San Antonio, Texas – William Steele, CEO and co-founder of the Weslaco-based tech company Supply Pay, emphasized the transformative potential of public-private partnerships in the Rio Grande Valley (RGV) during his appearance at the 2025 South Texas Summit. Steele, who spoke at the South Texas Business Partnership’s annual event, highlighted the economic benefits these collaborations can bring, including securing millions in venture investment and creating high-paying jobs.
Steele has been researching successful examples from across the United States where public-private partnerships have significantly boosted local economies through technology incubation. Citing case studies from Cape Girardeau, Minnesota, and Wilmington, North Carolina, Steele illustrated the tangible outcomes of properly executed incubation initiatives. In Cape Girardeau, the Codefi tech incubator has created over 270 jobs and trained more than 120 coders. Meanwhile, Wilmington benefited from investments by Live Oak Bank and Synply Inc., which attracted over 3,000 fintech jobs and secured more than $554 million in venture capital funding.
Steele believes that the RGV could replicate these successes by cultivating a collaborative ecosystem among its cities. He praised the recent RGV StartUp Week as a demonstration of the region’s potential, noting it showcased emerging entrepreneurs and their innovative projects. He stressed the importance of maintaining momentum among leading companies to attract further investment and foster a vibrant entrepreneurial environment.
Looking to the future, Steele predicted a recycling of talent from major players like SpaceX, where skilled professionals might seek entrepreneurial ventures within the Valley itself, thanks to available infrastructure and resources. However, he identified a significant hurdle: the lack of local venture capitalists. Steele lamented the absence of institutional investors in the McAllen to Brownsville area, describing it as a missed opportunity for those with promising business ideas.
Despite this challenge, Steele acknowledged the role of El Paso-based venture capital firms that have already invested in Supply Pay, citing their strategic position between El Paso and Juarez as a factor in their understanding of the trade-driven regional market. Steele encouraged more venture capitalists to explore the untapped potential in the Valley, emphasizing the lucrative opportunities awaiting investors willing to engage with the area’s burgeoning tech landscape.
