EMCC European Monitoring Centre on Change

i2 - Business Angels

Phase: Anticipation
  • Access to finance
  • Advice
  • Fostering innovation
  • Matching/Networking
  • Start-up support
  • Support of companies' growth
  • Support of SMEs
Senast ändrad: 05 November, 2020
Lokalt namn:

i2 - Business Angels

Engelskt namn:

i2 - Business Angels


This is 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). 

Main characteristics

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, aws), 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.

As of 2020, 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.

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


  • National funds

Involved actors

National government
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).


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.


No information available.


No information available.
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