The Addition of the North Texas Market with Founding Partner Lyda Hill Philanthropies, Unites the Texas Triangle to Convene the Innovation Community in the Region and make Texas the global destination for innovators by 2025.
DALLAS – January 28, 2022 – MassChallenge, the global network for innovators, announced their expansion into the North Texas market to continue the non-profit’s efforts to make Texas a global destination for innovators by 2025. In partnership with Lyda Hill Philanthropies, the expansion is a part of the future-focused Pegasus Park development, an innovation and social impact hub in Dallas designed to boost local biotech, nonprofit, and corporate innovation.
“The collaborative effort that has gone into this expansion and bringing MassChallenge into the North Texas market is an encouraging step for our innovation community,” said Trey Bowles Cofounder, The DEC Network and Co-Chair of The Dallas Mayor’s Task Force on Innovation and Entrepreneurship. “The biotech and life science industries in the area are experiencing rapid growth, and this is a great time for MassChallenge along with North Texas Founding Partner Lyda Hill Philanthropies, to help convene with emerging entrepreneurs within a centralized hub at Pegasus Park. MassChallenge has a global network and resources coupled with the dynamic ecosystem in the North Texas community to help startups scale and grow their businesses.”
Jon Nordby, MassChallenge Head of Community and Ecosystem addressed a group of community leaders at the Launch Event on January 27, 2022 and shared how this expansion and the development of the relationship with Lyda Hill Philanthropies will bolster connections and presence in the area’s burgeoning biotech industry.
“The North Texas ecosystem is at a unique moment in time to capitalize on an incredible opportunity that’s been building for the past few years. Entrepreneurs from around the world will find that the greater Dallas-Fort Worth region represents compelling and differentiated industries that are welcoming of disruption.” said Nordby. “There is substantial growth in the biotech industry as well as 5G, Human Potential as related to sports and security; and the region has a large defense and logistics sector where we can offer innovation expertise. This expansion, for us, realizes our vision of connecting the Texas Triangle and opening doors for startups from around the world who are focused on driving solutions across in these industries, and beyond.”
By establishing a footprint in the region and building community, MassChallenge will ramp up operations attracting early resources to the network and collect relevancy data from local business leaders. Over the next 3-5 years, MassChallenge plans to verify industry clusters and transition that work into startups that will have a significant impact on corporate innovation pipelines. Pegasus Park will be home to a MassChallenge early-stage accelerator program with a high percentage of biotech/life science startups. Additional programming including market access events, alumni meetups, industry-specific tracks, and pathways to the MassChallenge HealthTech challenge program will also be supported.
“Finding bold, long-term solutions from the science innovators that MassChallenge will attract and support in North Texas is more critical than ever,” said Lyda Hill, entrepreneur and founder of Lyda Hill Philanthropies. “Their presence is a signal of our region’s rich history of supporting entrepreneurs and will augment North Texas’ reputation for scientific and medical innovation.”
This expansion announcement brought with it an in-person pitch competition that showcased top entrepreneurs and their startups from the North Texas area. Startups who participated represent healthcare and life sciences industries and are innovating biotechnology, wearables, patented therapies for infants, ADHD solutions, and even health-focused sports drinks. Avsana Labs was named the grand prize winner and walked away with $10,000 in equity-free cash and a spot in MassChallenge’s 2022 early-stage program.
Since 2017, MassChallenge has utilized its proven, zero-equity model to develop the Texas ecosystem by connecting startups with mentors, experts, and partners to foster the development of new ideas and emerging innovative solutions.
MassChallenge is the global network for innovators. Headquartered in the United States with seven locations worldwide, MassChallenge equips bold entrepreneurs to disrupt the status quo and to create meaningful change. Since launching in 2009, more than 2,900 startups have participated in a MassChallenge program and non-profit has awarded over $17M in equity-free cash prizes. Learn more about MassChallenge at masschallenge.org.
About Lyda Hill Philanthropies
Lyda Hill Philanthropies encompasses the charitable giving for founder Lyda Hill and includes her foundation and personal philanthropy. The organization is committed to funding transformational advances in science and nature, empowering nonprofit organizations and improving the Texas and Colorado communities. Because Miss Hill has a fervent belief that “science is the answer” to many of life’s most challenging issues, she has chosen to donate the entirety of her estate to philanthropy and scientific research.