LINZ / LONDON (IT BOLTWISE) – Upper Austria plans to strengthen the local economy through targeted support of AI startups. The industrial association emphasizes the need to convert existing knowledge into economic success. An expansion of the existing high-tech fund is intended to secure financing.
Today’s daily deals at Amazon! ˗ˋˏ$ˎˊ˗
In Upper Austria, the importance of startups in the field of artificial intelligence (AI) is increasingly being recognized. The Industrial Association (IV) demands that the extensive knowledge accumulated at the region’s universities and colleges be converted into economic success. Thomas Bründl, President of the IV, emphasizes that AI is essential not only for growth, but also as a means of combating the labor shortage.
Meinhard Lukas, co-author of the IV study “AI Excellence Strategy for Upper Austria as a Business Location,” emphasizes the need to convert existing knowledge into value creation. He suggests that such startups could be financed through venture capital from the public sector. A similar model already exists in Bavaria, where the Free State supports startups through Bayern Kapital GmbH.
State Governor Thomas Stelzer is open to the idea of providing venture capital for AI startups. He plans to expand the country’s existing high-tech fund and hopes that the private sector will also participate in this model. Stelzer recognizes the importance of making progress in this area.
Meinhard Lukas sees the current development as a “second chance” for Upper Austria. The first phase of AI development, characterized by language models such as ChatGPT, was not used in the region. Now there is an opportunity to make AI knowledge industry-ready through startups or spin-offs. Lukas emphasizes that the start-up ecosystem in Austria is underdeveloped, but that there are good conditions thanks to the digital competence of the JKU and other institutions.
The urgency of the initiative is emphasized by Joachim Haindl-Grutsch, who compares the current development with the introduction of electricity. The innovative strength of the 2,700 students who deal with AI must be translated into applications in order to ensure competitiveness. Time is of the essence and the region is at the starting line to take advantage of the opportunities presented by artificial intelligence.
*Order an Amazon credit card with no annual fee with a credit limit of 2,000 euros! a‿z
Bestseller No. 1 ᵃ⤻ᶻ “KI Gadgets”
Bestseller No. 2 ᵃ⤻ᶻ “KI Gadgets”
Bestseller No. 3 ᵃ⤻ᶻ “KI Gadgets”
Bestseller No. 4 ᵃ⤻ᶻ «KI Gadgets»
Bestseller No. 5 ᵃ⤻ᶻ “KI Gadgets”
Please send any additions and information to the editorial team by email to de-info[at]it-boltwise.de. Since we cannot rule out AI hallucinations, which rarely occur with AI-generated news and content, we ask you to contact us via email and inform us in the event of false statements or misinformation. Please don’t forget to include the article headline in the email: “Upper Austria relies on AI startups to strengthen the economy”.