Entrepreneurial Endeavors

Coworking giant offers big bucks to budding Austin entrepreneurs

WeWork will grant $1.5 million to innovators in the region.

Photo courtesy of WeWork

So you have a big idea, but you need a little cash to get it going. WeWork, the international chain of coworking spaces, is here to help.

WeWork has launched a new grant program called The Creator Awards, which will hand out $1.5 million to budding entrepreneurs in the South.

"With graduation around the corner, tens of thousands of students are trying to figure out what's next and we want to help them to do what they love. For many, this may be a chance to start a business, explore a new idea, or create their own dream job," Adam Wacenske, WeWork general manager for the South, tells CultureMap.

"We're here to help them get started by giving away meaningful financial grants through The Creator Awards, by opening our doors, and by welcoming grads into our global community."

WeWork hopes to award money to all kinds of entrepreneurs, from artists to nonprofits.

"Innovation happens everywhere, in all industries," Wacenske says. "We know there are amazing creators from all walks of life in Austin, from musicians and educators to political thought leaders and, of course, tech stars. We want to shine a light on the groundbreaking work happening here and reward these diverse creators."

There are three grant levels: The Incubate ($18,000-$36,000 per grant); The Launch ($72,000-$180,000 per grant); and The Scale ($180,000-$360,000 per grant). Each level is designed to fit the needs of the applicant, depending on what stage of development the idea is in.

The deadline for the application process is June 5. Finalists will move on to the South Regional Finals, June 26-27, here in Austin. In addition to a live pitch session and awards ceremony, the two-day affair will include workshops and pop-ups.

Winners in the Launch and Scale categories will be invited to a Global Finals in New York City. Another perk for entering? Austinites with a ".edu" email address who apply will be given free access to WeWork's University Park campus until August 2017.

WeWork is also hosting Creator Awards in Detroit and New York. View the regions here.

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silicon hills strikes again

Austin nearly tops list of best tech hubs in the South

Photo by Ross Bonander on Unsplash

Austin loves its thriving tech sector.

A new study analyzing top U.S. locales for the tech industry has ranked Austin the No. 2 best tech hub in the South.

The report by commercial real estate platform CommercialCafe examined the top 20 Southern metros across nine metrics, such as the growth rates of tech establishments and employment, median tech earnings, a quality of life index, and more.

Austin-Round Rock-Georgetown ranked second only to Washington, D.C., and was the highest ranked Texas metro.

The study attributes Austin's tech powerhouse status to its growing presence of major tech companies like Tesla, Google, Apple, Dell, and more. The city saw a 25 percent increase in tech company density from 2019 to 2023, the report found, which is the third-highest growth rate out of all 20 metros.

"Moreover, the metro’s tech scene thrives on a diverse range of segments, including AI and green energy (bolstered by the University of Texas), as well as globally recognized events like [South by Southwest]," the report says. "Thus, with tech companies accounting for more than half of all office leasing activity in 2024, Austin remains a magnet for innovation, talent and investment."

Financial security is another influential factor for tech workers in the South, and the Austin metro offers the fourth highest median salaries nationwide, totaling $111,374 each year. That's a fairly competitive income compared to Washington, D.C., which ranked No. 1 in this metric with tech workers earning a median annual salary of $122,070.

Austin's tech earnings has grown by nearly 30 percent over the last five years, yet it still fell behind in comparison to other U.S. metros to rank No. 6 overall. Fayetteville, Arkansas had the highest five-year growth rate in tech earnings, with a 45 percent increase from 2019 to 2023.

"In particular, Austin remains a standout for its vibrant tech community and appeal to companies seeking top talent without the highest costs," the report says. " In total, 12 metros in the South saw median tech earnings surpass $100,000, up from just seven in last year’s study."

Here's how Austin stacked up across the remaining five rankings:

No. 2 – Tech establishment density
No. 2 – Five-year rate of tech patents granted (from 2020 to 2024)
No. 2 – Tech job density
No. 5 – Quality of life index
No. 11 – Tech job growth

In a separate 2024 report, Austin was the No. 7 best tech city nationwide.

Other top Texas tech hubs in the South
The only other Texas metros to earn spots in the report were Dallas-Fort Worth (No. 4) and Houston (No. 9). Most notably, CommercialCafe says Dallas has a far greater diversity when it comes to its tech sector and its thriving economic opportunities.

"Not to be outdone, Dallas-Fort Worth moved up from sixth to fourth in this year’s rankings, driven by a 25.9 percent growth in tech company presence — the second-highest increase among the top 20 metros," the report said. "For instance, companies like iRely (which relocated to Irving, Texas) and Diversified (now in Plano, Texas) have joined homegrown successes, such as StackPath and Bestow."

Houston, on the other hand, led the nation with the highest number of tech patents granted from 2020 to 2024.

"Once synonymous with oil, Houston is increasingly making its mark as a cleantech hub — and patents reflect this shift," the report said. "Yet, even as Houston remains the five-year leader, its 2023 patent output declined slightly, ceding the top spot that year to Austin."

The top 10 best tech metros in the South are:

No. 1 – Washington, D.C.
No. 2 – Austin, Texas
No. 3 – Raleigh, North Carolina
No. 4 – Dallas-Fort Worth, Texas
No. 5 – Huntsville, Alabama
No. 6 – Baltimore, Maryland
No. 7 – Durham, North Carolina
No. 8 – Atlanta, Georgia
No. 9 – Houston, Texas
No. 10 – Charlotte, North Carolina

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