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Factsheet for measure AT-2017-1/2525 Updated – measures in Austria

i2 - Business Angels

i2 - Business Angels

Country Austria , applies nationwide
Time period Open ended, started on 01 January 2017
Context Restructuring Support Instruments
Type Other initiatives or policies
Category Reorientation of business activities
– Change of production/Innovation
Author Bernadette Allinger (Forba) and Eurofound
Measure added 23 June 2022 (updated 02 March 2023)

Background information

This was available to small and medium-sized enterprises (SMEs).

In order to participate in the programme, the enterprises must meet the following criteria:

  • the product or service must be launched on the market;

  • the business has to be technologically competitive;

  • it has to offer a unique selling proposition;

  • the product or service must be scalable;

  • the product or service must address a large market or an emerging market;

  • the capital demand must situate between €100,000 and €1,000,000;

  • the enterprise must apply with convincing documents (for example, businessplan or pitchbook).

Business angels who mainly invest in foreign companies have less chance to be selected for participation in the programme.

Submission is not possible at the moment. The fund volume has already been exhausted.

Content of measure

Private investors with a good level of experience and business skills (so-called 'business angels') are brought together with start-ups or SMEs that seek capital. The investors bring capital and experience that they gained through running their own company. The programme is run by Austria Economic Service Austria Wirtschaftsservice , a state-owned bank for business development. The programme seeks to establish contact between investors and start-ups/SMEs to support them in implementing innovations. The aws provides a preselection of business ideas for investors. All types of projects and enterprises can apply for funding, however, there is a focus on young entrepreneurs.

Companies do not have to pay a fee for being listed, investors pay an annual membership fee of €90.

As an additional programme, the 'Business Angel Fonds'  provides business angels with funding to invest in SMEs. The volume is assessed with €250,000 to €5 millions per business angel. The funding is aimed at SMEs in their early stage, up to six years after the foundation.

The funding institution aws, which runs the programme, is fully owned by the Republic of Austria. aws, which runs the programme, is commissioned by the Federal Ministry of Science, Research and Economy (BMWFW) and the Federal Ministry of Finance (BMF).


The following updates to this measure have been made after it came into effect.

04 November 2022

Submission is not possible at the moment. The fund volume has already been exhausted.

Use of measure

In 2017, successful matching resulted in 37 cooperations with an overall volume of €2.4 million. In 2018, there were 270 active business angels.

The average funding of i2 business angels amounts to €150,000 per project, concluding in a total volume of €5 million and 20 successful matches AWS 2020 .

This is a win-win situation for both sides, as the business angels gain knowledge and insight on upcoming companies and investment opportunities. The aws applies a strict selection process.

Target groups

Workers Businesses Citizens
Employees in standard employment
Applies to all businesses Does not apply to citizens

Actors and funding

Actors Funding
National government
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role Unknown Unknown
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • Unknown
  • Main level of involvement: Unknown



Views and reactions



  • 01 March 2018: aws Performance report 2017 (
  • 10 October 2022: European Commission Enterprise and Industry (2002), Support services for micro, small and sole proprietors businesses, (
  • 10 October 2022: aws i2 Business Angels (
  • 04 November 2022: aws Business Angel Fonds (


Eurofound (2022), i2 - Business Angels, measure AT-2017-1/2525 (measures in Austria), EU PolicyWatch, Dublin,


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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.