Today's episode explores three ideas that caught my attention:
The Value of Intentional Silence - Mike’s approach to founder interviews, watching body language, and creating space for stories shows how sometimes what's NOT said reveals more than what is.
Government as Startup Catalyst - Mike explains how efficient government support can drive innovation. This challenges the stereotype of slow bureaucracy. McKinney EDC’s unique Innovation Fund model is making a crazy impact with nearly 50 companies funded so far.
Due Diligence Isn’t Just Analytical - The level of emotional connection to a problem affects investment decisions. This realization transformed Mike's approach from purely analytical to understanding founder passion as risk mitigation.
I explore these ideas and much more with Mike Wilkes, Project Manager for the McKinney EDC Innovation Fund.
Mike Wilkes is a Marine Corps veteran who now serves as Project Manager of the McKinney EDC Innovation Fund, where he oversees non-dilutive capital investments ranging from $50,000 to $500,000 for tech companies that headquarter in McKinney and create local jobs. After serving as a Marine Corps squad leader, he dove into entrepreneurship at Texas A&M and managed deal flow for North Texas Angel Network while still in college. He now applies this combined military and angel community management experience to drive innovative models for government-backed startup funding.
During our conversation, Mike shares:
The 12-point McKinney EDC due diligence framework covering founder assessment to market analysis, showing how government entities can adopt venture-grade evaluation processes.
The critical role of corporate partnerships in ecosystem building as illustrated through a recent Plug and Play collaboration driving global connections and improved entrepreneur support services.
A perspective on DFW's funding gap at Series B and C stages, highlighting the opportunity for later-stage capital to round out the ecosystem.
What We Cover:
00:00 Introduction
02:43 Challenges and Realizations in the Primer Industry
06:53 Mentorship and Early Entrepreneurial Experiences
07:37 Involvement with the Dallas Entrepreneurship Center
08:45 Learning from the North Texas Angel Network
09:51 The Emotional Aspect of Investing
15:53 Current Role at McKinney Economic Development Corporation
16:44 Unique Approach of McKinney's Innovation Fund
25:59 North Texas Startup Ecosystem
30:07 Advice for Angel Investors and Future Trends
Listen now on Spotify, Apple Podcasts, and YouTube.
Connect with Mike
Website: https://uniquemckinney.com/innovation-fund/
Connect with Andrew
Newsletter: https://thediligentobserver.substack.com
Website: https://pitchfact.com/
Stuff We Reference
Plug and Play: https://www.plugandplaytechcenter.com/
Greg Head: https://www.linkedin.com/in/gregheadaz/
Jeff Murphy: https://www.linkedin.com/in/jeffmurphy7781/
Texas A&M University: https://www.tamu.edu/
McFerrin Center for Entrepreneurship: https://mcferrin.tamu.edu/
Dallas Entrepreneurship Center (The DEC Network): https://thedec.co/
North Texas Angel Network: https://www.northtexasangels.org/
McKinney Economic Development Corporation (McKinney EDC):
Frisco Economic Development Corporation (Frisco EDC):
IBM: https://www.ibm.com/
Mark Cuban Foundation: https://www.markcubanai.org/
Plano West High School: https://www.pisd.edu/plano_west_shs
Arkansas University: https://www.uark.edu/
Sequoia Ventures: https://www.sequoiacap.com/
Techstars: https://www.techstars.com/
Health Wildcatters: https://www.healthwildcatters.com/
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All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice.
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