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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

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The current state of AI - what we learned and where we see it going, cowerk Wien, Gonzagagasse, Vienna, Austria The current state of AI - what we learned and where we see it going 11. Februar 2025 um 23:00:00 cowerk Wien, Gonzagagasse, Vienna, Austria KI-Themen sind derzeit omnipräsent. In einer Keynote und anschließenden Diskussion beleuchtet Felix Hentzen , Experte für Investor Partnerships bei Google Cloud, wie man die aktuellen Entwicklungen einordnen und immer einen Schritt voraus bleiben kann. Become a Member The current state of AI - what we learned and where we see it going cowerk Wien, Gonzagagasse, Vienna, Austria 11. Februar 2025 um 23:00:00 KI-Themen sind derzeit omnipräsent. In einer Keynote und anschließenden Diskussion beleuchtet Felix Hentzen , Experte für Investor Partnerships bei Google Cloud, wie man die aktuellen Entwicklungen einordnen und immer einen Schritt voraus bleiben kann. invest • austria Events Become a Member

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Steuerliche Risiken bei grenzüberschreitende Startup-Strukturen – grober Überblick, Startups mit internationaler Ausrichtung sollten sich frühzeitig mit möglichen steuerlichen Fallstricken befassen – etwa bei der Zusammenarbeit mit ausländischen Tochtergesellschaften, Remote-Mitarbeitern oder dem Wegzug von Gründern – um durch eine sorgfältige Planung spätere steuerliche Überraschungen zu vermeiden. Steuerliche Risiken bei grenzüberschreitende Startup-Strukturen – grober Überblick 22.1.25, 11:00 Startups mit internationaler Ausrichtung sollten sich frühzeitig mit möglichen steuerlichen Fallstricken befassen – etwa bei der Zusammenarbeit mit ausländischen Tochtergesellschaften, Remote-Mitarbeitern oder dem Wegzug von Gründern – um durch eine sorgfältige Planung spätere steuerliche Überraschungen zu vermeiden. Bei Startups können sich aus verschiedenen Gründen grenzüberschreitende Konstellationen ergeben, sei es zB aufgrund des expansionsbedingten Eintritts in einen ausländischen Markt, durch im Ausland ansässige Mitarbeiter oder ausländische Gründer. Die Palette der steuerlichen Themen ist vielfältig und sollte vorab analysiert werden, um steuerliche Risiken auszuschließen. Nachfolgend wird ein grober Überblick über mögliche ausgewählte steuerliche Themen gegeben. Fremdübliche Vergütung einer ausländischen Tochtergesellschaft/Betriebsstätte Sofern der ausländische Markt tiefergehender bearbeitet werden soll, beschließen Startups oftmals die Etablierung einer ausländischen Betriebsstätte oder gleich die Errichtung einer ausländischen Tochtergesellschaft. Zu diesem Zweck werden zB. an die ausländische Tochtergesellschaft gewisse Leistungen (zB Know-How, HR, Marketing, Controlling, etc…) erbracht, als auch das Produkt des österreichischen Startups zum Vertrieb am ausländischen Markt zu Verfügung gestellt (zB. mittels Lizenzvereinbarung). Weiters ist auch bei ausländischen Betriebsstätten auf eine fremdübliche Vergütung zu achten. Derartige grenzüberschreitende Transaktionen (zB. inländisches Startup erbringt Dienstleistungen an ausländische Tochtergesellschaft) müssen zu fremdüblichen Konditionen vergleichbar fremden Dritter abgewickelt werden, um steuerliche Risiken beispielsweise durch Gewinnerhöhungen oder Ausgabenkürzungen zu vermeiden. Entscheidend ist dabei die Art der jeweiligen Leistung, die von den beteiligten Unternehmen übernommenen Funktionen/Risiken sowie die entsprechende vertragliche Dokumentation. Daher muss für jede Art von Leistung eine separate Analyse durchgeführt werden. Steuerliche Ansässigkeit einer ausländischen Tochtergesellschaft bzw. einer ausländischen Muttergesellschaft – Achtung Steuerrisiko in Österreich! Das Besteuerungsrecht am Jahresgewinn einer Gesellschaft steht grundsätzlich dem Staat zu, in dem eine Gesellschaft ansässig ist. Die steuerliche Ansässigkeit einer Gesellschaft richtet sich dabei vorrangig nach dem sogenannten „Ort der Geschäftsleistung“. Der „Ort der Geschäftsleitung“ wird dadurch bestimmt, wo nachweislich die wesentlichen Entscheidungen des Tagesgeschäfts getroffen werden. Es ist daher immer darauf zu achten, dass bei ausländischen Tochtergesellschaften oder ausländischen Muttergesellschaften mit österreichischen Tochtergesellschaften lokale Geschäftsführer tätig sind bzw. auch ein Büro gemietet ist. Anderenfalls könnte (auch) der österreichische Fiskus diese Auslandsgesellschaften mit österreichischer KÖSt besteuern – es können sich dabei Probleme der Mehrfachbesteuerung ergeben! Betriebsstättenrisiko durch ausländische Mitarbeiter – Steuerrisiko im Ausland Nicht nur im Rahmen des „War of Talents“ bei Mitarbeitern für Schlüsselpositionen, sondern auch bei allen anderen Mitarbeitern kann u.U. der Fall eintreten, dass ein geeigneter Mitarbeiter für eine offene Stelle eines österreichischen Startups im Ausland gefunden wird. Ausländische Mitarbeiter, die unmittelbar bei dem österreichischen Startup angestellt werden, können unter gewissen Umständen im Ausland eine ertragssteuerliche (Homeoffice-)Betriebsstätte begründen und somit zu einer anteiligen – wenn auch betraglich oftmals geringen – Steuerpflicht im Ausland führen. Daher ist eine vorbereitende Analyse unerlässlich (zB. gibt es Büroräumlichkeiten, welche Tätigkeit übt der jeweilige Mitarbeiter im Verhältnis zur Kerntätigkeit des Startups aus, verfügt der Mitarbeiter über eine [wirtschaftliche] Abschlussvollmacht). Vorübergehender Auslandsaufenthalt bzw. Wegzug von Gründern oder Mitarbeitern Aus verschiedenen Gründen kann es zu einem vorübergehenden Auslandsaufenthalt oder permanenten Wegzug von Gründern oder Mitarbeitern aus Österreich kommen (zB. grenzüberschreitende Expansion eines Startups, neue berufliche Schwerpunkte im Anschluss an Exit-Transaktion im In- oder Ausland, familiäre Gründe). Damit einher geht die Frage, welche steuerlichen Konsequenzen damit verbunden sind (Stichwort: „Wegzugsbesteuerung“). In diesem Zusammenhang sollten die Rahmenbedingungen im Detail geprüft werden (zB. besteht wegzugsteuerverfangenes Vermögen [zB. Wertpapiere, Anteile am Startup], ist ein EU-/EWR-/Drittstaat involviert, unter welchen Voraussetzungen erfolgt der Wegzug/Auslandsaufenthalte [zB. geht Familie mit, besteht Rückkehrabsicht, wird AT-Wohnsitz beibehalten, etc…]). Fazit Startups können daher in zahlreichen Konstellationen mit grenzüberschreitenden steuerlichen Fragestellungen konfrontiert sein. Dabei ist eine vorbereitende steuerliche Analyse bedeutsam, um nachträgliche negative steuerliche Konsequenzen zu vermeiden. 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. www.ecovis.at invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Exclusive Spotlight: 5 Questions With… Wolfgang Hattmannsdorfer, This month, we spoke with Austria’s new Minister of Labour and Economy, Wolfgang Hattmannsdorfer, about his vision for strengthening Austria as a business and innovation hub. A key focus is the planned “rot-weiss-rot Dachfonds”, aimed at mobilizing institutional capital to support Austrian startups and SMEs with much-needed growth funding. Exclusive Spotlight: 5 Questions With… Wolfgang Hattmannsdorfer 18.4.25, 10:15 This month, we spoke with Austria’s new Minister of Labour and Economy, Wolfgang Hattmannsdorfer, about his vision for strengthening Austria as a business and innovation hub. A key focus is the planned “rot-weiss-rot Dachfonds”, aimed at mobilizing institutional capital to support Austrian startups and SMEs with much-needed growth funding. This month, we’re especially excited to bring you an exclusive interview with Wolfgang Hattmannsdorfer , Austria’s newly appointed Federal Minister of Labour and Economy. Since March 3, 2025, Wolfgang Hattmannsdorfer has been Austria’s new Minister of Economic Affairs – taking office at a critical time for the country’s business landscape. With Austria facing global economic challenges, a widening growth capital gap, and the departure of innovative companies, investors are asking how the new government plans to strengthen Austria’s position as a business and innovation hub. One particularly noteworthy initiative is the introduction of the Dachfonds (Funds-of-fund), designed to pool institutional capital and channel it into venture capital and private equity funds that support Austrian startups and SMEs. The Dachfonds is being developed in close cooperation between the Ministry of Economic Affairs and invest.austria. Having initiated the concept of the Dachfond years ago, invest.austria is now responsible for supporting the operational implementation and providing expert guidance to policymakers throughout the process.What is Minister Hattmannsdorfer’s stance on the Dachfonds? And what additional steps is he planning to enhance Austria’s competitiveness? Interview Austria has recently lost ground in international comparisons when it comes to investments in start-ups and SMEs. What specific measures are you planning to make the location more attractive for investors? We want to get Austria’s economy back into the fast lane. To achieve that, we need a location that attracts investment rather than deterring it. The government program contains several clear commitments to making the capital market more attractive, such as improving employee participation schemes and strengthening the second and third pillars of pension savings. We also want to promote financial and economic literacy and make ETF savings plans more appealing to young people. The planned “rot-weiss-rot Dachfonds” (Austrian fund-of-funds) is intended to pool institutional capital and invest it specifically in Austrian Startups and SMEs. How do you view this model, and what contribution can the government make to ensure its success? Austria needs more growth capital if we want to retain value creation and talent in the country. While we are well-positioned in early-stage financing, we lack sufficient growth and venture capital in the scaling phase. This is a weakness in our national innovation system. As a federal government, it is therefore our declared goal to establish a “rot-weiss-rot Dachfonds” to enable companies to grow in Austria and to prevent them from relocating or setting up operations abroad. Preparatory work for a “rot-weiss-rot Dachfonds” is already underway. What challenges do you see in introducing the “Dachfonds” and what solutions do you propose to overcome them and ensure successful implementation? In my view, overcoming traditional financing structures is one of the biggest challenges. Moreover, a fund depends heavily on its capital allocation. The task of policymakers — and mine as Minister of Economic Affairs — will be to build trust and motivate institutional investors to commit capital. A compelling concept that gives us strong arguments will be essential to achieving this. Countries like Germany, France and Denmark have launched successful “Dachfonds” initiatives that mobilise private capital. What can Austria learn from these models and what specific steps do you plan to take to keep up with these markets? There’s no need to reinvent the wheel every day. My approach is to learn from the best. That’s why we are currently analysing international best practices in detail. Based on our findings, we will present a tailored concept for a “Dachfonds.” Where do you see Austria’s innovation and investment landscape in five to ten years, and what role will your economic policy play in shaping it? In five to ten years, Austria should remain an attractive location for innovation and investment, even by international standards. To that end, we will have created an effective and appealing tool in the form of the “rot-weiss-rot Dachfonds.” More broadly speaking, we need a comeback of performance and competitiveness. This means focusing on our strengths — our diligence, our inventiveness, and our international outlook. invest • austria News Jetzt Mitglied werden Vorheriger Artikel Nächster Artikel

Investors Lounge September, Investors Lounge September 8. September 2026 um 16:00:00 Jeden zweiten Dienstag im Monat findet unser Networking Event für unsere Mitglieder statt. Wir laden euch herzlich zu unserer nächsten Investors Lounge ein. Weitere Infos folgen. invest.austria Mitglieder erhalten den Link zur Anmeldung per E-Mail. Interessierte Investor:innen können sich unter office@invest-austria.com melden. Become a Member Investors Lounge September 8. September 2026 um 16:00:00 Jeden zweiten Dienstag im Monat findet unser Networking Event für unsere Mitglieder statt. Wir laden euch herzlich zu unserer nächsten Investors Lounge ein. Weitere Infos folgen. invest.austria Mitglieder erhalten den Link zur Anmeldung per E-Mail. Interessierte Investor:innen können sich unter office@invest-austria.com melden. invest • austria Events Become a Member

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