One of the most popular and desirable places to live in America is Austin, Texas. In fact, the city is first in domestic migration since 2010, beating out neighboring cities like San Antonio, Dallas, and Houston. Austin’s population is on the rise for other reasons, but in the end, it’s one of the fastest growing destinations for young people. What follows are some other reasons why Austin is the place to be for young entrepreneurs.
Austin has had a tech presence since the heydays of AMD, Dell, and IBM during the 1980’s. These companies created jobs and developed a business ecosystem. In the 1990’s, Trilogy Software brought big software to Austin, and the ripples are still being felt with startups like Bazaarvoice and HomeAway. Today’s startup culture has made Austin (along with neighboring San Antonio) known as “Silicon Hills.”
There have been a number of notable startups in Austin during recent years. Job search engine Indeed is a one-stop shop for all things job hunting. Now entering its second decade, Indeed was recently bought by a Japanese firm for more than $1 billion. HomeAway is one of the best websites to find a vacation destination. Now valued at nearly $3 billion, HomeAway is a remarkably profitable company, as well. Gowalla is another bloom off the Austin vine, though it was shuttered after being bought by Facebook in 2012. It was a successful attempt at local social media.
There are many features that are inherent to Austin that make it such a good fit for startups. With nearly a billion dollars invested in Austin startups in 2014, the existing tech scene makes it a natural fit for venture capitalists looking for new projects. With several such firms located within the city, this money tends to stay in town.
South by Southwest is also attractive for many young creatives around the world. Perhaps the world’s most interactive music festival, the event is a hub for thinkers of all stripes, making Austin a go-to destination for people interested in creating a better world.
Despite all the hoopla, Austin and its suburbs remain affordable places to live. In fact, the city has become famous for this, beating out other tech hubs like San Francisco many times over in terms of cost of living affordability. This allows for a diverse population to live in the city, not just entrepreneurs. Because of this, Austin’s well-rounded culture is more than just technology. Another aspect of Austin’s appeal is the absence of income tax in Texas.
To learn more about the startup culture in Austin, visit the Concordia University Texas website.
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