< PreviousTE X A S E C ONOMI C D E V E L OP ME NT G U I D E 33 3rd Highest High School Completion Rate >148 Institutions of Higher Education 50 Fortune 500 HQs 90+ Fortune 1000 HQs >1,600 Foreign-owned Companies 2.7 M Small Businesses A Workforce of 14 M 2nd Largest Civilian Workforce in the Nation Texas is Home to:34 TE X A S E C ONOMI C D E V E L OP ME NT G U I D E Master innovator Elon Musk is not the only entrepreneur poised to churn out electric vehicles in the Texas capital, Austin. As Musk’s $1.1 billion Tesla Gigafactory takes shape in eastern Travis county, so many EV models are being imagined and manufactured in the Austin region that it’s now becoming known as the “electric vehicle capital of the world.” That’s the term used by Andrew Leisner, CEO of the newly formed EV startup, Volcon. Launched in October 2021, Volcon describes itself as “the first all-electric, off-road powersports company.” Its initial lineup includes two and four-wheeled electric, off- road adventure and utility vehicles including The Grunt, an electric motorcycle with a 100- mile range and a maximum speed of 60 miles per hour priced at about $6,000. Volcon is off to an impressive start, having already announced plans to build a manufacturing plant in nearby Liberty Hill that’s expected to produce up to 9,000 vehicles a year. The new factory is to feature riding trails, an RV park and customer experience center. Through December 2020, Volcon had quickly raised $4.5 million through seed money and a WeFunder campaign. “Volcon was quickly funded with an oversubscribed seed round, confirming the enthusiasm for the category,” said Leisner. “I am excited to help lead the evolution of the powersports industry with electric vehicles that enhance the outdoor experience while reducing our environmental footprint for future generations. Thanks to companies like Tesla, the electrification of the powersports industry is no longer a question of if, but when, and Volcon is positioning itself to play a substantial role in this rapidly changing environment.” At the same time that Volcon expands its footprint and its offerings, Austin-based Ayro is scaling up to produce tens of thousands of light-duty electric vehicles that can be used to deliver food and to ferry travelers around airports. The Ayro 311, a uniquely shaped three-wheeler is tailored to restaurants, pharmacies and other business seeking cost savings while pursuing sustainability goals. Based just north of Austin in Cedar Park, Hyliion makes electrified power trains for tractor-trailers that cut down on fuel by GARY DAUGHTERS THE BRIGHTEST IDEAS ARE COMING FROM E NTRE P RE NE UR S H I P & I NNO V A TI ON Austin Downtown Austin Photo by Heather Overmanconsumption. Bolstered by a recent merger expected to generate more than $560 million for the company, Hyliion expects to top a billion dollars in revenue in 2023. 360 Degrees of Innovation Austin’s surging EV industry goes to show how a startup scene once known chiefly for enterprise software has evolved in surprising directions. Rated by Inc. Magazine as America’s top city in which to start a business in 2020, Austin is home to such diverse, nationally known startups Whole Foods, Indeed, Homeaway and the vodka makers Tito’s and Deep Eddy. And beneath the surface bubbles a new generation of startups that is increasingly varied. The most recent cohort to participate in the University of Texas at Austin’s Student Entrepreneur Accelerator and Launch (SEAL) program includes: • NwaBebè (baby bottles) • Oxymoron Ink (non-permanent tattoo ink) • BioBQ (lab grown meat) • Pocket Punch (self-defense) • Empire Learning (real estate) • Good Apple (food delivery) • Terra Helmets (eco-friendly protective gear) Funding for such bold ideas and enterprises “Texas remains one of the nation’s most interesting and fastest- growing tech markets, with Austin leading the way. ” —Morgan Flager, Silverton General PartnerTE X A S E C ONOMI C D E V E L OP ME NT G U I D E 37 is a key part of any startup ecosystem, and there, Austin truly shines. According to Crunchbase, Austin was the target of 61% of venture capital funding in Texas in 2019, a total of 1.84 billion dollars, an impressive yearly increase of 19.5%. Austin happens to be home to Silverton Partners, ranked by cbinsights.com as the most active VC in Texas by unique investments. “Texas remains one of the nation’s most interesting and fastest-growing tech markets, with Austin leading the way,” says Silverton General Partner Morgan Flager. “We’ve always felt that if Austin wins, we win, and that’s how we’ve run our business. And since some of our most successful exits were forged during the 2008 financial crisis, we are excited to help build the next generation of companies that can withstand difficult times and emerge stronger.” Giving Life to Ideas In and of itself, scientific brilliance does not translate to business sense, and thus the best innovators are not necessarily best entrepreneurs. UT at Austin offers an impressive array of programs designed to help translate ideas into commercial products and businesses. “Our tagline here at the University of Texas is ‘What starts here changes the world,’” says Luis Martins, director of the university’s Herb Kelleher Entrepreneurship Center. “I can’t think of a better way to change the world than through innovation and entrepreneurship.” The Austin Technology Incubator is the deep tech incubator affiliated with the university, focusing on breakthroughs in energy, food and agriculture technology, healthcare, mobility, water and circular economies. Founded in 1989, it is also the longest active technology incubator in the United States. ATI’s mission is and has been to empower university and community entrepreneurs through a customized approach to effectively commercialize their breakthrough innovations. Similarly, UT at Austin’s Office of Technology Commercialization provides outreach to the university’s faculty on the commercialization process, promotes collaboration with industry and helps to license and protect inventions and software. 38 TE X A S E C ONOMI C D E V E L OP ME NT G U I D E The second-largest workforce in America is over 14 million strong and is growing by the minute. Texas’s robust system of 148 higher education institutions includes six public state university systems, six state technological college systems, and 50 community college districts. Across the state, these institutions educate 1.57 million students annually. Even with the challenges of remote instruction following the pandemic, Texas state university systems saw increased enrollment. We’ve compiled key information regarding each of the state’s six public university systems. With so many leading educational and research locations across the Lone Star State, a skilled and talented workforce is around every bend. • Texas A&M University System: One of the largest systems of higher education in the country, the Texas A&M University System is a statewide network of 11 universities, with its flagship campus in College Station. According to Money Magazine, Texas A&M University ranks No. 1 in the state for value. The university’s student population ranks among national leaders and is the largest in Texas, according to U.S. News and World Report. In 2020, the system began building a half-billion-dollar complex in the Texas Medical Center area in Houston. The complex will house the university’s groundbreaking Engineering Medicine (EnMed) program and create additional student housing and medical office space. According to Forbes, Texas A&M University is the No.1 university in the nation for having the most graduates serve as CEOs of Fortune 500 companies. The university system also boasts an impressive lineup of nationally- ranked programs for business, engineering, health care, petroleum engineering, biology & agricultural engineering, nuclear engineering, and veterinary medicine. by SAVANNAH KING Universities Support Diverse Needs of Industry Across the State HIG HE R E D U C A T IO N Photo courtesy of Texas Technical UniversityTE X A S E C ONOMI C D E V E L OP ME NT G U I D E 39 • Texas State University System: The first higher education system established in Texas today has evolved into a network of seven institutions and 13 campuses stretching from the Texas-Louisiana border to the Big Bend region in West Texas. Member institutions include Lamar University, Sam Houston State University, Sul Ross State University, Texas State University, Lamar Institute of Technology, Lamar State College Orange, and Lamar State College Port Arthur. Lamar Institute of Technology was recently named No. 7 among the top 50 community colleges by Academic Influence — out of nearly 1000 community colleges in the U.S. The Texas State University System (TSUS) is the third-largest system in Texas, with enrollment exceeding 87,000 students in the Fall 2020 semester. The system also maintains the lowest average tuition and fees of any university system in Texas. Texas State University (TSU) in Round Rock enrolls some 38,000 undergraduate and graduate students in its more than 200 degree programs. In 2020, TSU established the Center for Innovation and Entrepreneurship to foster collaboration and innovation across disciplines. • Texas Tech University System: One of the top public university systems in the nation, the Texas Tech University (TTU) System consists of four component institutions — Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center El Paso — and operates in 18 cities (16 in Texas, two international). TTU has seen a decade of significant growth and recently hit a major enrollment milestone reaching a student population of more than 40,000. The university will be welcoming its inaugural class in fall 2021 to its new School of Veterinary Medicine. According to Corporate Recruiter College Graduate Ranking Poll, a national survey of corporate business recruiters Texas A&M LBJ Student Center. Photo courtesy of Texas A&M University University of North Texas eagle statue soars above students. Photo courtesy of UNT40 TE X A S E C ONOMI C D E V E L OP ME NT G U I D E by Witman Insight Strategies, TTU graduates are among the most sought after in the country. Additionally, TTU has recently earned a designation as a Hispanic- Serving Institution (HSI) by the U.S. Department of Education. • The University of Houston System: Ranked among the best in the U.S., the University of Houston (UH) is home to innovative research and a diverse student population. UH earned a top 50 ranking on U.S. News and World Report as a “Top Performer for Social Mobility” and also landed on the lists for “Top Public Schools” and “Best Value Schools.” UH enrolled more than 47,000 undergraduate and graduate students in fall 2021. In recent years the university’s C.T. Bauer College of Business and Wolff Center for Entrepreneurship were named the No. 1 program in the U.S. for developing undergraduates to become entrepreneurs by The Princeton Review. The University system consists of four separate universities, including the University of Houston Clear Lake, University of Houston Downtown, University of Houston-Victoria, and the University of Houston. • University of North Texas System: Based exclusively in the Dallas- Fort Worth region, the University of North Texas System includes the University of North Texas, University of North Texas Health Science Center and the University Texas University Systems 20 30 10 10 10 35 27 40 35 37 20 20 45 TEXAS TECH UNIVERSITY SYSTEM TEXAS STATE UNIVERSITY SYSTEM TEXAS A&M UNIVERSITY SYSTEM THE UNIVERSITY OF TEXAS SYSTEM UNIVERSITY OF HOUSTON SYSTEM UNIVERSITY OF NORTH TEXAS SYSTEM INDEPENDENT UNIVERSITYTE X A S E C ONOMI C D E V E L OP ME NT G U I D E 41 of North Texas at Dallas. A regional educational leader — with campuses in Dallas, Denton, Fort Worth, and Frisco — UNT offers more than 300 bachelor’s, master’s, and doctoral degree programs. UNT’s flagship university in Denton is a Tier 1 research university with more than 40,000 students. The UNT Health Science Center in Fort Worth is one of the nation’s premier graduate academic medical centers and is a top producer of primary care physicians in the state. It’s also a leader in DNA and Alzheimer’s Disease research. • University of Texas System: Enrolling more than 1/3 of the students in Texas public, academic institutions, the University of Texas (UT) System has 14 academic and health institutions in multiple locations across the state, producing more than 64,000 degrees annually. UT is one of the most innovative universities in the world, collectively ranking No. 3 for most U.S. patents granted in 2019. Additionally, the UT System is No. 1 in Texas and No. 2 in the nation in federal research expenditures. According to U.S. News & World Report, several UT programs ranked among the 2021 best online college programs in the country. The ranking focused on degree programs designed to be administered online (rather than programs brought online in response to the pandemic) and highlighted programs of study at UT Arlington, UT Dallas, UT Medical Branch and UT Tyler. Next >