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Texas Tech University

Location

Lubbock, TX

Project Name

Hub Fuel, A Seed Fund for Agriculture Technology Startups

Program

Seed Fund Support

Award Amount

Federal Share

Local Match

$300,000.00

$349,146.00

The Innovation Hub at Texas Tech University will create a $2-10 million AgTech Fund called Hub Fuel. Hub Fuel will focus on the AgTech ecosystem in West Texas, including elements such as biotechnology, plant and animal breeding, water and environment technologies, big data analytics, and others. The goal of Hub Fuel is to fund early-stage startups that are commercializing technology, resulting in new business and job creation in a region where much of the state’s farmland and agriculture business need innovation to support the state’s growing economy. This project will undertake a five-step process to establish the Hub Fuel fund at Texas Tech University, including fund management, fund raising, marketing, and sustainability modeling. Over three years, Hub Fuel anticipates funding 25-35 AgTech ventures, supporting over 300 direct jobs.

Office of Innovation and Entrepreneurship (OIE)

National Advisory Council on Innovation & Entrepreneurship (NACIE)

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