Jorge Varela has stepped down as CEO of VelocityTX as announced in a March 21 statement from Texas Research and Technology Foundation (TRTF).
Varela was hired May 2017 to lead VelocityTX, the innovation arm of the longstanding TRTF. Both are tasked with promoting economic development and investing in San Antonio-based businesses. VelocityTX’s focus is to accelerate the process of commercializing ideas, products, services, or processes and guides both domestic startups and international companies entering the market in the U.S.
Varela confirmed his departure with Startups San Antonio via text but did not provide further comment.
Varela spent the last five years as the director of the startup incubator Tech Fort Worth and was the associate director of entrepreneurship at the UNT Health Science Center in Fort Worth, Texas, prior to Tech Fort Worth. He has started or been a part of the executive team at 14 companies mostly in telecommunications, software, and information technology, with financially successful exits in each market segment. Over the past five years, Varela mentored and coached startups in the biosciences and medical technology with exits exceeding $4 billion.
TRTF chair Stephen Dufilho made the announcement after Varela resigned “to pursue other interests,” according to the statement. TRTF will launch its search for new leadership for VelocityTX in the coming weeks.
The VelocityTX website lists Harig as president and CEO of TRTF, who will also take on temporarily the CEO role for VelocityTX, acccording to the TRTF statement. Bill Cone will continue as VelocityTX chief operating officer.
“I have great admiration for Jorge,” TRTF CEO Randy Harig stated via text. “Jorge did a great job of starting VelocityTX for us and has left everything in great position to continue to accomplish what we started out to do.
