speaker Nächster Speaker

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 12. März 2025 um 00:00:00 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 Investors Lounge 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 über angeregte Diskussionen, mit Lisa Pallweber (Managing Partner Hans(wo)men Group), Peter Lasinger (Co-Founder 3VC) und Constantin Wintoniak (Founder fynk) über Strategien, aktuelle und marktübliche Terms and Conditions sowie wertvolle learnings aus der Praxis. Become a Member Follow-on Success: How to Keep Your Rights & Raise/Invest Smart cowerk Wien, Gonzagagasse, Vienna, Austria 12. März 2025 um 00:00:00 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 Investors Lounge 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 über angeregte Diskussionen, mit Lisa Pallweber (Managing Partner Hans(wo)men Group), Peter Lasinger (Co-Founder 3VC) und Constantin Wintoniak (Founder fynk) über Strategien, aktuelle und marktübliche Terms and Conditions sowie wertvolle learnings aus der Praxis. invest • austria Events Become a Member

Investors Academy 2026, Investors Academy 2026 10. September 2026 um 09:00:00 Wie findet man passende Startups? Wie laufen Beteiligungsprozesse ab? Welche rechtlichen Schritte gilt es zu beachten? Wie kann man das Investment mit öffentlichen Mitteln hebeln? und Wie einigt man sich auf eine Unternehmensbewertung?… sind nur einige der Fragen, die wir praxisnah, in interaktiven Workshop-Formaten genauer unter die Lupe nehmen und beantworten werden. In entspannter Atmosphäre triffst du auf potenzielle Co-Investor:innen & Branchenexpert:innen und erweiterst dein Netzwerk um wertvolle Kontakte aus Österreich und Deutschland. Save your Spot Investors Academy 2026 10. September 2026 um 09:00:00 Wie findet man passende Startups? Wie laufen Beteiligungsprozesse ab? Welche rechtlichen Schritte gilt es zu beachten? Wie kann man das Investment mit öffentlichen Mitteln hebeln? und Wie einigt man sich auf eine Unternehmensbewertung?… sind nur einige der Fragen, die wir praxisnah, in interaktiven Workshop-Formaten genauer unter die Lupe nehmen und beantworten werden. In entspannter Atmosphäre triffst du auf potenzielle Co-Investor:innen & Branchenexpert:innen und erweiterst dein Netzwerk um wertvolle Kontakte aus Österreich und Deutschland. invest • austria Events Become a Member

Hohe Besteuerung der Arbeit in Österreich belastet viele Startups, Von einer 100 €-Lohnerhöhung bleiben Arbeitnehmern oft weniger als 50 € netto, während Arbeitgeber rund 130 € zahlen – ein Großteil versickert in Steuern und Abgaben. Die im Budgetbegleitgesetz 2025 geplante 1.000 €-Prämie ist daher unzureichend; echte Entlastungen bei Lohnnebenkosten sind dringend nötig. Hohe Besteuerung der Arbeit in Österreich belastet viele Startups 22.5.25, 14:15 Von einer 100 €-Lohnerhöhung bleiben Arbeitnehmern oft weniger als 50 € netto, während Arbeitgeber rund 130 € zahlen – ein Großteil versickert in Steuern und Abgaben. Die im Budgetbegleitgesetz 2025 geplante 1.000 €-Prämie ist daher unzureichend; echte Entlastungen bei Lohnnebenkosten sind dringend nötig. Derzeit bleibt von Lohnerhöhungen kaum etwas übrig, sodass Österreich hier einen dringenden Reformbedarf hat. In diesem Zusammenhang ist die mit dem Budgetbegleitgesetz 2025 vorgeschlagene Mitarbeiterprämie iHv 1.000 Euro eine Farce und es bleibt zu hoffen, dass hier noch „gewichtigere“ Maßnahmen seitens der Regierung gesetzt werden! Jeder spricht über die sinkenden Produktivitätszahlen (bedingt durch die bisherigen substanziellen Gehaltssteigerungen) in Österreich. Um wettbewerbsfähig zu bleiben, wird man auch die Arbeitsbesteuerung analysieren müssen. Aus diesem Grund haben wir uns angesehen, wieviel dem Arbeitnehmer bei einer gewissen Gehaltserhöhung verbleibt und mit welcher Belastung der Arbeitgeber zu rechnen hat. Berechnet wurde dies beispielhaft für eine Gehaltserhöhung von 100 Euro brutto pro Monat. Lohnerhöhung im Vergleich In Österreich kostet eine Lohnerhöhung um 100 Euro brutto (bei einem Bruttogehalt von 2.500 Euro) dem Arbeitgeber insgesamt rd. 130 Euro, wovon der Arbeitnehmer jedoch nur 57 Euro netto erhält. Das bedeutet, rd. 73 Euro gehen für Lohnsteuer, Sozialversicherungsabgaben und Lohnnebenkosten „verloren“ – bei einer 100 EUR-Brutto-Lohnerhöhung!! Bei einem Bruttogehalt eines Angestellten von 4.000 Euro kostet dieselbe Lohnerhöhung um 100 Euro brutto dem Arbeitgeber in Österreich rd. 130 Euro, wovon der Arbeitnehmer gar nur 49 Euro netto erhält, somit beträgt der Steuerabrieb 81 Euro (bei einer Bruttolohnerhöhung von 100 Euro). Abgabenfalle Lohnerhöhung: Lohnnebenkosten als Wachstumsbremse Osterreich hat eine der höchsten Besteuerungen auf Arbeit - dies mindert die Attraktivität des Standorts Österreich für Fachkräfte und Unternehmen. In Österreich bleibt von einer Lohnerhöhung für den Arbeitnehmer viel zu wenig übrig. Das ist wohl mit ein Grund für die äußerst schwache wirtschaftliche Performance. Aus diesem Grund sollten diese Zahlen ein echter Weckruf für die Politik sein! Reformbedarf in Österreich Die Berechnungen zeigen eindrucksvoll, dass Österreich dringend eine Reform der Lohnbesteuerung braucht, um wettbewerbsfähig zu bleiben. Es muss geprüft werden, ob Lohnnebenkosten gesenkt und Steuerfreibeträge erhöht werden können, um die Wettbewerbsfähigkeit Österreichs langfristig zu sichern und den Standort für Fachkräfte und Unternehmen attraktiver zu gestalten. Budgetbegleitgesetz 2025 – Einführung einer Mitarbeiterprämie von 1.000 Euro Der derzeit vorliegende Entwurf des Budgetbegleitgesetztes sieht die Einführung einer steuerfreien Mitarbeiterprämie iHv 1.000 Euro pro Jahr vor. Der aktuelle Gesetzesentwurf ist vor diesem Hintergrund allerdings viel zu wenig, da gerade Startups primär Gehaltskosten in ihren GuVs haben. Daher sind Startups einer der Hauptbetroffenen des österreichischen „Arbeitsbesteuerungswahnsinns“!Oft bleibt dann nur mehr die Flucht ins Ausland…. Der Artikel wurde von David Gloser (Partner, Steuerberater und Wirtschaftsprüfer) und Markus Fahringer (Senior Manager und Steuerberater) von ECOVIS Austria verfasst. ECOVIS Austria ist eine der führenden Steuerberatungskanzleien in Österreich im Startup-Bereich. www.ecovis.at invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

invest.austria is the national representation of interests of investors of the pre-IPO capital market in Austria. Johannes Cech ARotB for Startups Johannes Cech studied Business Administration at the Vienna University of Economics and Business. He spent the majority of his professional career at the price comparison platform Geizhals.at, which he helped build for 13 years. Since his exit in 2016, he has been investing as a business angel in numerous early stage startups. In 2019, he founded Startup Manufaktur, a venture builder focused on creating technology startups and supporting them on their path to market entry. Back Next

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, 12:00 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