The city of Austin may just be the small business capital of the USA. Winning a multitude of awards including “the #1 place in America to start a business by CNBC, the top city for “small-business vitality” American City Business Journals, and the top city for launching a technology startup by Sungard Availability Services Capital Inc”, the Texas city has solidified itself as a marquee place to start a business.
So what is Austin’s secret to success?
According to a recent Fortune Magazine article, the city’s music culture has helped Austin in business. “Austin’s startups and small-businesses are borrowing from the city’s legacy as a place where music lovers connect and build each other up—using the city’s network effects to create something bigger.” In addition the current trend of millennial employment and technology advances has helped Austin become a great opportunity for those in the startup world.
Since 1990, large businesses have cut 4 million jobs, while small businesses have added over 8 million. "Today, the 28 million small businesses in the U.S. account for 66% of all net new jobs, 54% of all U.S. sales, and 30-50% of all commercial space, according to the SBA.“ Austin is at the center of the small business expansion, leading the nation with a 7% small business growth between 2010 and 2013.
The unique music and business culture is the product of the city’s people. Support and celebration is at the heart of Austin, and it has helped grow the city into a positive influence for small business.