Where a business partner is geographically located is a critical factor to consider. Their location and business environment can either be a major shortcoming, or a hugely beneficial and value-adding contributor to success. That’s true whether it’s an out-of-state or even international partnership or one involving a business just down the street.
The Texas Advantage
The Lone Star State, for example, offers distinct and powerful benefits and competitive advantages not found elsewhere. Those include access to leading centers of high-tech innovation, skilled and educated workers, generous capital resources, and synergistic B2B networks. Partnering with a business located in such a dynamic business environment can help ensure relationship success, stability, growth, and reliability for the sustainable future.
Any business that partners with a Texas-based company automatically gains vicarious access to a tech-rich region comparable to Silicon Valley. Companies with substantial operations in Texas include IBM, Google, Samsung, Facebook, and Dell. Apple recently invested a billion dollars in Austin, which is home to no less than 2,000 tech companies and startups. The United States Army picked Austin as the site of its new high-tech futures command center, and Startup Genome ranked Houston among the world’s top 30 largest technology ecosystems.
A Talented Workforce
One reason that Silicon Valley companies are migrating to Texas is to reap the perks of a highly educated workforce. Texas consistently earns Top-5 status in CNBC’s Top States for Business ranking, and tech workers account for a substantial portion of the Texas labor pool. Texas is number one in the country for jobs created for military veterans, and has been named the #1 state for business for 14 consecutive years by Chief Executive Magazine.
Businesses headquartered in Texas are in the midst of one of the most thriving B2B communities and innovation incubators in the world. About 50 Fortune 500s are based in Texas, including industry giants such as AT&T, Exxon Mobil, American Airlines, GM Financial, Frito-Lay, FedEx Office, Texas Instruments, Whole Foods, Kimberly Clark, and McDermott International. NASA is there and IBM has had a strong Texas presence since 1937. Dell has been there since 1984, and Samsung opened a manufacturing center in Texas in 1996. Google arrived more than a decade ago, and Oracle now has approximately 5,000 people at its newly developed Austin campus.
A Centralized, Affordable Location
Forbes Magazine named Texas the leading state for business growth prospects, thanks to its vibrant economy and business-friendly legal and tax structure. There is no personal or corporate state income tax in Texas, and in Austin alone, venture capital investments topped $1 billion in 2018. IBM’s Global Location Report also ranks Texas number one in job creation through capital investment. The cost of living and doing business is low, which helps business partners offer competitive pricing, and the state’s centralized location is home to one of the busiest ports in the United States. That makes it a convenient, affordable, and reliable domestic and international supply chain asset.
The Bottom Line
It is often said that a business is only as strong as its partners and vendors, and selecting a partner is a strategic decision with far-reaching implications. Any company seeking a rewarding, dependable, sustainable B2B relationship with a forward-thinking, collaborative success partner need look no further than the Lone Star State.