Vienna

Cities are the engines of social and economic development. The three Ts – talent, technology and tolerance – are the prerequisites for this engine to run smoothly. If cities want to stay competitive in today’s knowledge society it is essential for them to implement talent, knowledge and know-how in the technology sector and show tolerance towards new developments.

International studies have confirmed that Vienna has successfully implemented the three Ts. Vienna is a city of knowledge, research and innovation. Investments in research and development have the most sustainable effects on growth and employment in the long run. Targeted innovation and technology policies will support Vienna in maintaining and expanding its position as research centre in Central Europe. In 2007 Vienna launched its research, technology and innovation strategy under the motto "Vienna is a forward-looking city" ("Wien denkt Zukunft") and has since continuously enhanced its reputation as future-oriented location for innovation and research. (www.wiendenktzukunft.at).

Vienna’s research quota of about 3.2% is far above the Austrian average of 2.6%. More than €2.6 billion are spent on research and development in Vienna each year. About 53,500 scientists work for universities, competence centres, research institutions, innovative businesses and research businesses in Vienna.

The targeted and sustainable promotion of future-oriented and technology-intensive sectors has created an excellent environment for business and employment and has boosted Vienna’s superb reputation as competitive business location. Vienna’s position as a hub for business relations between East and West is also reflected in the dynamic development of foreign trade. More international businesses than ever before locate in Vienna. The city attracts nearly two thirds of all foreign direct investment in Austria and Viennese businesses account for nearly the same amount of direct investment abroad. Vienna is internationally renowned as city of culture and highly attractive tourist location as can be seen from the record number of 9.7 million tourist overnight stays.

Vienna has pursued a targeted strategy in supporting research, technology and innovation with measures such as competitions on specific topics, endowed professorships, technology consulting services for SMEs, and real estate projects such as the "Campus Vienna Biocenter". In addition, there are a number of competence centres in Vienna that create an optimum environment for research cooperations between science and business and are efficient instruments to implement the city’s research, technology and innovation strategy: The Vienna Business Agency (www.wwff.gv.at) and the Centre for Innovation (www.zit.co.at) for the business sector, the Vienna Science and Technology Fund (www.wwtf.at) for the science and basic research sectors, and “departure”, the funding agency for creative industry innovations in Vienna (www.departure.at).

Continuous investment in qualification and education promotes creativity, innovation and the internationalisation of young people across all borders. High-quality and innovative products and services as well as highly-skilled labour form the basis of the prospering business location Vienna.