Newsweek Recognizes Austin as One of the “Hot New Tech Cities” in the World

Posted by Crystal Olenbush on Friday, July 11th, 2008 at 8:50pm.

Newsweek recently listed Austin as among the “Hot New Tech Cities.”  According to the magazine, many new places around the country are popping up and giving Silicon Valley a challenge for the title of tech headquarters of the country – and Austin is among the cities leading the pack.

Of course, the fact that Austin is home to Michael Dell has certainly helped Austin snag this recognition, but the honor wasn’t bestowed upon Austin simply because of Dell’s presence.  Rather, the fact that nearly 2,000  high tech companies can be found in the region and that nearly 20% of the areas workforce is employed in the high-tech field certainly has something to do with it. 

“It takes an entrepreneur to think there’s life outside of Silicon Valley,” Joseph Aragona of Austin Ventures told Newsweek.  “And, when they do, they come here.”

According to Newsweek, a city looking to challenge Silicone Valley must meet certain additional criteria.  These included having:

  • A major research institution
  • A minimum of one “megasuccess” story
  • High tech talent
  • Venture capital
  • Infrastructure
  • The right attitude

Of course, Austin has all of these things – so, it is little wonder Austin is quickly catching up to the Valley and giving it a run for its money.

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