WHAT IS THE INNOVATION FUND?
McKinney Economic Development Corporation’s Innovation Fund was created with startups like yours in mind. The mission is to spur and accelerate the growth of innovation-focused companies at various levels of revenue and funding stages during the startup lifecycle. It’s designed to grow with the company as it scales, supplementing growth during the timeliest need in the startup lifecycle.
NEW JOB INCENTIVE
WHAT CAN THE INNOVATION FUND BE USED FOR?
- A target-sector startup with a demonstrated business plan and initial seed funding greater than $50K
- Minimum Annual Revenue: None (Raised over $50K in Seed funding)
- Minimum Employees: 2
- The company must relocate and retain its HQ or primary business operation in McKinney for a minimum of 3 years
- A target-sector company whose HQ or primary business operations have been in McKinney for a minimum of 12 months
- Minimum Annual Revenue: $500K (Or raised over $1M)
- Minimum # of Employees: 10
- Scaling Employee Growth Greater than 10
- The company must retain its HQ or primary business operations in McKinney for a minimum of 3 years
A target-sector company with no operations in McKinney that would consider locating it’s HQ or primary business operations to McKinney
Minimum Annual Revenue: $500K (Or raised over $1M)
Minimum Employees: 15
Maximum Employees: 50
The company must retain its HQ or primary operations in McKinney for a minimum of 3 years
The MEDC will identify and vet prospective applications, as well as determine an appropriate grant amount. Grant amounts will depend on the project’s positive impact on the tech ecosystem, available funds and is subject to MEDC board approval.