Move your startup to Austin, Tx, get $50,000! Why doesn’t Austin, Tx do something like this? Do we need to? Would it help create more jobs? It apparently seems to be working for these cities. Some are giving away free land and others are offering up to $50,000 to startups if they meet certain criteria such as live in a certain city or be willing to relocate to a particular city. In addition sponsors will provide pro bono services such as accounting, marketing, legal, etc.
There is no catch, no equity stakes to give up, nothing. The only requirement is that the startup live and work in that city with the hope that the startups create momentum, create new jobs, and inspire others in that city to start new companies as well. Arch Grants, a startup competition in St. Louis has done just this. So far their efforts have created 51 jobs! Rather than sit around and watch the same jobs get shuffled around they are actually creating NEW jobs.
Obviously it’s easier to pursuade startups to relocate to Austin, Tx more than a lot of other cities for a number of reasons, however Austin still has some work to do to ensure that we continue the momentum of creating new jobs and economic growth. According to this report Austin’s jobless rate is 1.7 points worse than pre-recession.
Austin already hosts a number of startup companies and there are a lot of programs and communities in Austin that recruit startups to relocate here and then support them when they do. Do you think creating programs like the above is necessary in Austin? Would it help to recruit more entrepreneurs, inspire others to create companies, and create more jobs?