UT Entrepreneurs
Young, fresh and innovative. These student entrepreneurs have ideas that are begging to be heard. But instead of waiting for the "real world," they've created their own.
Motivated students, plus an economy in a rut, creates an undeniable equation for success that has produced some of Austin's most cherished staples.
From wanting to make a little extra cash to pursuing a dream career, student entrepreneurs from The University of Texas have embraced the essence of "Carpe Diem." In an upside-down economy, the real economic stimulus might just be the recession itself.
Results from Challenger, Gray & Christmas' job market index revealed that 8.7 percent of job seekers gained employment by starting their own businesses in 2009 - way, way up from the record low of 2.7 percent during 2008.
And hailing from the great state of Texas doesn't hurt.
"Texas has fared this recession better than most other parts of the country," says Brad Burke, managing director of Rice University's Alliance for Technology and Entrepreneurship. "The state became much more diversified over the last decade. It's investing [billions] in growth industries."
Pick any recent economic rankings list and the major Texas cities - Houston, Dallas, Fort Worth, San Antonio and Austin - will have nabbed a spot or three. The Wall Street Journal named Austin one of its own Best Cities for Small Businesses, and along with Dallas, it's counted among the top Youth Magnet cities. In 2010, Forbes also bestowed the title of "one of the top 10 cities for business" to the city of Austin.
"The pace of technology doesn’t change, even during recessions, and if you want to be in the business, you have to continue on through the downturns.," says Andy Bryant, CFO of Intel Corp.