Texas Tech Innovation Hub helps company startups

By Madilyn Coyne, madcoyne@ttu.edu

Many startup businesses face significant challenges before they ever reach the market. A lack of funding, mentorship and connections can prevent new ideas from becoming successful companies, according to officials at the Texas Tech Innovation Hub.

The Texas Tech University Innovation Hub at Research Park was established to address those challenges, according to the university’s Office of Research and Innovation. The Hub provides support, training and funding opportunities for entrepreneurs in Lubbock and West Texas.

“We assist entrepreneurs to launch companies, and that ranges from early-stage programs to full-on accelerator programs,” said Kathryn Dankesreiter, assistant director of public relations at the Innovation Hub. “Our accelerator program provides mentors and up to $40,000 in funds.”

That support made a difference for Chris Troutman, co-owner of Good Line Beer Co., a Lubbock-based brewery. He and his partner joined the accelerator program in 2020, Troutman said. Despite the COVID-19 shutdown, they completed the program virtually and met with mentors remotely.

“The accelerator program gave us that stamp of approval,” Troutman said. “It helped boost our network and gave us access to mentors and investors we wouldn’t have found on our own.”

The Innovation Hub’s 44,000-square-foot building opened in 2015, according to Texas Tech’s Office of Research and Innovation. Its programs launched in 2017 with funding from the Lubbock Economic Development Alliance, which supports job growth in the region.

The Hub has helped more than 103,000 people, according to data provided by Texas Tech’s Office of Research and Innovation.

The Hub was created under the leadership of former Texas Tech Chancellor Kent Hance, according to Dankesreiter. University officials sought to increase the commercial application of research conducted at Texas Tech, she said.

“A lot of the research that was conducted at Texas Tech was just being thrown into a desk drawer and never looked at again,” Dankesreiter said. “We wanted to create an incubator space that wasn’t just for faculty members commercializing their research, but also for startups and entrepreneurs in the community.”

Troutman said the Innovation Hub provided more than just space. He described the program as a key resource for networking and business development.

“One of our mentors actually became an investor,” Troutman said. “That kind of support made a huge difference.”

The Innovation Hub is expanding its programs, according to Dankesreiter. In 2023, it announced a new endowment funded by local donor Jim McCarley. The Industry Advanced Technology (iAT) Accelerator Track offers additional support to startups focused on machine learning, AI and other emerging technologies.

David Escobar, a participant in the Red Raider Startup, a competition for beginning companies, at the Hub, said the program helped him refine his business concept and build confidence as an entrepreneur.

“At Red Raider Startup, we’re surrounded by people who are in the same place — just getting started,” Escobar said. “The mentorship and feedback I got there helped me figure out what worked and what didn’t. It made me realize I could actually do this.”

In addition to providing funding and professional connections, the Hub offers guidance on business fundamentals, according to Dankesreiter. Troutman said he and his partner received assistance refining their pitch and securing an SBA loan.

“They helped us take what we already had and polish it,” Troutman said. “And they introduced us to people who could help with the parts we didn’t know.”

On a recent Friday evening at Goodline Beer Co.’s Lubbock taproom, customers filled the patio, sampling craft beers while children played nearby. Troutman said moments like these reflect the support they received through the Innovation Hub.

For many participants, programs like Red Raider Startup and the accelerator are about more than just business plans and funding, Escobar said.

“It’s about the community,” Escobar said. “When you’re building something from scratch, having people who believe in you makes all the difference.”