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
KC Heart adopted as region’s official symbol: Charlie Hustle founder hopes icon will join KC skyline
Good things come to those who hustle. “Honestly, it was a long time coming when they showed up at our office. It was almost like, ‘Where have you guys been?’” Chase McAnulty, founder and CEO of Charlie Hustle, said of a new partnership between the startup and the Kansas City Area Development Council. The agreement…
‘Leadership is harder’: Founder duo debuting ‘Above the Fray’ in LinkedIn Live beta test
Two influential voices in the Kansas City startup community hope their new LinkedIn Live show can inspire fellow founders to be true leaders, said Eze Redwood, co-creator of “Above the Fray.” “We want to bring in diverse perspectives from entrepreneurs in different fields that leaders would need to be successful,” explained Redwood, who unveiled the…
ShareWaves harnesses 810 WHB sports radio to aid nonprofits, boost youth athletics in KC
When young people quit sports, it’s the beginning of a downward spiral with effects that ripple throughout lifetimes, said William Brandmeyer. The trend is avoidable, the leader of the ShareWaves Foundation said. “Young people are dropping out of sports before high school because there’s too much pressure. They aren’t having fun anymore,” said Brandmeyer, vice…
Already feeling FOMO for Global Entrepreneurship Week? Here are KC’s can’t-miss events
Hundreds of events geared toward makers, innovators and job creators are expected to pop up later this month in one of Kansas City’s historic cultural epicenters. “The 18th and Vine District has a rich history of entrepreneurship and has served as a hub for makers, dreamers and doers for decades,” said Jenny Miller, chief organizer…