A Startup Center for Austin: Capital Factory
Rumors of something brewing for a Startup “hub” in Austin have been percolating for a couple of years. Not everyone was a fan (for example, there are already a handful of successful, but smaller, co-working spaces and networking groups). Visions of our very own General Assembly or Dogpatch Labs or <insert favorite example here> were dancing in front of Austinites’ eyes.
Recently real news came out of it – that the Austin Chamber of Commerce and Joshua Baer are partnering up to create a tech startup center and have adopted the name “Capital Factory”:
Baer founded Capital Factory in 2009 as a fast-paced startup accelerator program designed to get young companies up and running and learning about attracting investors.
The new Capital Factory will be a larger enterprise that offers working space for startups, mentorship programs and educational programs. It also is expected to become a networking site for Austin tech entrepreneurs.
They have a great location in the heart of downtown, which should help with the interconnectedness that the Chamber was looking for. But if this space is immediately filled to capacity as the article claims, it wouldn’t surprise me to see another partnership or location set up in the future.
This has got to be a good thing for Austin startups. AustinStartup includes pictures and commentary on the opening as well:
You know that you’re making waves when a launch event turns up Austin legends like Pike Powers, Carol Thompson, and Lee Leffingwell in the same room as 20-something t-shirt wearing entrepreneurs. Today, Austin is the beneficiary of a new, large, and vibrant startup and co-working space in the heart of the Central Business District. Just a stone’s throw from 6th Street and the Convention Center, I can only imagine the 24-hour frenzy that will happen during SXSW.
Austin already hosts at least eight co-working spaces and business incubators, which are mostly of modest sizes. Such offices enable multiple businesses to share space and services at a one location to reduce operating costs. They are particularly popular with startup companies on tight budgets.
Congratulations to Josh Baer, Capital Factory, and the Chamber!
Very good for us all that Josh Baer chose Austin.