Funding and support are in the works for emerging businesses in the Show-Me State during the next few years, the Missouri Technology Corporation (MTC) announced this week.
MTC, a public-private partnership with the state created to promote entrepreneurship and the growth of high-tech businesses in Missouri, released a plan Thursday to grow the state's technological and business footprint. The plans hinge on funding, growth, cultivation, inspiration and connection.
The steps detailed in the plan would further goals outlined in a report commissioned by MTC and published earlier this year. "Catalyzing Innovation: Strategies for Missouri to Drive Innovation and Entrepreneurship," the report produced for MTC by TEConomy Partners, LLC, compiled data from entrepreneurs and start-up firms from 2010-20 and input from 500 stakeholders across the state.
The report proposed several measures, including funding and educational opportunities, that MTC adapted into its implementation plan for the next few years.
"The development of the Catalyzing Innovation Report was a milestone for the state," MTC Chairman Dr. Dedric Carter said in a statement. "Moving the wisdom of that report into an actionable plan positions us to unlock increased entrepreneurial opportunities for all of Missouri."
The group plans to invest additional capital funds into businesses through its management of the federal State Small Business Credit Initiative program on the state's behalf. The program, meant to bolster small businesses and provide access to capital for start-ups, will dole out around $95 million to Missouri over the next decade, with its first allocation expected in the 2023 fiscal year. It also plans to support the state in incentivizing angel investments, with which individuals provide capital for start-ups.
The group will also explore the creation of Missouri Rural Vitality Funds to provide collateral for loans for rural businesses. MTC plans to assess the feasibility of the proposal and search for potential partners in FY 2023, with a proof-of-concept program expected to pilot the following fiscal year.
Educational efforts include the development of a statewide Entrepreneurial Pathways Program, which would provide entrepreneurs access to additional resources and opportunities. It is expected to launch in FY 2025 after a third-party provider is selected to create an online portal for the effort.
The group also plans to develop competitive grant programs expected to pilot in FY 2023, along with efforts to connect corporate and institutional partners with startups with a pilot expected in or after 2025.
Another focus would be reinvigorating the Research Alliance of Missouri (RAM), which acts as an advisory group to MTC's board of directors. MTC anticipates gathering members from research universities across the state to host an initial RAM meeting next fiscal year, with MTC managing it as an advisory council thereafter.
RAM and MTC would then leverage the federal Innovation Corps (I-Corps) program, which provides seven-week experimental training sessions for scientists and engineers to bring their focus and expertise to the technologies sector. MTC hopes to implement best practices for the program and new offshoots of it around FY 2024.
The group also hopes to inspire the next generation of entrepreneurs through new programs at the middle school, high school and higher education levels, funding for new internship programs, leveraging regional partnerships for educational opportunities, and new communication and branding efforts to bolster outreach.
Finally, the plan points to several strategies designed to improve connections between businesses across the state. It seeks to pilot peer working groups to connect stakeholders and spread economic vitality beyond individual regions. The plan pointed to support for broadband infrastructure across the state and educating the state about the opportunities MTC has to offer.
The plan was unveiled during this week's Governor's Conference on Economic Development in Springfield, which featured panel sessions, networking opportunities and presentations from Gov. Mike Parson and MTC.
"We applaud the Missouri Technology Corporation for taking this bold step to support high-tech entrepreneurship, innovation, and growth," Parson said. "As made clear during this week's conference, we're committed to ensuring our state's continued economic success. MTC's strategies will go a long way in shaping prosperous futures for Missouri businesses."
MTC is a collaboration with the Missouri Department of Economic Development. It has invested more than $75 million since 2014, fostering an economic impact exceeding $6 billion, according to MTC's data.
The group is also accepting applications this month for the Missouri Entrepreneurial Capacity (MOBEC) grant program, which is available to innovation centers and entrepreneurial support organizations.
Read the full implementation plan and the original report at missouritechnology.com/statewide-initiative.