Osceola County approves $5M for semiconductor accelerator program

A Silicon Valley-based accelerator program will launch a cohort of semiconductor-related companies in Kissimmee in January.

The Osceola County Board of County Commissioners formalized the agreement to bring Plug and Play to Kissimmee at its meeting Monday.

As part of the deal, the County will pay $1.5 million a year for three years starting next year. An additional $500,000 will be set aside in early 2024 for capital improvements on facilities.

In return, Plug and Play commits to a minimum of 20 startups considered for the accelerator program each year.

“This strategic partnership represents a quantum leap forward in realizing NeoCity’s potential as an epicenter for technological innovation,” Osceola County Commission Chairwoman Viviana Janer said in a press release. “There is seamless connectivity within Plug and Play’s ecosystem that fosters an environment of unparalleled advancement.”

Who is Plug and Play?

Plug and Play has some of the most in-depth experience in running industry-specific accelerator programs around the world.

Major tech firms like DropBox, Zoosk and SoundHound have completed the accelerator in the past.

The new accelerator will become the first for Plug and Play in the semiconductor industry, though the organization has invested in some industry firms.

The program will become one of the latest projects based out of NeoCity, a 500-acre tech and innovation district. NeoCity is a partnership between the county, UCF and other business entities.

Plug and Play has in the past partnered with large companies like Bentley, Porsche, Mercedes-Benz, Intel and Samsung. 

The companies have already expressed interest in Plug and Play’s upcoming foray into semiconductors, said Rouzbeh Borhani

Borhani leads the organization’s semiconductor efforts.

“Within our dynamic ecosystem, innovative startups stand ready to address the entire semiconductor value chain, and NeoCity is an ideal place to kick things off officially,” he said.

Plug and Play will include at least two cohorts per year.