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August 26, 2010

Austin: Silicon Valley 2.0? Anticipating Growth in the Tech Sector

Austonian Pan2sdp(Photo credit Thomas McConnell. All Rights Reserved.) 

Today, ABCNews Online ran a story discussing the possibilities for the “next Silicon Valley,” pointing to high costs of living and slowing growth in the San Francisco Bay Area. While the Bay Area continues to be a top market for technology start ups and relocations, the article stated that Austin and New York City are the main contenders on the list of desirable places for tech businesses to flock to.

According to the article, “Austin has quietly grown into a city that attracts -- and produces -- some of the most innovative companies in the country.” Two examples of recent tech companies expanding to the capitol city from Silicon Valley include Facebook and LegalZoom.

Austin is a popular place for companies to move because the population is highly educated; 38 percent of the 6 million people in the Austin area have a bachelor’s degree, which is more than twice the national average of 15.5 percent. The area is similar to Silicon Valley in the early days in many educational, cultural and ideological ways, which points to Austin’s potential to become Silicon Valley 2.0.

Read the full story here: http://abcnews.go.com/Technology/austin-nyc-silicon-valley/story?id=11480847&page=2.

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