Missouri Technology Corporation releases Implementation Plan detailing strategies to catalyze innovation and entrepreneurship

Today, during the Governor’s Conference on Economic Development, the Missouri Technology Corporation (MTC) released an Implementation Plan detailing the execution of strategies recommended in the Catalyzing Innovation Report developed by TEConomy Partners, LLC (TEConomy). The report included five strategies and 16 action items designed to catalyze the state’s innovation and entrepreneurship ecosystems. The Implementation Plan details how MTC will apply these strategies to drive economic development.

“We applaud the Missouri Technology Corporation for taking this bold step to support high-tech entrepreneurship, innovation, and growth,” said Governor Mike Parson. “As made clear during this week’s conference, we’re committed to ensuring our state’s continued economic success. MTC’s strategies will go a long way in shaping prosperous futures for Missouri businesses.”

A key strategy of the Catalyzing Innovation Report is to increase access to entrepreneurial support services statewide to ensure companies are able to grow and scale. MTC’s Implementation Plan includes the creation of a $17 million grant program dedicated to supporting and expanding entrepreneurial capacity. The grant program will be funded through $8.5 million of MTC’s Fiscal Year 2023 general revenue appropriation and a match of $8.5 million generated through the IDEA Fund Co-Investment Program’s venture capital activities. The Implementation Plan will be updated annually and publicly available on MTC’s website.

“The development of the Catalyzing Innovation Report was a milestone for the state,” said Dr. Dedric Carter, Chairman of MTC. “Moving the wisdom of that report into an actionable plan positions us to unlock increased entrepreneurial opportunities for all of Missouri.”

MTC will lead the implementation of some of the plan’s action items, provide support for others, and prioritize those with the highest economic impact potential. The Implementation Plan was developed based on resources available, those accessible in the future, and MTC’s capacity while aligning recommendations with its mission: growing technology-focused businesses. MTC will also work to increase accessibility and inclusivity to promote participation in Missouri’s innovation and entrepreneurial ecosystems.

MTC will also develop, pilot, and launch new grant programs to address gaps identified in the Catalyzing Innovation Report. These programs will fund the creation of collaborative regional nodes, support for physical infrastructure needed for entrepreneurs, and the development of a digital entrepreneurial pathway program.

This month MTC will also begin accepting applications for the Missouri Building Entrepreneurial Capacity (MOBEC) grant program, which provides general operational support and specific program support for entrepreneurial support organizations and innovation centers. Due to an increased FY23 general revenue allocation from the General Assembly, MTC has more than doubled funding committed to the state's entrepreneurial ecosystems.

About Missouri Technology Corporation

The Missouri Technology Corporation (MTC) is a public-private partnership created to promote entrepreneurship and foster the growth of new and emerging high-tech companies. MTC’s vision is to transform Missouri through the power of entrepreneurship by serving as a catalyst for technology-based innovation. MTC helps achieve sustainable economic growth through leadership and strategic investments that help entrepreneurs create and grow technology businesses in Missouri.

To learn more about MTC, visit missouritechnology.com.