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Texas ranks as top state for female entrepreneurs

The Lone Star State provides ample opportunities as well as a booming business economy for female entrepreneurs, a new report found. Pexels

Texas is known for being a land of opportunity, but a recent study evaluated how those business opportunities translated to benefitting female entrepreneurs. Turns out, starting a business as a woman in the Lone Star State is a pretty good idea.

Fit Small Business ranked all 50 states based on the business opportunities for women. In the January 8 report, Texas came in No. 1 — up from No. 8 last year. Ohio, Minnesota, Washington, and Alabama rounded out the top five, respectively.

Each state was evaluated by four equally weighted factors: its general business climate and opportunity, the number of female-owned businesses, economic and financial health, and safety and well-being for women.

Texas ranked strongest in its economic and financial health, for which it ranked No. 3 overall, followed by the number of female-owned businesses, for which it ranked No. 5. Texas' general business climate was ranked No. 8 in the study. Where the state stands to improve is in its safety and well-being for women. Texas ranked No. 41 in this category, which factored in cost of living, social support for women, and whether or not the state had a positive environment for women.

"Texas is hands-down one of the nation's top states due to its business-friendly legal and economic climate," the report says. "Put aside having no corporate or income taxes and a high rate of startup growth; startups are flocking to Texas high startup success rate."

American Express' 2018 State of Women-Owned Businesses Report found that women-owned businesses are growing at an impressive rate. The study found that over the past 11 years, the amount of women-owned businesses grew 58 percent — compared to the 12 percent all businesses reportedly increased.

In this study, Texas tied with Utah for second place among the states "where women-owned businesses most increased their economic clout between 2007 and 2018." When the data was broken down into metropolitan areas, Texas had three cities in the top 10: San Antonio at No. 2, Austin at No. 3, and Dallas No. 9.

Graphic courtesy of Fit Small Business

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Building Houston

 
 

Seven startups walked away with cash prizes from this year's MassChallenge accelerator program in Houston. Photo via Getty Images

MassChallenge named its winners of its 2020 accelerator at a virtual event on October 22. The program awarded a total of $200,000 in equity-free prizes across seven startups from its second Houston cohort.

This year's program took place completely virtually due to the pandemic. Already, the 56 startups involved in the cohort have raised $44.4 million funding, generated $24 million in revenue, and created 297 jobs, says Jon Nordby, managing director of MassChallenge Texas in Houston, in a news release.

"This has been a year full of change, to say the least," he says. "But startups thrive in uncertain times — because they can move fast and remain agile, they are able quickly meet each new need that arises. I'm extremely proud of the startups in our 2020 cohort — during the course of the program, they've pivoted, adjusted, and evolved in order to grow their businesses."

The startups that won across the Houston cohort included Houston-based PATH EX Inc., which won the $100,000 Diamond Award, is focused on the rapid diagnosis and treatment of sepsis through an unique pathogen extraction platform.

Four companies won $25,000 Gold Awards:

  • Healium, based in Columbia, Missouri, is an extended reality device created for self-management of anxiety.
  • Ozark Integrated Circuits Inc., based in Fayetteville, Arkansas, specializes in problem solving using technology and software in the harshest environments – from jet engines to earth orbit.
  • PREEMIEr Diagnostics, based in Southfield, Michigan, created a way to identify which premature infants need an adjustment to their glucose levels to prevent them from losing vision.
  • Scout Inc., based in Alexandria, Virginia, is developing the first commercial in-space satellite inspection service.

Two companies won the Sidecar Awards, securing each a $25,000 Innospark Artificial Intelligence Prize.

  • Articulate Labs, based in Dallas, makes mobile, adaptive devices to help knee osteoarthritis and knee replacement patients rehabilitate on the go during everyday activity.
  • Houston-based Starling Medical has tapped into tech to optimize urinary catheter for patients with neurogenic bladder dysfunction.
The Houston Angel Network awarded Ozark Integrated Circuits their prize of $50,000.
"The progress these entrepreneurs made in just a few months has all of the hope, drama, anticipation, and optimism of seeing dawn break after a particularly difficult night," says Wogbe Ofori, Principal at 360Approach and a MassChallenge mentor, in the release. "It's fulfilling, actually, and makes me proud to be a MassChallenge mentor."
The seven startups were awarded alongside 27 other startups from this year's Austin, Boston, and Rhode Island accelerators at the virtual event. The event was hosted by Chris Denson of Innovation Crush, and featured a fireside chat between Arianna Huffington, founder and CEO of Thrive Global, and Linda Pizzuti Henry, managing director at the Boston Globe.
Earlier this fall, MassChallenge named its 10 startup finalists, whittled down from 56 from 13 countries and 13 states to its first-ever virtual accelerator, which began in June.

"In the face of great uncertainty, MassChallenge Texas in Houston charged forward and did exactly what they ask their startups to do: love the problem," says Houston Mayor Sylvester Turner in the release. "The successful pivot to virtual is a testament to the strength of their global community and the motivation of the Houston ecosystem to get behind new ideas and create businesses that will set roots and grow here.

"As one of the most innovative cities, Houston is a place where startups can thrive – even in the midst of a pandemic. Programs like MassChallenge provide the best practices and networks to ensure startups get the access they need to create sustainable businesses and lasting change."

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