Every city has a different culture that attracts business owners and people. Austin, Texas, has always had a bit of an eccentric outlook – their motto is “Keep Austin Weird” – that has appealed to creative thinkers and brave tech entrepreneurs. This vibrant city is poised to become the next Silicon Valley, for several reasons.
Austin is full of start-up businesses looking to make it big. Attracted to the area because of its forward-thinking culture and existing network of digital solutions, tech visionaries have flocked to the city with the hope of becoming the next big thing.
Austin offers everyone, from CEOs to software engineers, the kind of work-life balance that they’re looking for. Add to this the existing digital interest in the area, which hosts the world’s biggest digital event SXSW, and it’s clear why so many startups have chosen to forego the garage empire dream and get things off the ground in Austin.
Texas doesn’t have any state taxes. This means that ambitious business owners can get their tech startups off the ground for less because they’re not forced to pay the tax man above their own overheads. This means that you need less capital to go from start-up to Silicon Valley competitor, and that’s seen a huge influx of business owners.
The Right People
With the University of Texas just around the corner and an existing workforce of roughly 2,000 people who work at Apple, Dell, and Microsoft living in the area, Austin has the right people to become the next Silicon Valley. Apart from a standing army of tech experts ready to change the world, the city has a diverse makeup of people with different skills and strengths. Unlike traditional tech hubs, this means there’s a constant influx of new ideas.
Affordable Real Estate
Austin has one of the most affordable and appealing real estate markets out there. This means lower living and rental costs, which benefit both businesses and employees alike, who are naturally chasing the best deal possible.
Another benefit of the current real estate market is the proximity to Silicon Hills, a huge technology hub that has attracted thousands of startups and venture capitalists. This burgeoning business center has made the property market attractive from an investment point of view, beyond simple business opportunities. The result? An area more attractive than Silicon Valley.
The Next Step
Austin represents the evolution of the technology industry. Companies aren’t looking for massive headquarters. Instead, they want agility and newness, which Austin has in abundance. As businesses and venture capitalists look for ways to shine in a fragmented, saturated market, it is only a matter of time before the establishment gets left behind for the new kid on the block, and that shift has already started.
Location, Location, Location
Austin has always been high on the radar of “cool” cities, but recent investment, ambition, real estate and the fact it’s a fresh location with a funnel of talent and an existing digital culture makes it the obvious choice to surpass Silicon Valley.