Austin’s Dream Of Rivaling Silicon Valley May Be Over

WebProNews
Austin’s Dream Of Rivaling Silicon Valley May Be Over

Austin’s dream of rivaling Silicon Valley may be ending as tech companies leave the city after once touting it as an escape from California’s taxes and legislation.

Austin has been working to establish itself as a tech sector, with efforts picking up steam in the midst of the pandemic. With the move to remote and hybrid work, many companies looked to Austin as a favorable alternative to California, thanks to lower cost of living and favorable taxes.

Unfortunately, according the TechCrunch, Austin is now experiencing an exodus of tech companies. The latest is Techstars, which had to make a decision about its Austin presence after Managing Director Amos Schwartzfarb announced he was leaving the company.

“Unfortunately, we are pausing the Techstars Austin accelerator,” Techstars spokesperson Amalia Lytle confirmed to TechCrunch.

According to the outlet, hot summers, rising cost of living, a lackluster startup scene, a lack of diversity, and difficulty finding funding are all contributing to the exodus.

Austin’s Dream Of Rivaling Silicon Valley May Be Over
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