It's doing this through a new, first-of-its-kind fund called the Innovation Fund, MEDC Senior Vice President Danny Chavez said.
The corporation's primary task is promoting economic development by incentivizing new and existing businesses to grow their operations locally. But the Innovation Fund is a way to award grant-funding to startups and other companies that do not necessarily qualify for traditional economic incentives, Chavez said.
This fund is meant to help existing businesses expand as well as attracting new companies and creating more local job opportunities. It applies to companies of all sizes but specifically targets startups, Chavez said.
"We are trying to help companies grow at the time that they need it and have the highest probability of failing," he said.
This aligns with the corporation's goal of growing McKinney's tech industry, especially along to SH 121 corridor, Chavez said.
“The city already has an impressive startup ecosystem and has a history of having really good startups come out of here,” he said.
Chavez pointed to Words With Friends as an example. The game was developed by David Bettner, whose company, Playful Studio, is located in downtown McKinney.
“A ton of companies are already here," Chavez said.
In addition, many McKinney residents already have the skill-sets needed to work in tech-industry jobs, Chavez said. But in many cases, he said, they have to travel outside of the city for employment opportunities in their field.
The fund looks to expand the existing employer base and make it more diverse, he said.
Applications and eligibility information for the Innovation Fund can be found on the MEDC's website, here.
