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Missouri’s new strategic plan aims to boost statewide innovation and entrepreneurship
Missouri has a new tool to support the advancement of entrepreneurship and innovation across the state. The Missouri Technology Corporation (MTC), in partnership with TEConomy Partners LLC., identified strategic recommendations and actions to drive innovation and entrepreneurship in Missouri developed under the Missouri Innovation and Entrepreneurship Strategy Steering Committee. The report says that MTC has had significant impacts on the state's economy, revealing that its total program portfolio has generated an economic activity return of $100.74 back to the state for every $1 invested.
A situational analysis of Missouri's innovation economy identified five key challenges inhibiting economic growth including: an inability to meet investment demands; inaccessibility of support services; untapped potential in state research institutions; lack of participation in innovative endeavors; and lack of connectivity within Missouri's ecosystem. Awareness of these challenges prompted the creation of a new strategic plan featuring five thematic areas to address each of the five challenges. These thematic areas include Fund, Grow and Scale, Launch, Inspire, and Connect. Each theme comprises targeted actions aiming to broaden Missouri's economy by deploying greater levels of investment, fostering startup growth, launching innovative startups, encouraging more participation in entrepreneurial endeavors, and promoting the idea of "One Missouri."
The report notes that the “strategy’s success is predicated on building a critical mass of services to significantly increase the level of entrepreneurial deal flow able to grow and scale within the state in order to differentiate Missouri from the ever-increasing number of global competitors for innovation and entrepreneurship. Only through a systemic statewide model that builds critical mass through strong collaborations and partnerships can a robust innovation and entrepreneurial ecosystem be achieved.”
The full report is available here.
Missouristrategic plan, entrepreneurship, innovation