Officials announced the partnership with Startup Runway, a company that assists in facilitating new companies’ relocation to the United States for the first time, at an event within the IQHQ Aug. 27. One goal of the partnership is to create a premier technology hub within Richardson, City Manager Don Magner said.
“We believe that by providing support to these companies in their early days of their U.S. launch, that we will create connections and relationships with them that will result in them locating here permanently and growing their U.S. expansion right here in Richardson,” Magner said.
What you need to know
As part of the partnership, the city is providing a one-year rent and utility abatement to Startup Runway, according to a news release. The city is also providing necessary furniture, office space and necessary improvements within a 3,300-square-foot area.
Mahesh Nandyala, founder and CEO of Startup Runway, said the companies moving into the IQHQ are proven companies with products and services, such as semiconductor manufacturing, supply chain logistics and more.
“We're looking at groundbreaking solutions to come out of this partnership,” Nandyala said. “This is just the beginning; we have a ton of opportunity ahead of us.”
Nandyala added that Startup Runway helps the relocated companies in obtaining visas for employees, identify the right talent and navigate potential cultural differences, which were challenges he encountered as an entrepreneur coming to the U.S. for the first time in 2010.
Digging deeper
In addition to the resources within the IQHQ, companies in Richardson will also have access to benefits The University of Texas at Dallas brings, such as a culture of innovation and entrepreneurship 15 years in the making, said Joseph J. Pancrazio, vice president of research and innovation at UT Dallas.
“It validates and further supports this idea that what we can build together, especially as we think about innovation coming from startups and startups that are interested in technical, technology related areas that Startup Runway specializes in,” Pancrazio said.
Additionally, the partnership includes biannual trips to India by Richardson officials, per the news release.
Quote of note
“It marks a significant milestone in strengthening the economic and cultural ties between India and our community,” Mayor Bob Dubey said. “We are witnessing the fusion of India's rich legacy of innovation and entrepreneurship with our own vibrant local economy and community spirit.”
Looking ahead
Magner said an announcement of the inaugural 10 companies heading to the IQHQ will be made at a later date. Nandyala said nine of the initial 10 companies are from India and the other is from Singapore.
“Our goal of growing our international business here in Richardson, along with our goal of supporting new and emerging businesses, are really coming together with this partnership, and we're very excited to embark on this journey with Startup Runway,” Magner said.
