Assess the opportunity of launching a startup-focused accounting business in Texas (similar to Standard Ledger in Australia).
Identify the underlying opportunity (size / growth) of the startup ecosystem in Texas, relative to other opportunity areas in the US.
Evaluate if it's better to open in Dallas or Austin based on the startup ecosystem size and attractiveness of opportunity.
Find out if there are any existing startup-focused accounting firms operating in Texas.
Prioritize US-based data sources (national reports) and local data for Texas that isn't pre-biased towards Texas.
The initial round of research indicates that data availability is adequate on the size and attractiveness of the startup ecosystem in Taxes as well as Dallas and Austin.
Data availability is adequate on existing accounting firms in Texas that provide services to startups, in addition to other sectors (e.g., small businesses or healthcare professionals). Data on strictly startup-focused accounting firms in Texas appears to be limited.
Startup Ecosystem in Texas
According to the most recent data by Ewing Marion Kauffman Foundation, the rate of new entrepreneurs (percentage of population that starts a new business every month) in the US in 2020 was 0.38% in both the US and Texas in 2020. This means that "an average of 380 out of every 100,000 adults became new entrepreneurs in a given month" in 2020.
Overall, Texas performs better on the startup and entrepreneurship landscape compared to the national average.
On average, startups in Texas created 5.60 jobs in their first year, compared to the national average of 5.03 jobs.
The rate of new employer businesses as a share of all employer firms in Texas is 8.29%, compared to the national rate of 7.01%.
Startup Early Survival Rate (% of startups that are still active after one year) is 79.63% in Texas and 78.09% nationally.
In addition, the city is fourth in early-stage funding.
During the initial round of research, we were able to identify several statistics and metrics that compare the startup ecosystem in Texas and in the US overall.
We have also provided some statistics on the startup ecosystem in Austin.
Based on adequate data availability, we anticipate being fully able to answer the research question and provide a more detailed comparison of the size (in terms of new startups, funding deals, etc.) and attractiveness of the startup space in Texas vs. the US and Austin vs. Dallas.
Since data on strictly startup-focused accounting firms in Texas appears to be limited, we suggest identifying accounting firms in Texas that provide services to startups, in addition to other end-users (e.g., small businesses or healthcare professionals).
Only the project owner can select the next research path.