HSG graduate startups boost the economy
St.Gallen - Spin-offs from the University of St.Gallen (HSG) have created over 6,000 jobs in recent years. This is a finding from the HSG Spin-Off Barometer 2022. Many of the 171 startups in the survey have a strong focus on sustainability.
According to the HSG Spin-Off Barometer 2022, startups founded by graduates from HSG have created over 6,000 jobs in recent years. The barometer shows that almost all of the 171 companies surveyed are oriented towards the UN Sustainable Development Goals in their business activities.
The digital insurance company WeFox proved to be a particularly strong job engine, creating as many as 1,600 positions across Europe. With 190 employees, Planted Foods, which produces plant-based meat substitutes, is an outlier far exceeding the average of 23 new jobs created by each HSG spin-off.
“HSG spin-offs create lasting value in the regional, national and even international spheres,” said Dietmar Grichnik, Professor of Entrepreneurship and Technology Management at HSG, in a press release on the barometer. This value creation will benefit the whole of Switzerland, with 131 companies having their headquarters in Switzerland. A further 25 startups are based in Germany, four in the rest of Europe and two in the USA. Currently, 27 percent of all HSG spin-offs have their company headquarters in the canton of St.Gallen, while 44 percent are in the canton of Zurich.
The conditions for receiving the HSG’s Spin-Off label include a HSG connection, offering innovative products and services, a business model with strong growth potential and, new, alignment with sustainability criteria. The new requirement is that a spin-off must be oriented towards at least three of the 17 UN Sustainable Development Goals to be eligible for the label. heg