McKinney EDC’s Project Manager Mike Wilkes (Left) and President/CEO Michael Kowski [Photos: McKinney EDC]
The McKinney Economic Development Corp. is updating its Innovation Fund grant program, with qualifying early-stage startups now able to earn up to $200,000 of non-diluted capital. That’s up from the previous grant maximum of $50,000.
Companies that agree to locate their primary HQ in McKinney for three years will earn their full grant award—and established or relocating later-stage startups may qualify for up to $500,000 in support, MEDC said.
“By increasing the Innovation Fund grant limit, we’re expanding our reach of deals, further aligning with our strategic partners, and filling a large market need for early-stage funding,” MEDC Project Manager Mike Wilkes said in a statement. “In just this past year we’ve made huge strides in establishing McKinney as the best place to build a business, especially a startup.”
Wilkes took to LinkedIn to say more. “This increase is one of many steps we’re taking to establish McKinney as the AI Hub of Texas,” he wrote.
45 startups supported since 2020 as a ‘key to McKinney’s growth strategy’
Since 2020 the MEDC said it has successfully supported 45 startups, creating an estimated 931 local jobs with an average salary of over $80,000.
MEDC said that the Innovation Fund’s expansion will help with McKinney’s broader vision of becoming a central hub for tech and AI innovation in North America and secure its spot as one of the top places in the world for startups seeking growth opportunities, investor interest, and community support.
McKinney expects to attract companies at a critical growth phase, accelerating their trajectory while fueling the local economy via the increased grant funding.
“Investing in innovation is key to McKinney’s growth strategy,” MEDC President Michael Kowski said in a statement. “With our expanded resources and strategic partnerships, we’re fostering a startup-friendly environment that appeals to serial entrepreneurs and drives economic impact faster and more efficiently.”
The MEDC launched earlier this year a partnership with Plug and Play, a global innovation platform that opened a local office in McKinney to support its startup ecosystem, including leveraging corporate connections and special events to accelerate deal flows and ultimately create an AI Center of Excellence.
MEDC said this collaboration is set to invigorate the local innovation landscape by connecting startups, partners, clients, and investors.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
The North Texas Innovation Alliance has begun offering quarterly “hands-on innovation experiences” at “the brightest and most innovative projects across North Texas” for NTXIA members. The Immersive Innovation field trips kicked off with a tour of the NSF’s newly opened eCAT Center at UNT. Here’s where the NTXIA is going next.
-
We’re searching for the entrepreneurs, executives, and trailblazers driving meaningful change in North Texas. Submit your nominations for D CEO and Dallas Innovates’ The Innovation Awards 2025 by Tuesday, September 24. Now in its sixth year, the awards recognize companies and individuals leading innovation across sectors like AI, cybersecurity, healthcare, consumer goods, real estate, and more.
-
A free, five-day celebration of entrepreneurship and innovation, Dallas Startup Week 2024 will be held August 11-15 in Frisco. Some 100 sessions and activations will be built around four compelling summits. The keynote speakers: a Grammy-winning musician and noted tech investor; an AI thought leader and best-selling author; “Shark Tank”-starring husband-and-wife “wine cocktail” brand co-founders; and a founding member of the legendary rap group NWA.
-
The newly established Texas Capital Foundation is following the first round of grant awards by opening again for new submissions this November.
-
Formally known as the Entrepreneur of Color Credit Enhancement Fund, the program will provide loan guarantees and loan-readiness assistance to growth-oriented businesses.
READ SOURCE
