With a strong focus on nurturing research and innovation, Austria offers a lucrative business environment and generous tax regulations for foreign investors. Whoever thinks of Empress Sisi, Sacher cake, skiing or the Vienna Opera Ball first in connection with Austria is not wrong at all, but it is important to not overlook one important factor: Austria is actually an extremely innovative and profitable business location. In addition to highly qualified and motivated employees, Austria always boasts the highest density of world market leaders in relation to the number of inhabitants. Innovative small and medium-sized firms operating as niche players such as ENGEL, Rosenbauer and Doppelmayr manufacture leading-edge products. In the meantime, as a “strong innovator”, Austria is ranked second in Europe in terms of research investments, with a research to GDP ratio of 3.19 per cent. Global players such as BMW, Bosch, Infineon and Novartis bundle R&D activities in Austria for good reason. These firms are complemented by innovative spin-offs and a lively start-up scene within the context of a creative, interdisciplinary ecosystem. Clusters and competence centres promote the close collaboration between science and business as well as university and non-university research. Diversity and strong networking characterise the research community: top researchers and “serial entrepreneurs” work side by side. Companies and intellectual property come together via idea portals and incubators promote entrepreneurial visionaries. Precision medicine, artificial intelligence, autonomous driving, alternative drive systems and lightweight construction complement traditional sectors such as mechanical engineering, vehicle manufacturing, plant construction and industrial goods.