(January 18, 2017) Tonight the Frisco Economic Development Corporation (FEDC) Board of Directors approved a Consulting and Property Management Agreement with Frisco-based Launch Pad City, LLC. The Agreement is for management of the entrepreneurial program operating in a 50,000 square foot building owned by the FEDC and located at 6170 Research Road.
The North Texas Enterprise Center (NTEC, Inc.) has managed the entrepreneurial program housed in the building on Research Road since the building opened in 2008. The change in management comes following a December vote by the NTEC, Inc. Board of Directors to cease operations as the management company as of February 28, 2017. At that time, the current Consulting and Property Management Agreement between the FEDC and NTEC, Inc. will also expire.
Launch Pad City, LLC, will assume operational and program responsibilities beginning on March 1, 2017. The term of the Agreement is for 12 months with the option to renew. The Launch Pad City Agreement allows the Frisco’s entrepreneurial program to continue with minimal disruption for more than a dozen companies with operations based at the Research Road building.
“Business Formation is one of the four goals of our Comprehensive Economic Development Strategy, and having a program to foster entrepreneurship will continue to be a priority for Frisco,” said Jim Gandy, president of the Frisco Economic Development Corporation. “Launch Pad City’s expertise and connections will be an asset for the entrepreneurial center. A smooth transition in management will allow the program companies to continue their innovative work with limited impact.
A meeting with the current companies in the building will be scheduled within the next week to explain the transition in management and to introduce Launch Pad City executives.
NTEC, Inc. has operated in Frisco as a non-profit organization since its formation in 2002 in partnership with the City of Frisco and the Frisco Economic Development Corporation. Originally, NTEC served as a medical device/bio-life science incubator. In 2013, NTEC shifted focus to become an innovation center to help later-stage entrepreneurial companies develop further, faster.