For the second year in a row, Texas ranked as the top state for startup businesses. The ranking results came from WalletHub, a finance website, which carefully compiled a report that evaluated 50 states against various criteria on being startup-friendly, including population education, labor costs, and office space pricing.
This came as no surprise as Austin, Texas is home to some of the most successful startups across the state and the country in the last few years. Businesses from a wide variety of industries chose Austin as their home, hoping to speed up their growth. For example, AlertMedia, Briggo Coffee, Red Fan Communications, and Hypergiant Industries are all based out of Austin. Each of these companies exists in different industries, indicating Austin's and Texas's wide-ranging appeal.
Startups in Texas are attracted to the state for various reasons. The Lone Star State spends nearly 1.3% of its GDP solely on incentivizing businesses to move there. Texas is also home to several government-backed and non-profit programs that work to assist small businesses, helping them flourish. Through these programs, it is easier for new startups to get funding. Additionally, Texas does not have a personal or income tax, making the area even more attractive to businesses.
The state's deep talent pool of nearly 14 million individuals, dynamic culture, unique recreational opportunities, and low cost of living have continued to entice startups from across America. Below are a few of the unique cities in Texas that can be perfect for the next startup to begin experiencing growth.
Lubbock is one of the largest cities in Texas, and it is a hub for healthcare, education, and agriculture. With no corporate income tax, few regulations, and easy access to an international airport, Lubbock is the perfect launchpad for startups. The city also boasts a talent pool of nearly 10,000 new college graduates every year, offering businesses fresh ideas and the opportunities to grow. The city of Lubbock is also continually investing in the education of its citizens through several technical education programs. Companies can find success with plenty of strong tech professionals within the area. Hoverstate, an L.A.-based technology firm, has expanded into Lubbock, proving the city's appeal.
Marble Falls, Texas
While Marble Falls may be home to only 7,000 residents, it is a bustling, ever-growing city. Over the past few years, many commercial investors have turned to Marble Falls to recruit new workers and open new businesses. As a result, Marble Falls is now perceived as much more than just a city for retirees and tourists.
The city reached an impressive sales figure, crossing $1 billion in gross sales in 2018, bringing some attention to the small Texas town. While this achievement already makes Marble Falls a great place for startups, the city can still boast of being lifestyle-friendly with its attractive activities and a wide variety of outdoor recreations at Lake Marble Falls. Its community leaders are also dedicated to expanding the city's growth.
Boerne and Kendall County
Boerne and Kendall County's businesses and total population are projected to have a high growth rate over the next five years. With businesses in fields ranging from technology and healthcare to financial services, Boerne and Kendall County is set to continue growing its talent pool.
This county is also committed to education and attracting top talent who will be available for any business in any industry. Over 90% of residents have their high school diploma, and nearly 40% hold at least a bachelor's degree. Boerne and Kendall County is located within 50 miles of nearly 25 institutions for higher education. This provides a unique talent pool to surrounding businesses or startups in Texas.
ICS in Texas
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