Austria: The Nation of Hidden Champions
Picture from left: Christoph Hechenblaikner CrossCloud, Jane Davies International Association of Science Parks, Thomas Bluth tiramizoo and Venionaire Investment Manager Alexander Rapatz.
Last Tuesday Venionaire was invited to the 6th Founders Evening of Science Park Graz, which took place in the historic auditorium of the main building of University of Graz and encouraged around 120 interested people to listen about stories of entrepreneurial freedom and the question, why Start-ups are the new darlings of the nation.
An international panel of experts from founders, consultants and Venture Capital investors delivered in a panel discussion inputs and advice for sustainable success as young entrepreneur. Passion for the cause, team cohesion and the reduction of bureaucratic hurdles were the focus. Venionaire was represented by its Investment Manager Alexander Rapatz, who was talking about Hidden Champions in Austria and why they have a huge impact on the local economy.
For instance, due to a recent report of the Austrian Federal Economic Chamber, 19% of Austrian companies hold a global market share of more than 20% in the field of their core activities. Furthermore Austria counts an impressive 15.6 hidden champions per one million inhabitants, which brings it to the second position in Europe. Basically hidden champions share the same traits that can make Start-Ups highly successful: outstanding quality products which have proven to be hard to imitate, high vertical integration and strong research and development.
We at Venionaire share the opinion, that start-ups will restructure the entire economy and are the future motor of innovation. Of course, established companies have the advantage of being stable, having financial capacity, knowledge and resources. But at the break of the fourth industrial revolution, sectors are changing one by one. Thus, they will also have to adapt their business model, or very fast they will not be able to compete with the innovative new business models of Start-ups.
Check out the report of the event on sciencepark.at.
