Space technology may come to Austin

More than 30 startup companies related to space and space technology launch every year, Baffes said. With SpaceX, a rocket and spacecraft manufacturing operation, planning to relocate to Brownsville, chamber President Mike Rollins said that presents an opportunity to draw more attention to what Austin is and can do for the industry.

"I think it's going to be positive for the state of Texas because clearly there will be a lot of attention due to that launch facility," Rollins said. "We would hope to play off and leverage that if it happens."

Although Austin may not become the next Silicon Valley, it is important to continue diversifying its job market by bringing in companies such as those associated with space, Rollins said.

The space economy will soon rival the Internet economy, and Austin can be at the forefront of that with the skills its residents have when it comes to security and software technology, said Rich Phillips, an advisory group member and president of Austin-based Phillips & Co., which has a focus on space exploration.