Plug and Play Launches New Location in McKinney, Texas
MCKINNEY, TEXAS, December 7, 2023 – Plug and Play, the global innovation platform, has entered into a strategic partnership with the McKinney Economic Development Corporation (McKinney EDC) to establish a new office in McKinney, Texas. This collaboration will bring Plug and Play’s ecosystem to McKinney, bolstering the city’s commitment to become a vibrant hub for entrepreneurs. The inaugural program at this location will be focused on Enterprise & AI.
“As Plug and Play expands its presence in the United States, we are excited to join forces with the McKinney Economic Development Corporation to launch a new office in McKinney, Texas. This strategic partnership reinforces our commitment to driving innovation and nurturing startups in local communities,” says Saeed Amidi, Founder and CEO of Plug and Play. “Together, we look forward to fostering a culture of continuous exploration and growth in North Texas.”
McKinney’s partnership with Plug and Play is set to invigorate the local innovation landscape by connecting startups, partners, clients, and investors. This announcement is evidence of Plug and Play’s resounding commitment to boosting the startup ecosystem in Texas and paves the way for regional collaborations with other cities in their portfolio to further our shared missions. Startup applications for all programs will open in early 2024.
“We are incredibly passionate about and intentional with innovation here in McKinney. This partnership represents a deepened commitment to partner with like-minded organizations that will further strengthen that culture of innovation and technology in our own hometown,” says Michael Kowski, President and CEO of the McKinney Economic Development Corporation. “We are thrilled to welcome Plug and Play to McKinney as we look to the future of technology in McKinney and this region as a whole.”
“We are thrilled to welcome Plug and Play to our community. Their innovative spirit and dedication to supporting entrepreneurship and AI will undoubtedly bring great things to our city. We look forward to seeing their impact on McKinney and the North Texas region,” said Mayor George Fuller. “MEDC’s Innovation Fund has been instrumental in providing critical resources and support to early-stage companies and helping to fuel our local economy. We are excited to see the impact this fund will continue to have in the coming years as our city remains committed to supporting innovation and entrepreneurship in McKinney.”
With a global presence in over 50 locations, Plug and Play positions its partners at the forefront of industry trends and supports them throughout their innovation journey. Plug and Play’s current network is comprised of over 550 corporate, government, venture capital, and university partners who seek collaboration with or investment in early-stage startups. Over the past 17 years, Plug and Play has invested in over 1,600 companies.
“Partnering with the McKinney Economic Development Corporation marks a significant milestone in our mission to amplify innovation in new regions,” comments Michael Olmstead, Chief Revenue Officer of Plug and Play. “Through this collaboration, we aim to create a dynamic entrepreneurial landscape and spearhead advancements in Enterprise & AI in McKinney, Texas.”
To learn more about engaging with Plug and Play McKinney, please visit pnptc.com/join.
About Plug and Play
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we’re present in 50+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we’ve invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit https://www.plugandplaytechcenter.com/.
Plug and Play Media Contact
Allison Romero | Marketing Director
allison@pnptc.com
About McKinney Economic Development Corporation
The McKinney Economic Development Corporation (MEDC) leads, directs, and coordinates the broad-based expansion of the city’s business tax base and promotes sustainable job growth, thereby continuously enhancing the quality of life for the citizens of the McKinney area. For more information, visit uniquemckinney.com.
MEDC Press Contact
Luke Gajary | Marketing & Social Media Manager
lgajary@mckinneyedc.com
972-547-7691
Plug and Play is Hiring In McKinney!
Take a look at available open positions in the new upcoming McKinney office below.
What Some Ecosystem Partners are Saying
Startups are the energy source for economies everywhere, I believe Texas and specifically McKinney has the raw talent and opportunity to build magic. I'm excited to continue to invest here.
The strategic partnership between the McKinney Economic Development Corporation and Plug and Play marks a new era of innovation in McKinney and further propels the DFW startup and venture capital ecosystem —a testament to the power of collaboration in shaping vibrant economic landscapes
You've been a huge part of our growth behind the scenes. To date, we're over 200 employees, seven that are full time, and we're just continuing to grow. It would not be possible without the support from Michael Talley and the MEDC team, so we're extremely excited to be a part of this innovation fund and the City of McKinney. McKinney will forever be our headquarters!
FAQ's
The innovation fund was created over three years ago to develop a resilient startup community in McKinney through non-dilutive funding. Our grants – ranging from $50,000 to $500,000 – help startups launch their ideas, and the MEDC provides continuous, tailored support to each startup to help them flourish. We have identified in Plug and Play a premier partner that will help us strengthen our thriving startup ecosystem and assist us in reaching the next level. Today, we host 43 portfolio companies in the Innovation Fund and our aim is to grow this number and create an environment where startups have a higher likelihood of successful exit. Plug and Play, through their global reach, is able to find unique and high-potential startups from around the world and link them with the McKinney Innovation Fund, as well as facilitate connections between investors, businesses, and universities in the DFW region. Their proven accelerator model will provide world-class services, fine-tuned to our needs. The Innovation Fund has exploded in growth recently, making five new investments in technology startups since August of this year. We are excited to achieve more growth in this market through our strategic partnership with Plug and Play.
To date:
- 200 Applications
- 662+ Projected new jobs
- $83,850 projected average salary of ownership value
- 44 closed projects
- 20% funded – more than 20% of qualified applicants have received the Growth fund grant
- Industry Breakdown
- SAAS – 48%
- PAAS – 33%
- Cybersecurity – 11%
- AI – 4%
- Robotics – 4%
Plug and Play has tremendous experience and success in building an ecosystem. What is an ecosystem? It’s a collaborative environment that supports startups through funding, technology development, employees, and conquering regulatory hurdles. A good ecosystem, supporting each startup, can be the difference between that startup succeeding in their venture and not. We have begun to create an ecosystem in McKinney for early-stage technology startups, Plug and Play will leverage the existing work, add in some of their magic, and raise the chance of any startup in Collin County succeeding.
