Early in my career, I worked as a financial advisor in an Oklahoma City-based financial planning practice. It was a great experience. Each day, I helped individuals and small business owners – many of whom were women – manage their finances. It was energizing working with these women and watching as they became more empowered and confident, and took charge of their financial destiny.
With that experience fueling my own journey, I moved to Dallas 10 years ago to work for Capital One. One of the things that attracted me to the company is its culture of innovation and openness to new ideas. Just look at our Garage in Dallas – one of Capital One’s innovation centers, where product managers, software engineers, designers and other experts work together in a collaborative environment to drive new innovation full circle, from rapid prototyping to in-market launch.
The proof of North Texas’ entrepreneurial growth is in the numbers:
This past March, the Center for an Urban Future, with support from the Capital One® Future EdgeSM initiative, released a comprehensive new study exploring the landscape of women entrepreneurs in the U.S.
The study found that of the 25 most populous U.S. cities, Dallas ranks:
- First in average sales per women-owned business ($198,599).
- Fifth in the growth of women-owned firms (58%).
- Fifth in the total number of women-owned businesses (52,789).
Why has the area emerged as a hub of technology and innovation? Here’s a look at six key factors that have helped not just Dallas, but North Texas, establish itself as a small-business friendly environment, particularly for women entrepreneurs.
- Culturally supportive environment
With 15 accelerators, 17 incubators, 10 innovation centers and 22 co-working sites, Dallas truly embraces local entrepreneurs. This didn’t happen overnight; there are several key people in Dallas who have, over time, created a community feel. Dallas has established a robust support system and a welcoming culture, especially for women. In fact, the city has a history of strong women business leaders, a notable example being Ebby Halliday, who founded Ebby Halliday Realtors, and was one of the first successful female entrepreneurs in Dallas.
- Low cost of living
The mix of good wages and affordable living has played a great hand in fostering Dallas’s reputation as a hub for small business – specifically, women-owned business. Not only do local Dallas employers pay well above the U.S. average to attract good talent, but the cost of living in North Texas remains a steal when compared to major metropolitan areas on the East and West coasts.
- Highly skilled workforce
As a hub for big and small businesses alike, there is a highly talented workforce based in Dallas. The skilled workforce is increasingly composed of tech talent, and includes women at all levels. The breadth and depth of talent is a major asset to the city, and is only continuing to grow.
- Strong customer base
There’s a now-familiar saying: “If you can’t find a customer in Dallas, you aren’t selling.” With the second-largest population boom nationwide, Dallas-Fort Worth has a potential customer base totaling upwards of 7.1 million.
- Institutions in place to support entrepreneurship
Dallas is continually developing and refining programs and initiatives to strengthen the business environment.
For example, The Dallas Entrepreneur Center is a coworking space and 501c3 non-profit created to help entrepreneurs start, build, and grow companies through education, mentorship and community. Capital One is honored to be the presenting sponsor of the DEC’s WEDallas program, focused on helping women entrepreneurs become successful by providing access to speakers, mentors, pitch competitions, showcases and networking events.
Our support of The Dallas Entrepreneur Center is part of the Capital One® Future EdgeSM initiative — a five-year $150 million commitment to help more American workers and entrepreneurs get the tools, skills, and resources they need to succeed in the 21st century.
- Pro-business environment
With welcoming policies and a thriving economy, DFW has created a business climate that is welcoming to the business community. DFW has made it a priority to foster innovation and opportunity, and help ensure that the local workforce has the educational resources and skills necessary to meet the needs of the dynamic and growing economy. A pro-business regulatory environment, an educated workforce and reasonable business costs make easier for the more than 58,000 small businesses based in the DFW to grow and succeed.
Research shows that women of all ages, races and ethnicities are creating jobs, bolstering economies, strengthening families and communities, and providing creative solutions to 21st century problems – and women in Dallas are leading the way. But there is still tremendous potential to increase the number of women entrepreneurs in Dallas and throughout the nation. Through Future Edge, we’re committed to making the vision of a thriving 21st century a reality for our communities. We truly believe that by providing tools, resources and support to help more women-owned businesses reach their full potential they will help fuel continued growth and success – here in Texas and beyond.
To learn more about Capital One’s Future Edge initiative, visit: https://www.capitaloneinvestingforgood.com and be sure to join the conversation on Twitter at @YourFutureEdge with #StartedbyHer.
