Fueled by $15M, MTC releases plan for boosting entrepreneurs: Here’s how KC is already seeing impact
September 26, 2023 | Tommy Felts
JEFFERSON CITY, Missouri — Increased funding for the Missouri Technology Corporation will keep core support programs healthy through 2024, as well as help expand successful pilot initiatives designed to widen economic opportunity in the Show Me State, MTC officials said Tuesday.
Work continues on the second floor of The Porter House KC’s 811 Retail Incubator at 811 E. 31st St.; Funding from MTC is helping the organization complete the second floor phase; photo courtesy of The Porter House KC
Among the new efforts gaining extended life through the announcement of MTC’s FY 2024 strategy and $15 million in state-directed funding for the coming fiscal year: the Physical Infrastructure Grant Program, which already is powering impact in Kansas City.
This summer, The Porter House KC received an award from the pilot grants program to help fund phase 2 of the build-out for PHKC’s new 811 Retail Incubator — a project aiming to serve more than 90 small businesses focused on retail operations within the next five years, and adding more than 200 new jobs, according to Dan Smith, co-founder of The Porter House KC.
Renewed funding for the Physical Infrastructure Grant initiative means additional organizations like PHKC will be supported beyond the pilot in the program’s second year.
Gov. Mike Parson, R-Missouri, meets with guests Sept. 25, 2023, at his office in the state capitol in Jefferson City; photo courtesy of the State of Missouri
The more-established Missouri Building Entrepreneurial Capacity (MOBEC) Grant Program and the Innovation, Development, and Entrepreneurship Advancement (IDEA) Fund Co-Investment Program also are key beneficiaries of the $15 million approved by the Missouri General Assembly and Gov. Mike Parson. (MTC receives direct appropriations from the state budget and access to federally funded programs.)
“MTC is embarking on an exciting journey,” said Dr. Dedric Carter, chairman of MTC. “This significant funding boost allows us to increase our grant programs to expand the state’s entrepreneurial capacity and continue to make direct investments into the state’s most promising early-stage high-growth potential companies.”
MTC has a long history funding local startups. Kansas City-based IDEA Fund portfolio companies include backstitch, Excite Pharma Services, VideoFizz, FitBark, Healthy Hip Hop, iShare Medical, LittleHoots, Moblico Solutions, Payit, PlanIT Impact, PopBookings, Probiotic Holdings, SCD Probiotics, SquareOffs, and Serviam Care Network.
The agency’s just-released Strategic Implementation Plan for Fiscal Year 2024 outlines MTC’s commitment to catalyzing innovation and entrepreneurship in Missouri by introducing new programs and initiatives to empower high-tech companies to thrive, said Jack Scatizzi, executive director of MTC.
Click here to read the strategic implementation plan.
“MTC’s mission is to catalyze innovation and generate a positive economic development impact by supporting entrepreneurs to create and grow their technology-based businesses in Missouri,” said Scatizzi. “Through collaboration with stakeholders, community engagement, and strategic planning, we will continue to work tirelessly to foster innovation and entrepreneurship within the state.”
In addition to the MOBEC and IDEA efforts, MTC’s plan includes the creation of Regional Nodes, a State Small Business Credit Initiative (SSBCI)-funded Loan Participation Program, the addition of proof-of-concept investments to the IDEA Fund Co-Investment Program, and an investor education grant program.
By leveraging state and federal funds, MTC aims to drive economic growth through the creation of a thriving ecosystem for Missouri technology companies, officials said.
“Missouri’s high-tech sector is thriving and creating new opportunities for Missourians while strengthening our economy,” said Gov. Parson. “We look forward to seeing the implementation of these strategies from MTC to drive continued growth for the future.”
Featured Business
2023 Startups to Watch
stats here
Related Posts on Startland News
Housing trends show young professionals don’t care about Troost’s stigma, UC-B says
Lance Carlton initially was skeptical of developing east of Troost Avenue, he said. “But the mentality of the market has changed,” said Carlton, co-managing partner of UC-B Properties, which brought its offices to the 4300 block of Troost in August 2016. The company helped prove an appetite for residential development on the corridor with 19…
Mac Properties plans four-corner food startup village at Armour and Troost
Mac Properties’ Kansas City arm wants to turn a “sleepy intersection” on Troost into a four-corner incubator for thriving residential and restaurant activity. The vision is to create a “food startup village” as the foundation of the development, which would bring 400 new market rate apartments to Armour Boulevard and Troost, said Peter Cassel, director…
Wonder developers eye emerging businesses and creatives for Troost
Business is brewing at the former Wonder Bread bakery. With a flurry of activity at 30th and Troost, the historic site is undergoing a transformation: from yet another vacant space on the corridor to an anchor for residential and commercial life on Troost. “They’ve gutted the inside and they’ve done a ton of work,” said…
You don’t have to pick a side, neighbor-led Troost Coalition says
It’s about bringing residents back to Troost Avenue, Cathryn Simmons said. And that means challenging the status quo. “This used to be a free-for-all. Troost was the Wild Wild West of Kansas City,” she said. “You could come over here and do anything you wanted. Legally.” A founding member of the Troost Coalition, Simmons helped…