Applications open for Missouri tech funding
July 20, 2015 | Bobby Burch
Ready your typing fingers, entrepreneurs.
The Missouri Technology Corporation recently opened applications for its IDEA Fund, a program that will match other capital investments in high-growth tech companies.
The MTC, a public-private organization that makes investments in Missouri tech companies, is currently accepting applications for four of its IDEA programs, three of which are tailored for early-stage ventures. The early-stage programs include the Missouri TechLaunch, Seed Capital Co-Investment, and Venture Capital Co-Investment programs. Application deadlines are set for Aug. 31.
“More and more entrepreneurs are realizing that they do not have to head to Silicon Valley to be successful and are staying right here in the Show Me State,” said Mike Downing, director of the Missouri Department of Economic Development. “We want to make sure that the next big idea happens right here in Missouri and this early stage funding is a testament to our commitment of supporting the startup community.”
Since 2011, the MTC has invested more than $21.5 million in 60 Missouri startups through the Missouri IDEA Funds, the organization told Startland News. Those investments have helped position Missouri companies to raise more than $180 million in additional third-party capital.
Eligibility and evaluation criteria for the programs vary. TechLaunch investments do not exceed $100,000, Seed Capital Co-Investment investments do not exceed $500,000 and the Venture Capital Co-Investment investments do not exceed $2.5 million.
The IDEA Fund — standing for innovation, development and entrepreneurship advancement — promotes the formation and growth of businesses that engage in the transfer of science and technology into job creation. To learn more on the fund and its programs, click here.
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