Local investments support McKinney’s startup ecosystem From the cover
Zooming in
The big picture
Plug and Play’s relationship with the MEDC was paramount to opening a tech center in the city, Thompson said. Plug and Play and the MEDC share an interest in driving technology innovation and economic growth in the region, he said. “If it wasn’t for the McKinney EDC, Plug and Play would not be in McKinney,” Thompson said. The McKinney location launched in March with a focus on two programs: enterprise and AI, and FinTech, or financial technology. Plug and Play’s first accelerator program opened with participa- tion from 21 startups from around the Dallas-Fort Worth area, he said. The Innovation Fund program also focuses on technology businesses but has a longer list of business types that are eligible to participate in the program. The industries selected are competitive and offer jobs to the community, Kowski said, but they also contribute to creating an intentional startup ecosystem and supporting future growth.
Some Innovation Fund participants
The MEDC created the Innovation Fund in 2020 to spur McKinney as an innovation hub by o ering technology startups grants of $50,000 to $500,000, MEDC President and CEO Michael Kowski said. Unlike other grants o ered by the MEDC, Kowski said the primary goal of the Innovation Fund is to encourage companies to open or relocate to McKinney, which leads to job growth. MEDC Project Manager Mike Wilkes said the program has brought over 700 potential new jobs to McKinney since its inception. As of July, 43 companies have participated in the program, with 11 having completed the three-year program, during which they are required to stay in McKinney. Of those 11, eight are still located in McKinney. The MEDC has seen growth in applications but has admitted fewer companies this year in an e ort to prioritize supporting the launch of Plug and Play, Wilkes said.
One Stop Wellness MedTech company offering an app- based personalized wellness service for employers Contraforce Cybersecurity management software company serving small and midsize businesses Review Wave Software company with over 100 employees serving the health care industry Autix Technology startup offering an online platform for automotive enthusiasts, vendors and dealers Rikodi SportsTech company offering an online platform for sports teams and athletes looking to create content for fans
SOURCE: MCKINNEY ECONOMIC DEVELOPMENT CORPORATION/COMMUNITY IMPACT
Number of companies awarded by the Innovation Fund
In their own words
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“The McKinney EDC’s commitment to fostering innovation and their willingness to move quickly made McKinney a compelling
“Our startup ecosystem is at this great stage of evolution. We’re kind of out of the infancy stage and getting into the preteen years.” MICHAEL KOWSKI, MCKINNEY ECONOMIC DEVELOPMENT CORPORATION PRESIDENT AND CEO
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choice for a new o ce.” RICK THOMPSON, MCKINNEY PLUG AND PLAY DIRECTOR
$1.95M in funding has been distributed to more than 40 companies to date.
SOURCE: MCKINNEY ECONOMIC DEVELOPMENT CORPORATION COMMUNITY IMPACT
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