In 2013, the Texas Legislature gave the state commissioner of education the broad statutory authority necessary to close poor performing public charter schools. Since then, the commissioner has vigorously exercised this new authority, preparing the way for the state to shift its resources away from enforcement and toward creation and support of new schools. To its credit, Texas is today unlikely to approve a charter organization that cannot competently educate students and uphold the requirement of prudent financial stewardship. However, the state's authorizing system represents an over-correction, putting too high a premium on risk aversion. The concept of public charter schools as innovative laboratories created to inform and inspire public educators has lost momentum in the process. It has never been more difficult to be granted a public charter in Texas than it is today. Consequently, Texas has not attracted the number of entrepreneurial education organizations warranted by the scale of its needs. This paper offers a brief history of how Texas got to this point, explores the opportunity costs of inertia and risk aversion, and offers a roadmap of policy recommendations for consideration for states across the nation that are motivated to use charter authorizing as a high-impact tool for improved achievement and innovation.