Dr. Martin Wrulich is Senior Partner at McKinsey & Company in Vienna. As part of McKinsey’s broader commitment to supporting the country’s growth potential, Martin Wrulich recently co-authored the firm’s landmark report “Skalierung des Start-up-Ökosystems – Wohlstand durch Innovation in Österreich.”

In this report, McKinsey identifies untapped economic potential in Austria’s startup and innovation sector amounting to up to €85 billion in value and 206.000 potential new jobs.

The findings directly relate to the goals of invest.austria’s fund-of-funds initiative (Dachfonds), which aims to mobilize institutional capital and close the financing gap for high-growth companies.

We sat down with Dr. Wrulich to explore what’s missing in Austria’s growth strategy, how the Dachfonds can help and what lessons we can learn from more mature innovation ecosystems abroad.

1. Where do you see the greatest leverage for Austria’s economic growth through innovation and how does the Dachfonds fit into this picture?

Austria is rich in ideas and has strong academic and industrial foundations. But we need to turn more of that into scalable, innovation-led businesses. Our study shows that if Austria can activate its startup potential, especially through better late-stage financing, we could unlock €85 billion in GDP impact and more than 200.000 jobs. The Dachfonds can be the key enabler for this transformation by bringing long-term capital into the ecosystem.

Name examples Hidden Champions?

2. Your report highlights a significant funding gap, especially in Series C and beyond. Why is this phase so critical and what role can institutional investors play?

This is the phase where startups either break through or break down. In Austria, we see a strong base of early-stage activity, but many founders struggle when they reach capital-intensive growth phases. Institutional investors, especially pension funds and insurers, are well-positioned to step in here. They have the capital and time horizons, but so far lack the mechanisms to engage. That’s exactly where the Dachfonds can make a difference by acting as an anchor and a risk mitigator.

3. The study emphasizes not only financing gaps but also a lack of entrepreneurship. How can this be addressed alongside financial instruments like the Dachfonds?

The Dachfonds is an important tool but it’s not the whole story. We need to complement it with cultural and structural change. Entrepreneurial education, simplification of company formation, and better spin-off structures from universities are all critical. Success breeds success: If we can generate a few strong local champions with the help of the Dachfonds, they can shift the narrative and attract more entrepreneurial ambition across the country.

4. What international models or policy examples should Austria look to when implementing its Dachfonds?

France and Germany offer great blueprints. France’s BPI has proven how public-private capital can drive scale, and Germany’s Zukunftsfonds has mobilized over €1 billion in commitments with strong private participation. Also, let’s not forget Sweden or Canada, where pension funds are active growth capital providers. The key is: clear strategy, independent management, and a structure that meets both public interest and investor standards.

5. What would success look like for Austria’s startup ecosystem in five years and what role should McKinsey play in that journey?

If in five years we have twice as many scale-ups, a few new unicorns and institutional investors actively supporting the ecosystem—that would be a huge win. McKinsey wants to be part of that journey: through research, pro bono work with founders and by helping design the right policies and investment structures. We believe in Austria’s potential and believe this is the moment to act.