Wundsam says Austria undervalues startups

Austria gives startups too little importance, Hannah Wundsam, chief executive of AustrianStartups, said in an interview with ORF Steiermark. The number of new companies is stagnating, she said, partly because startups are still viewed as small, niche initiatives.

Wundsam said the annual Austrian Startup Monitor has identified artificial intelligence as the leading technology trend since the study began eight years ago. She contrasted Austria with the United States, where she said companies founded less than 20 years ago, including Google, Facebook, Peak and OpenAI, are driving economic growth.

She sees opportunities for Europe in physical AI, which combines artificial intelligence with industry and machinery. Established industrial companies could work with startups, including in robotics, to maintain or gain global relevance, she said.

Wundsam, who also advises the Austrian government, said new solutions to challenges including AI and the climate crisis often emerge from startups. But startups cannot solve these problems alone, she said, calling for cooperation with established businesses and the public, as well as broader cultural change.