A California-based company is opening an office in Frisco that it said will help build the “world’s most impactful Sportstech program.”
Silicon Valley-based Plug and Play announced Tuesday that it will open the Frisco office to bring a series of startup business accelerator programs specific to Frisco’s innovation ecosystem.
“We’re so proud to launch Plug and Play Frisco in an effort to build the world’s most impactful Sportstech program. By identifying, investing, and accelerating the most promising startups, we will build a robust ecosystem of local and global stakeholders to engage with us and the rest of the community,” Plug and Play founder and CEO Saeed Amidi said in a statement.
A strategic partnership with the Frisco Economic Development Corp.
Plug and Play said the expansion comes as a strategic partnership with the Frisco Economic Development Corp. In October, the Frisco EDC’s board of directors approved a performance-based incentive agreement with Plug and Play.
In the first year, Plug and Play Frisco will run a Sportstech accelerator program focused on human potential and performance, the company said. In coming years, Plug and Play Frisco plans to add additional cohorts that reflect the North Texas innovation ecosystem focused on areas such as health, fintech, cybersecurity, and smart city technologies.
“As Sports City USA, Frisco is an epicenter for innovation focused on maximizing human potential and performance,” Frisco EDC President Jason Ford said in a statement. “This collaboration with Plug and Play will attract more investors to Frisco and strengthen our partnerships across many business technology verticals that help support local employers and corporates that continue to innovate in our own backyard.”
Aiming to become ‘the Venture Capital Capitol’
Frisco has been one of the nation’s fastest-growing cities for the past decade and is home to more than 500 tech firms, including 350 startups. Since 2020, there has been a growing demand for an innovation center in Frisco to provide services to scale startups, Plug and Play said.
“Frisco has big ambitions when it comes to fostering innovation as our goal is to be the Venture Capital Capitol of the Central U.S. by 2040,” Frisco Mayor Jeff Cheney said in a statement. “This partnership with Plug and Play directly supports that effort. The services and corporate connections Plug and Play brings to Frisco also helps bridge a gap in support for entrepreneurs in the local startup community by providing access and education to early-stage companies looking for funding and corporate involvement.”
Frisco said its partnership with Plug and Play directly aligns with the Frisco City Council’s goals.
Frisco EDC has been instrumental in developing and implementing a strategy to attract venture capital and support innovation, including partnering with Plug and Play to bring their programming and platform for startups, investors, and corporate innovation to Frisco.
The company said the partnership will provide resources and support to help scale businesses in Frisco’s innovation ecosystem, bridging the gap between startups and potential partners, corporates, and investors.
Frisco location is Plug and Play’s second in Texas
In August, Plug and Play announced its expansion to Cedar Park, Texas, making Frisco the company’s second location in Texas and the first in North Texas.
“We’re excited at the opportunity to see our model flourish in Frisco,” said Michael Olmstead, chief revenue officer at Plug and Play. “The foundation for their innovation ecosystem has already been built and has strong support from the public and private sector. Our model will serve as a multiplier and a vehicle that builds bridges to global ecosystems and creates vibrancy locally in an effort to support all stakeholder ambitions.”
Plug and Play has 50 locations worldwide and is a global leader in bringing together an ecosystem of startups, corporations, venture capitalists, governments, and universities to drive innovation forward, the company said.
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