The Frisco Economic Development Corporation established NTEC to foster community job creation, facilitate an entrepreneurial climate, and support businesses with a long-term future in Frisco. The study was generated as part of an effort to examine whether the goal of enhancing “Frisco’s innovation culture through entrepreneurship” was being met and what contribution NTEC has made.
Two impact scenarios were conducted – one region was defined as Collin County and another region included a total five county impact including Collin, Dallas, Denton, Rockwall and Tarrant counties. Regarding the Collin County scenario – NTEC’s direct employment of 213 jobs in six industry sectors translates, through a multiplier effect, into an estimated total of 495 jobs in Collin County. The study revealed that twenty-four NTEC member companies spend $55 million on local labor, goods and services. Local suppliers then spend $32 million on labor, goods and services to meet those NTEC member company demands. Furthermore, NTEC member company and supplier employees then spend up to $30 million on local goods and services which creates a total economic impact in the regional economy of $117, 087,392, the study found.
The study revealed that several NTEC companies are primary employers for Frisco. In general, local economies grow, or decline, based on the number of primary employers in the area. A primary employer is one that imports wealth into the community by securing customers from outside the local economy. These companies contract with customers outside of the Frisco area and dollars flow from outside into the Frisco economy.
Along with actual numbers about the economic impact, the study revealed that having a business accelerator not only fosters entrepreneurial pursuits within the community, but also provides a strong sense of community with its member companies and is a source of community pride for Frisco.