As the Austin startup ecosystem has matured, our work at Tech Ranch has evolved to connect this ecosystem's future to the world, especially around the areas that have developed in Austin around impact innovation.
Thanks to coronavirus disruption and the rise of remote work, many founders and tech workers have been reconsidering where they want to live this past year. Austin has been a popular choice among those relocating from other ecosystems. Austin is home to dozens of IT companies, including behemoths like Cell, IBM, and Google, 15 startup incubators, and at least 85 pharmaceutical and biotech corporations. Tesla set up a gigafactory in Austin and plans to employ more than 5,000 employees, making it Austin’s largest tech employer. (Tesla’s founder, Elon Musk, was among those who recently relocated from Silicon Valley to Texas.) The city boasts a moderate cost of living, a high quality of life, and a lively cultural scene. It also hosts two world-class startup events. SXSW South by Southwest is an annual showcase of the best in music, independent film, and interactive technologies that draws hundreds of thousands of attendees each year, including internationally prominent entrepreneurs and celebrities. Austin Startup Week is a five-day exhibition where entrepreneurs, investors and other startup insiders gather to connect and collaborate. VCs poured $2.26 billion into Austin startups in 2020. Impressive local success stories include Workrise, a maker of workforce management solutions, that has raised more than $750 million to date and currently has a valuation of $2.9 billion. Telemedicine startup Wheel closed $50 million in funding in May 2021.
Ecosystem by the numbers
Reasons to move your startup to Austin
Growing Job Market
Low Cost of Living
Quality of Life
In addition to its economic attractions, Austin is also famed for its bustling cultural scene and high quality of life. Billed as the Live Music Capital of the World, the city is bursting with bars, restaurants, and concerts. Austin also hosts several world-class festivals, most notably South by Southwest and Austin City Limits.
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