Plug and Play Tech Center, a Silicon Valley company that bills itself as a conduit for corporate innovation and startup funding, may open an outpost at NeoCity in Osceola County, with county commissioners deciding whether to approve a drafted agreement between Osceola County and Plug and Play the evening of Sept. 18.
This would be the first Plug and Play location in Florida, according to its website.
The three-year deal has Plug and Play LLC, an investment firm out of Sunnyvale, California, setting up shop at NeoCity, where it likely will be managed by economic growth nonprofit Bridg. The agreement would involve the county providing the company with an unspecified amount of free space at NeoCity.
In order to be the sole founding anchor member of the accelerator, Osceola will pay Plug and Play $1.5 million per year for three years, with another $500,000 set aside for startup costs related to the deal. The money comes from the technology development fund established in 2017. The county retains the right to refuse other corporate members.
Bridg Vice President of Marketing and Communications Gloria LeQuang did not respond to a request for comment, but the drafted agreement between Osceola County and Plug and Play spelled out the details of the deal.
In the first year, staff at the company’s tech center will identify 20 startups in the semiconductor industry and offer workshops, mentorship sessions, expos and business development to help the firms get off the ground.
At the same time, Plug and Play will provide investment opportunities to the county plus corporate entities so the startups can get an influx of cash to move past early stage and seed stage. The number of incubated startups will increase in years two and three of the agreement, with the exact number to be determined at a later date.
Plug and Play has made 1,679 investments in tech startups — the lead investor in 137 of those deals — since it was founded in 2006 by Saeed Amidi, according to CrunchBase. The firm employs about 700 people, has more than 50 locations around the globe and has deployed at least $110 million in funding into 1,000-plus startups since its founding in 2008, according to its website and city documents.
Plug and Play essentially has a two-pronged business approach: It runs a corporate innovation platform that big companies can use to tap into new ideas, while also connecting, mentoring and investing in startups.
Plug and Play's past clients include Walmart Inc. (Nasdaq: WMT), The Procter and Gamble Co. (Nasdaq: PG), Microsoft Corp. (Nasdaq: MSFT) and PepsiCo Inc. (Nasdaq: PEP).
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