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 Crew’s fall leagues set to be first players in overhauled Hy-Vee Arena
The newly renovated Hy-Vee Arena in Kansas City’s West Bottoms is like a giant sports coworking space, said Luke Wade. Coffee shops, restaurants, chiropractors, physical therapists, and other offerings are joining his adult sports and events company in the revamped former Kemper Arena facility, said Wade, founder of KC Crew. And although the arena officially…
KCMO provides welcoming spot for NY-based high-tech kennel startup, DogSpot
Kansas City stands out among 30 different DogSpot partner cities for cutting through bureaucracy to help startups grow, said Chelsea Brownridge. DogSpot — a service that delivers internet-connected, air-conditioned, standalone dog kennels for pet owners to “park” their dogs while, for example, shopping or running errands — teamed with the City of Kansas City, Missouri,…
Three fathers bring Whizz Bang potty-training game to market through Make48, Handy Camel
The Whizz Bang gamifies potty training and saves the bathroom floors of all parents, said Amy Gray. The device, which hooks on the underside of a toilet seat lid, emits a LED light target at the bottom the bowl. Once hit, the device plays musical praise, said Gray, the head of sales for Handy Camel,…
Reconciliation Services hopes to heal trauma in the heart of stigmatized Troost corridor
Commanded by Scripture, David Altschul journeyed into parts unknown, said his successor, Father Justin Mathews. In the mid-1980s, a philanthropic pull tugged at the heart of Altschul — a white, insurance salesman from Johnson County — and eventually led him into the distressed, history-rich neighborhoods that lined Troost Avenue on the east side of…