SUGAR LAND, Texas, Nov. 19, 2024 /PRNewswire/ -- Plug and Play, the world's leading innovation platform, took the stage alongside the City of Sugar Land Economic Development and Tourism team at the 2024 Silicon Valley Summit to announce the opening of its new flagship Houston-Metro location in Sugar Land, Texas. This marks Plug and Play's fourth location in the state and includes a non-compete radius of 60 miles from the city limits, underscoring its strategic commitment to fostering innovation and entrepreneurship in the region.
Plug and Play, known for accelerating over 2,700 startups globally last year, aims to drive innovation by connecting entrepreneurs, corporations, investors, universities and governments worldwide. With more than 60 locations globally and over 550 corporate partners, including Dell Technologies, Daikin, Microsoft, LG Chem, Shell, and Mercedes, Plug and Play has a proven track record of fostering successful ventures. Their portfolio includes companies like PayPal, Dropbox, LendingClub, and Course Hero, with 8% of the portfolio valued at over $100 million.
"We are excited to welcome Plug and Play to Sugar Land," says Mayor of Sugar Land, Joe Zimmerman. "This investment will help us connect with corporate contacts and experts in startups and businesses that would take us many years to reach on our own. It allows us to create a presence, attract investments and jobs to the city, and hopefully become a base of operations for some of these high-growth companies."
The agreement facilitated by the Sugar Land Office of Economic Development and Tourism outlines plans for a new Plug and Play office in Sugar Land Town Square, a hub known for its business-friendly atmosphere. Leasing and hiring will begin between December and January, with an official launch in February or March, featuring approximately 15 startups announced on Selection Day. Plug and Play will hire four full-time equivalent (FTE) employees and accelerate two startup batches per year, focusing on Smart Cities, which include sectors such as energy, health, transportation, and mobility. Additionally, one Sugar Land City representative will serve as a board member, helping to set the program's goals and mission.
"By expanding to Sugar Land, we're creating a space where startups can access resources, build partnerships, and scale rapidly," said Sherif Saadawi, VP Growth Strategy at Plug and Play. "This location will help fuel Texas' innovation ecosystem, providing entrepreneurs with the tools and networks they need to drive real-world impact and contribute to the state's technological and economic growth."
This partnership marks a significant milestone for Sugar Land as it continues to grow as a hub for innovation and technology. The city and Plug and Play are committed to creating extraordinary experiences, delivering unparalleled customer service, and fostering an environment where the right talent can thrive.
About Sugar Land Office of Economic Development and Tourism (SLOEDT)
The Sugar Land Office of Economic Development and Tourism, a department within the City of Sugar Land, is dedicated to promoting sustainable economic growth and development. Through its two divisions – Business Development and Tourism, SLOEDT focuses on attracting new businesses, retaining existing employers, revitalizing the community, implementing economic development initiatives, and fostering tourism. These efforts contribute significantly to creating a thriving environment for residents, visitors, and businesses alike. For more information, visit sugarlandecodev.com/about-us/news-and-press/plug-and-play or contact, ecodev@sugarlandtx.gov.
About Plug and Play
Plug and Play is the leading innovation platform connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 60+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and manage over $1 billion in AUM across our funds, driving innovation across multiple industries where we've invested in hundreds of successful companies, including Dropbox, PayPal, Guardant Health, Honey, N26, Rappi, Turing, and more. For more information, visit https://www.plugandplaytechcenter.com/.
Contact:
Doug Adolph
(713) 202-0816
SOURCE Plug and Play