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McKinney Innovation Fund Hires Hundreds of New Jobs, 11 Technology Headquarters in 8 Months

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Although most relocation decisions have been delayed due to the pandemic, the McKinney Economic Development Corporations Innovation Fund is landing start-ups at warp speed.

Over the past eight months, an innovation fundan incentive-based fund for tech startups in a particular industry has created 11 new technology headquarters and startup relocations and expansions for a total of 230 new jobs, with an average salary of 86,000. It was a dollar. Danny Chavez, senior vice president of McKinney EDC, said in a healthy, pre-pandemic business environment, economic developers carry out one large corporate or industrial relocation project on average every three years. ..

According to Chavez, the program’s specific and targeted eligibility requirements make it easy to complete transactions quickly and meet the speed required by startups. We’ve built an ecosystem to create space for startups to access financing, allowing them to scale at the earliest times a company needs during the startup’s life cycle.

Since its launch in January, the Innovation Fund has received 40 applications from across the United States, specifically from New York and California, and from the entire Dallas region. Recent Technology Headquarters announcements include CourMed Headquarters, a software as a service (SaaS) company at Healthtech. EnginSoft USA Headquarters, Computer Aided Engineering (CAE) company. Invene Headquarters, a Platform as a Service (PaaS) company for Healthtech.

The Fund and its accompanying Innovation Corridor focus on State Route 121 and Downtown McKinney and are the future growth corridor for McKinney’s economic development.

The future of the economic development industry needs to be more streamlined and tackled in a shorter period of time [deal] Timeline, Chavez said. We can move the average economic development contract to a 4-8 week decision on a 6 month to 1 year timeline. And that’s where the industry needs to move.

Chavez and his team, who are not actually marketing, have invested in the fund’s online platform to achieve certain high growth in the health tech, fintech, cyber security, artificial intelligence, SaaS, gaming, electronic and digital art industries. Hosted a simple online application focused on attracting startups. ..

The fund can predict and analyze the impact of McKinney EDCs on attracting and creating the next generation of jobs and characterize the fund’s performance when the targeted metrics are met. The program aggregates real-time data on real estate demand. Chavez and his team provide direct real estate demand from organic companies to help inform investment decisions regarding office types, average usage scale, and product types that are critical to maximizing investment. Provided to developers and landowners.

Chavez said the success of the innovation fund has enabled us to build a vibrant technology innovation cluster along the innovation corridor. There are many companies in Frisco and Plano, complemented by tech companies. We stopped trying to compete side by side with our sister cities, but rather supported them and found a niche.

Build the future of technology

Cities can be difficult to stand out in the Dallas region, the country’s fourth-largest metropolitan area, with about 200 cities and towns in northern Texas.

But Chavez and his team will focus on making the Dallas region the next most concentrated tech hub in Texas, opening up market space to build a vibrant cluster of innovative tech industries. We use the belief that we are.

According to Chavez, the broader strategy is to build and stand out infrastructure in major metropolitan areas. We are not only relocating the company to the city, but also focusing on the human aspects that are important to development.

Chavez announced that if all 40 innovation fund applications were approved, it would create more than 600 software and technology jobs and McKinney’s office space would attract more than 122,000 square feet of real estate demand.

According to Chavez, the link between employment statistics and average salary shows that given the short lifespan of the fund, there is great potential for strengthening the technology ecosystem.

Today, EDC receives about five applications each month, averaging new technology company announcements every few weeks.

I think DFW is Texas’s next technology hub. With this in mind, Chavez said he has focused on driving innovation in economic development and developing the ability to collaborate with startups.

Find out more about the McKinney Economic Development Innovation Fund.

In numbers: McKinney Innovation Fund

11 Tech Startup Relocation and Expansion 230 Total New and Existing Jobs Created 461 New Jobs Created 638 Eligible New and Existing Jobs Total 86,000 Years Average Salary

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