Mark Cuban

Back to The Future of a Higher-Minded Austin With a New University Devoted to That Idea

I’ll give the benefit of doubt to the new University of Austin (UATX), which can bring together a young MAGA Republican and a student activist in Black Lives Matter and help them listen to one another, politely debate, and even find a bit of common ground.

It’s a hard thing to define, this “Austin ethos”, of culture, music, livability, and a progressive outlook, all coming together for decades to make our city such a unique place. But an even harder challenge, we are discovering, is protecting and nurturing these abstract but very real civic virtues to help us chart the future amid breathtaking change – from the metamorphosing skyline to endless transportation woes to the transformation of the economy.

As a native of this city, I’m proud that we’re a microcosm in many ways of the best of future-focused America. At the same time, I have a growing concern that we also are becoming a microcosm of our nation’s new failings, in particular with the collapse of civility, the instincts of polarization, and the us-versus-them attitudes that frame so many uncompromising debates. I hardly need to mention how this collapse into grievous division is smothering us nationally, or even internationally. While writing this essay, the Wall Street Journal posted a poll finding that just 58% of Americans believe that tolerance for others is very important, down from 80% just four years ago. Sadly, the mood here is similar to this malaise at our doorstep.

Learnings from four entrepreneurs I interviewed this past semester - Michael Dell, Rod Canion, Matt Chasen, and Dan Graham

I joined the McCombs Business School at the University of Texas at Austin as Entrepreneur-in-Residence at the beginning of the 2013-2014 academic year. Yesterday marked my last day in this role. I kicked it off with a speech to the entering MBA class about the top-ten lessons I wished someone had taught me when I was beginning my MBA. I loved serving the University and it's students in this capacity. The entrepreneurial energy on campus is really fantastic and very encouraging for the future of both Austin and our nation at large. There is no doubt a huge trend towards entrepreneurship at most top-ranked universities and U.T. Austin is leading the way in one of the most entrepreneurial cities and states in our nation. Consider that Texas has created 70% of the new jobs in the U.S. since 2005, as reported by BBVA Compass, and you start to tune in a bit more into what is happening here. Compared to when I attended U.T. Austin from 1990-1994, where entrepreneurship was hard to find, every major college at U.T. now has its own entrepreneurial club and initiatives. In my Office Hours, I met with hundreds of students who have either launched their own business while at the University or they are actively planning on doing that at some early point in their career (I didn't become an entrepreneur myself until I was 24 and beginning my MBA, so I tell them I was a "late bloomer").

At age 46, he started his first company and it failed miserably… but then, on his second…!

At age 46, he started his first company and it failed miserably… but then, on his second…!

For all of us Austin fans, I'm talking about Cotter Cunningham, the founder and CEO of RetailMeNot. Last night, Cotter was one of our keynote speakers, along with Mark Cuban, at the University of Texas for Longhorn Startup Demo Day (the event was just fantastic, by the way, and Josh Baer, Ben Dyer, and Bob Metcalfe deserve a huge round of applause for it).

As of today, RetailMeNot is worth $1.33 billion as a public company (it went public in July and just filed for a follow-on offering). It is just four years old - for a value creation of $333 million per year. Who says Austin can't do B2C now? HomeAway is another one of our five tech IPOs in the last five years. It is worth $3.4 billion today as a public company (it went public in 2011). It is just nine years old. Yes, we haven't produced a Facebook or Twitter size outcome - there needs to be a higher volume of failures (entrepreneurial experiements) to do that, but don't forget we did produce a Dell, a National Instruments, and a Whole Foods.