We live in an amazing city that has earned countless accolades for just about everything and now female entrepreneurs can celebrate one of Austin’s latest rankings. Recently, Austin ranked among the top 10 U.S. cities for the fastest-growing women-owned businesses. We took a closer look at how Austin made the short list of cities with fast-growing companies lead by powerhouse female entrepreneurs.
In an article about the ranking on Inc.5000, author Sophie Downes mentioned that the number of women-owned business that made the most recent Inc.5000 ranking has dwindled over the years due to increased competition to qualify. As a result, the female entrepreneurs whose businesses made the cut have a lot to celebrate.
“The median three-year revenue growth among this year’s list hit 172 percent, up from 142 percent in 2017. In other words, it has become harder to make the list. That makes the female founders on this year’s Inc. 5000 all the more impressive,” explained Downes.
Top Texas City for Female Entrepreneurs
Overall, there are fourteen Inc.5000 companies in Austin that are run by women. The Texas Capital beat out popular west-coast cities like San Francisco and San Diego. Austin even bested another top competitor in Texas. Dallas took the number 7 spot on the ranking, with 10 women-owned businesses on the list.
Downes referred to the warm welcome that Austin tends to give to non-conformists and businesses alike as some of the factors behind what makes it such a great environment for women entrepreneurs. In addition, Austin has a strong culture of collaboration that seems to be somewhat rare in a startup environment.
Tim Ferriss, a prolific Silicon Valley author and investor, referred to the modern San Francisco startup scene as having taken on a “stifling smugness” that isn’t conducive to new and fresh perspectives on how to do things. As result, the innovation that Silicon Valley has made itself known for is migrating toward newer startup environments like Austin. With some of the nation’s best-ranked colleges and universities and a growing list of world-class tech companies, Austin is poised to continue to be an ideal environment for women-owned businesses.