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The buzz about the startup culture in Austin is making it one of America’s fastest growing cities. The Austin metro area beat all others in the country — including San Antonio, Houston and Dallas — in census estimates of domestic migration from 2010 to 2013. Austin’s population grew 5.4 percent during that time, Bloomberg Businessweek reported.
The city’s tech startup scene is certainly one of the major reasons for the growth, as aspiring entrepreneurs choose Austin as the location for launching their startup. Why is Austin so enticing? And what are the drivers behind its growth?
How Austin Became a Startup Capital
To understand why Austin’s stock is rising today, it’s best to go back to the beginning. What made Austin the city it is now? A variety of events, companies and other factors transformed Austin from the state capital of Texas into one of the hottest tech destinations in the country.
A Brief History of Austin’s Startup Scene
Austin quickly developed a presence in the technology industry when big-name corporations like IBM, Dell and AMD all chose to come to Austin in the 1980s. These moves set Austin on a course to become the tech hub it is today. The three companies brought the money and talent necessary to begin planting the seeds of a premier startup scene.
What Makes Austin So Attractive to Startups?
The Silicon Hills have a long track record of being a smart place to begin a startup, but what is it about the community and startup culture that contributes to its success?
Investors and Accelerators
The 2014 Austin Startup Report lists the amount of funding invested in Austin startups as $993 million, a 123 percent increase from the previous year. These funds are coming from a wide variety of angel investors and venture capitalists, most of whom are constantly on the search for possible additions to their portfolios. Austin includes several investor groups based in the city, with several others that have satellite offices in the metro area.
Startups are able to more easily catch the eyes of investors due to the number of accelerators and incubators in the city.
If you're interested in learning more, read the full report here.