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The Lone Startup State: Texas' growing tech community

By Ryan Cardenas
-    Jan 24, 2023
Credit : GMI Post

With more than 17,000 tech firms and home to at least 25 unicorn startup companies, including the world-famous dating app Bumble and global employment website Indeed, Texas is swiftly becoming a global innovation and tech startup hub.

GMI POST looks into the state’s thriving startup ecosystem and the factors contributing to its growth.

Strong entrepreneurial spirit

Austin, Texas has attracted the bulk of VC funding in Texas.

According to data from Founder Institute, the world's largest pre-seed startup accelerator, entrepreneurs from Texas have the highest emotional stability based on a survey pooled from more than 30,000 entrepreneurs in more than 100 cities worldwide.

Particularly when compared to their peers in other U.S. tech hubs, Texans have scored 16% higher on Emotional Stability than their counterparts in Silicon Valley, 14% higher than those in New York, 19% higher than in Los Angeles, and 12.7% higher than in Boston.

 Favorable business environment

Miami-based fintech company WalletHub names Texas as the best place to start a business based on the number of highly-skilled and engaged workers available in the state. From 2021 to 2022, the number of small businesses grew 11%.

WalletHub also cites Texas’ lower cost of living relative to the East and West Coasts, affordable office spaces, and its geographical location as factors that make the Lone Star State ideal for building a new business.

 A broad set of local capital partners

Houston alone has 151 venture capitalist funds. Meanwhile, Austin, which has 117 VCs, held more than 144 funding rounds last year. With more investors and mentors setting up shop in Texas, startups have benefitted from a stronger support system to grow further and drive innovation.

One thing is clear: Texas's tech startup scene is on the rise — really fast. From attracting merely $2.87 billion in total venture capital in 2011 to a record-breaking $10.55 billion in 2021, the state is building a global reputation as the place to be for tech and innovation.

Article Tags: Japan, US, Texas, Startups

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