Texas Entrepreneurship and Innovation: A Lone Star State of Mind
A pair of reporters from The Atlantic took off on a road trip recently, winding 2,000 miles across the South in search of America’s next Silicon Valleys — i.e. places where innovators, pioneers, doers, dreamers and job creators are most likely to succeed.
The road trip didn’t quite make it all the way into the Lone Star State, stopping instead right at the border in Shreveport, Louisiana. But the lessons the reporters drew about what makes a start up-friendly city apply to Texas cities as well.
Here’s a big takeaway from all that driving and fried food: the mid-size southern city has some advantages over the big four cities (NYC, LA, DC, SF). For one, many of these communities offer substantial support in the form of tax credits, office space, incubators, and other more informal help. Second, everything is cheaper, especially real estate. Third, to build a company in one of these places is to become a part of it.
In other words, for innovators and entrepreneurs, the business climate in the South is rich, ripe, and ready for folks with big ideas to succeed.
This is true in Texas as well. In fact, Austin has long been nicknamed “Silicon Hills” for the plethora of startups that pop up each year in the capitol city. And Houston and Dallas are notoriously business-friendly cities. According to CNN, Houston was the fourth best large city in America to launch a small business in 2009. Austin was ranked eighth. Beyond big cities, Killeen was the seventh best mid-size city, followed by Lubbock at 12, McAllen at 16 and El Paso at 17. Among small cities, Midland finished at No. 6, and Abilene came it at No. 15.
In each city, each of the conclusions drawn in The Atlantic about what makes a great start-up environment is true: Texas cities tend to welcome businesses with goody bags full of tax credits and other incentives (plus, taxes are already low). Office space is plentiful. And cost of living is low, making it easier for startups to attract top talent without having to blow all their investment capital on exorbitant salaries.
In other words, Texas is a great place to either move your business, or just come and start a new one. With a full range of Dallas home loan, Austin home loan, and Houston home loan options, we’re ready and waiting to help you and your employees make Texas home.