WHAT HAPPEN

(Bold = commercial startup)

123people (i5invest): People search
Blogr (Knallgrau): Blogs/photos/videos/podcasting
Bikemap/Runmap/Inlinemap (Toursprung): Route maps
CoolAustria: Tourism social network
FatFoogoo: Virtual goods trading
Fluxiom (Wollzelle): Asset management
Kununu: Employer ratings
Maptales: Stories on maps
Mind42 (Irian): Mindmapping
Oeropa (ÖVP): Location-centered social network
Pintheglobe: Map mashup
Presentify (Faceliner): Event/invitation community
Seeame: General social network
Shnitzl: Event listings
Soup (euphoria): Tumblelogging
SystemOne: Enterprise intranets/wikis
TunesBag: Social music player
Tupalo (9tomorrows): Social maps
Wizlite (collaborative highlighting), Blummy & Bandnews (Alexander Kirk)

Unlaunched:
Tripwolf (i5invest, private beta)
Republic of Ideas (stealth mode)

Defunct:
Readburner (sold to Mashable and rewritten)
Sloggen (defunct Twitter clone)

Disputed Web-2.0-ishness:
7just7 (Social network)
Papermint (virtual world)

Notables from elsewhere in Austria:
Alpengluehen, Immoment, Popurls, Tag2find, unmotiviert.at, Zcope