WFO was founded in 1992 as a public-private partnership. WFO's partners are the City of Osnabrueck and the Verein für Wirtschaftsfoerderung in Osnabrueck e.V. (Association for Business Development in Osnabrueck), each holding an interest of 50%. With the founding of WFO, the City of Osnabrueck dissolved its former Office of business Development and integrated it in the business development company sponsored jointly by the Osnabrueck industrial sector.

WFO's objectives include securing and developing existing companies and institutions in Osnabrueck, the acquisition of new companies and jobs for Osnabrueck, the development of innovation and technology as well as location marketing and image development.