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 Rising update: Kansas City falling short in economic race with peer markets
Bill Gautreaux sounded the alarm with a mixed refrain meant as a KC Rising call to action: “We’re good, but we’re not good enough.” Throughout a recent KC Rising update on the region’s economic growth, Gautreaux and other KC Rising leaders championed Kansas City’s efforts to move the needle, while also lamenting the slow speed…
Startup advocates rally, demand KCMO invest more of its $1.73B budget in entrepreneurs
If Kansas City leaders want to build a stronger community, they should start by supporting early stage entrepreneurs, said Lesa Mitchell. “I’m simply here to say — we’re not spending enough money … and we need to look at it,” Mitchell, managing director of Techstars Kansas City, told KCMO city council members Saturday during a public…
Edison Spaces selects two startups for its inaugural Jumpstart office space giveaway
The first fruit to bare in an effort of ecosystem elevation, two Kansas City startups have received a jumpstart — courtesy of Edison Spaces, the flexible office space provider announced Friday. “Ultimately, we know the challenges entrepreneurs face when starting a business, because we ourselves faced these challenges,” said Matt Druten, Edison Spaces CEO. A barrier…
A dating app for founders? Hotspots overhead? KCMO mayoral candidates pair up to pitch startup solutions
Bridging the digital divide in Kansas City is simple: Put WiFi hotspots in the trees, quipped Steve Miller, while pitching startup ideas — formed through on-the-spot brainstorming — to a crowd of entrepreneurs. “I love this tree idea … It’s very unique,” laughed fellow Kansas City, Missouri, mayoral candidate and equally off-the-cuff Alissia Canady, Tuesday…