Missouri grows capacity to build entrepreneurial systems in the state

Taking what Gov. Mike Parson called a “bold step to support high-tech entrepreneurship, innovation and growth,” the Missouri Technology Corporation (MTC) released an Implementation Plan built off an earlier strategic plan (Catalyzing Innovation Report) designed to build the state’s innovation and entrepreneurship ecosystems. A key element in the implementation plan is the creation of a $17 million grant program to expand entrepreneurial capacity, with $8.5 million of that funded through MTC’s FY 2023 general revenue appropriation and a match of $8.5 million through the IDEA Fund Co-Investment Program’s venture capital activities.

The Implementation Plan outlines how MTC will lead the implementation of some of the strategies and action items recommended in the Catalyzing Innovation Report, and provide support for other items.

MTC is also expected to develop, pilot and launch new grant programs to address gaps that were identified in the strategic plan. Those programs are planned to create regional nodes that will allow entrepreneurs direct access to resources in their regions, support physical infrastructure needed for entrepreneurs, and develop a digital entrepreneurial pathway program.

MTC will also manage the state’s federal State Small Business Credit Initiative (SSBCI) allocation, which is approximately $95 million deployed over eight to 10 years. It is anticipated that the initial allocation will be made in FY 2023.

The Implementation Plan will be updated annually and be available on MTC’s website.