Yes, it is. Austin is responsible for a disproportionate amount of the state's economy, and certainly well over-represented in areas like tech and VC funding [1]. I'd argue that for tech-specific entrepreneurship Austin is basically right after Bay Area and Seattle (Boston and NY are also obviously up there but a lot of their funding/new company formation is around the huge builtin base in those cities in finance and biotech).

[1] https://news.crunchbase.com/news/austin-reaches-top-10-in-us...