The new group will focus on advanced business support services, strategic leadership, entrepreneurial counsel and advice on entering new markets. The center is being launched with an emphasis on medical technology and software industries.
The initiative's partners have jointly committed up to $1.5 million for phased-in start-up and seed funding over the next three years. Additional revenue will be derived from space fees assessed to incubator companies as well as seminars, stakeholder memberships, royalties and other forms of equity participation.
The new group's launch validates a 2001 study in which a number of lead organizations and employers participated. Pledging to help with the push will be Collin County Community College, Frisco Medical Center, the University of Texas at Dallas, UT Southwestern Medical Center, KPMG, Akin Gump Strauss Hauer & Feld, Vinson & Elkins and the Collin County Commissioner's Court.
NTEC for Technology is structured as a non-profit entity that will be overseen by an independent board initially appointed by the Frisco EDC board of directors. An executive director will be hired, with staff to come as the organization grows.
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