Among startups, what Munich has to offer has long been an open secret: Two elite universities supply a steady stream of top-class personnel. An enviable quality of life in the “most northerly city in Italy” holds an almost magical attraction for skilled workers and specialists. And a healthy, vibrant “old economy” provides fertile soil in which newcomers can quickly take root.
The strength of the city’s economy is likewise common knowledge. Munich has long since topped the DAX rankings: No fewer than 13 DAX, MDAX and TecDAX-listed companies with a total market capitalization of more than 330 billion euros call Munich their home and are eager for opportunities to invest in startups.
Munich’s startup community naturally benefits from so many locally based companies. In return it also contributes powerful stimulus to the city’s economy, creating some excellent jobs in the process. According to one BITKOM study, Munich’s startups create 21 new jobs on average, against 17 at its peers in Berlin and only six in Hamburg.
In the high-tech industry in particular, Munich certainly fears no comparison with other European regions. In 2014, the EU Commission surveyed the suitability of all 1,303 of Europe’s NUTS 3 regions for the ICT industry as part of its EU Atlas of ICT Hotspots. And guess who came top, ahead of London and Paris? Yes, the Bavarian capital!
There is no sign of an end to Munich’s relentless boom. Hamburg-based global economic research institute HWWI attests that Munich has the best future prospects of all German cities. The key factors taken into consideration in its investigations were gainful employment, education, internationality and demographic development.
For more fascinating facts and figures about Munich, please refer to the brochure “Munich as a business location.” and other publications from the City of Munich’s Department of Labor and Economic Development.