Texas has been praised for its ability to withstand the brunt of the recession. However, despite being home to three cities in Forbes magazine’s “Top 10 American Cities Best Situated For Recovery,” the state still needs greater venture capital dollars, according to the Dallas Morning News.
A survey conducted by Monitor, a Cambridge, Massachusetts-based consulting firm, revealed that Texas lags in access to financing, incentives and education. Yet, the results have not diminished small business optimism in the state. The data indicates that 87 percent of the 841 respondents believe its common for those with failed small businesses to try again.
“Obviously, the world has changed,” Monitor partner Pedro Arboleda told the Morning News. “What’s interesting is the attitudes toward individuality, risk-taking and the ability to bounce back from failure. They’re the optimists among us.”
Additional data revealed further mixed messages regarding small business vitality in the state. According to the Ewing Marion Kauffman foundation, Texas ranks 16th in the country in innovation and competitiveness.
Meanwhile, the Beacon Hill Institute in Massachusetts ranks Texas 25th nationally in state competitiveness due to low results in high school graduates, science and engineering degrees, crime and degree-granting schools.
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