Sunnyvale, California-based Plug & Play Tech Center — which already has plans for an Osceola County location — is teaming up with the University of Central Florida, Orange County, Duke Energy (NYSE: DUK) and Tavistock Development Co.'s Lake Nona Land Co. to launch a business accelerator in Orlando.
Plug & Play Chief Revenue Officer and Partner Michael Olmstead said the funding will be split roughly three ways, with a third coming from the university, a third from the county and a third from the corporations.
When it opens in 2024, the Plug & Play office will be at Central Florida Research Park, adjacent the university. Documents submitted to Orange County ahead of the Oct. 24 Board of County Commissioners meeting detailed the scope of the plans for the businesses.
According to the documents, UCF is looking to further invest in areas it calls “emerging opportunities” like energy and sustainability, transformative technologies, entertainment and immersive experiences. Plug & Play puts attention on specific verticals in each of its 60-plus global locations, and this particular accelerator’s focus will be on businesses in the transportation, public safety, energy and sustainability sectors to align with the university’s agenda.
Plug & Play also will tailor its activities to Orange County’s “smart cities” goals, as county commissioners decided to fund the venture for $500,000 per year for a total of $1.5 million over three years, with the money coming from its American Recovery Plan Act State and Local Fiscal Recovery Fund allocation. The first payment will be made to UCF by Jan. 15, 2024.
“If you can meet the ambitions of the private sector, oftentimes the categories and metrics important to the public sector can be met, too,” said Olmstead. “So, what I like about this partnership — which is relatively unique — is the fact that public, private and academic partners have come together to bring Plug & Play into Orlando. Historically, we work only with big corporations or only with the public sector. This time we have this beautiful arrangement.”
The plan is to identify a minimum of 20 startups per year and for Plug & Play to provide mentoring and coaching, development and review of existing business models, workshops and webinars, pitch opportunities, fundraising and business development, getting each startup ready for a major investment from one of Plug & Play's corporate partners.
Olmstead has become a regular in Orlando as he sets up shop for Plug & Play, coming to town for meetings he describes as “an absolute pleasure.”
“I’ve been coming over the last six months, working with Duke Energy and the government to launch a smart city innovation platform where we're accelerating startups that are innovating in the space,” he said.
Plug & Play is spreading its wings in Central Florida. The UCF partnership is the second announced in as many months, with the first Florida outpost opening at NeoCity in Osceola County on Jan. 1. The UCF location should open at the end of January or early February, said Olmstead.
Plug & Play CEO Saeed Amidi said his company won't stop at two locations here — it will need more if it is to realize his vision: “I can see Plug & Play making up to 20 investments in Central Florida startups per year. That’s direct investments from us. And then I can see us facilitating 100 deals per year with our corporate partners. We have a good reputation for spotting startup investment opportunities and a track record of pairing our partners with the right businesses. They trust us.”
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