LONE STAR STATE BLAZES A NEW TRAIL IN INNOVATION Texas is becoming the state of choice for investors in cutting-edge industries
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hen the administration of President Kennedy was searching for a base for its manned spaceflight program, it looked for a location that combined diverse industries, a qualified workforce, strong universities, a high quality of life and excellent transport links. Back then, it did not take long for the site selection team to choose Houston. Today, more than fifty years later, the state of Texas is building on these competitive advantages and becoming a world leader not only in aerospace but in a series of other industries dedicated to innovation, research and development.
“We are in the process of transforming the DNA of our economy,” Governor Greg Abbott says. “While we will always remain
What Texas does so well is education. Having such a well-educated workforce makes a huge difference to businesses.” Doug Parker, Chairman & CEO American Airlines
the number one state for energy, Texas is quickly becoming the home of innovation.” Texas is already the leading US state in terms of technology
exports and is a global powerhouse in healthcare, life sciences and biotechnology. Tech giants such as Apple, Amazon and Facebook are moving key operations to the state, while major multinational investors include the likes of Siemens, Novartis, Samsung and Toyota. For businesses whose future growth depends on innovation, it is the quality of the workforce and research facilities in Texas which are the main draw. At a time when other states have been unable to fund any expansion of university research, Texas has made it a priority to turn its universities into innovation leaders and attract the brightest scientists
and researchers in the country. The low tax, low regulation environment also helps bring businesses of all shapes and sizes to the state: Texas has no personal income tax, no corporate income tax, and has slashed its business franchise tax by 25%. “Thanks to the tax and regulatory policies, the overall environment is really conducive to investing and calling Texas home,” says Richard Templeton, the President and CEO of Dallas-based technology giant Texas Instruments. “The government here understands that growing and prospering businesses lead to growing and prospering states.”
From L to R: Governor Greg Abbott · Elizabeth Killinger, Executive Vice President, NRG Retail and Reliant · Scott Prochazka, CEO & President, CenterPoint Energy · Neal A Shear, Director, interim CEO & President, Cheniere Energy · Dr. Renu Khator, Chancellor & President, University of Houston · Robert L Duncan, Chancellor, Texas Tech University System · Maher Maso, Mayor of Frisco 2nd row: Julie Hall-Barrow, VP of Innovation and Virtual Health, Children’s HealthSM · Sean Donohue, CEO, Dallas-Fort Worth International Airport · Mario Diaz, Executive Director, Houston Airport System · Roger Guenther, Executive Director, Port of Houston Authority · Richard Templeton, President & CEO, Texas Instruments · Christopher J Durovich, CEO, Children’s HealthSM Dallas · David W. Leebron, President of Rice University · Mike Rawlings, Mayor of Dallas · David Booth, Chairman & co-CEO, Dimensional Fund Advisors · Gregory L. Fenves, President, University of Texas · Doug Parker, Chairman & CEO, American Airlines Bottom row: Iain Vasey, President & CEO, Corpus Christi Regional Economic Development Corporation · James Gandy, President, Frisco Economic Development Corporation · Rodney Madsen, CEO, GermBlast · Joel Allison, CEO, Baylor Scott & White Health · John Osborne, President & CEO, Lubbock Economic Development Alliance · Manolo Sanchez, Chairman & CEO, BBVA Compass · Hugh Forrest, Director, SXSW Interactive Festival
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