City of Richardson hopes to create pipeline for Indian-based startups with new partnership
RICHARDSON, Texas - The city of Richardson is being intentional about increasing its business and technology footprint.
Richardson is home to UT Dallas and many high-tech businesses. It now has what it calls the Richardson Innovation Quarter, or IQ.
"The goal of the Richardson Innovation Quarter is to be the premier tech hub of Texas by bringing business the university and the city all together under one roof, and we've finally accomplished that," said Richardson City Manager Don Magner.
The city partnered with Startup Runway to recruit international businesses to the IQ.
"Think of us like a conduit, helping their soft landing, helping them, hand-holding throughout their journey," Mahesh Nandyala, founder and CEO of Startup Runway. "From forming their companies to helping them with market connections to helping them sell their products helping them create new products, create manufacturing and create new jobs for our economy locally."
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Rehired employees were paid lost wages and offered a more generous benefits plan.
Richardson sent a team to India to meet with government officials, financial investors and business leaders in hopes of creating a pipeline of startups moving to the city from the world's fifth-largest economy.
The city manager says it’s a win-win.
"The relationships we build within these walls will result in increased property tax from Indian businesses leasing space that's currently vacant, increased sales tax from their programs and services that they offer for the first time in the United States, and an overall more resilient and diverse economy here locally," Magner said.
The city wants to bring semiconducting, manufacturing and AI machine learning commerce to the IQ.
"We are witnessing the fusion of India's rich legacy of innovation and entrepreneurship with our own vibrant local economy and community spirit," said Richardson Mayor Bob Dubey. "We call that the Richardson way."
The city hopes it’s a way to grow revenue and its reputation as a technology destination.