Missouri Technology Corporation unveils Strategic Implementation Plan for FY 2024 as state funding boosts capacity

The Missouri Technology Corporation (MTC) announced today that it has released its Strategic Implementation Plan for Fiscal Year 2024. This comprehensive plan outlines MTC's commitment to catalyzing innovation and entrepreneurship in the state of Missouri by introducing new programs and initiatives to empower high-tech companies to thrive.

“We appreciate the efforts of the Missouri Technology Corporation to support entrepreneurship and innovation across our state,” said Governor Mike Parson. “Missouri’s high-tech sector is thriving and creating new opportunities for Missourians while strengthening our economy. We look forward to seeing the implementation of these strategies from MTC to drive continued growth for the future.”

MTC’s Strategic Implementation Plan highlights key programs and initiatives designed to foster innovation and entrepreneurship. These include 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.

“We are thankful to Governor Parson and the General Assembly for their support of entrepreneurship and new venture development in Missouri,” said Dr. Dedric Carter, Chairman of MTC. “With the generous allocation of approximately $15 million in the state's Fiscal Year 2024 budget, MTC is embarking on an exciting journey. 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.”

Increased funding for MTC will allow for continued financial support through core programs, such as the Missouri Building Entrepreneurial Capacity (MOBEC) Grant Program and the Innovation, Development, and Entrepreneurship Advancement (IDEA) Fund Co-Investment Program. Additionally, programs piloted in Fiscal Year 2023, such as the Physical Infrastructure Grant Program, will be expanded to further fuel economic development throughout the fiscal year.

“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,” stated Jack Scatizzi, Executive Director of MTC. “Through collaboration with stakeholders, community engagement, and strategic planning, we will continue to work tirelessly to foster innovation and entrepreneurship within the state.”

MTC, a public-private partnership established by the Missouri General Assembly, receives direct appropriations from the state budget and access to federally funded programs. This funding enables strategic investments in Missouri-based high-tech companies that support their growth and the overall economic prosperity of the state.

For more information about MTC and its Strategic Implementation Plan for Fiscal Year 2024, visit missouritechnology.com.

About Missouri Technology Corporation

The Missouri Technology Corporation (MTC) is a public-private partnership created to foster innovation and entrepreneurship within the state of Missouri. By providing strategic investments and support to Missouri-based high-tech companies, MTC aims to drive economic growth and create a thriving ecosystem for technology-based businesses.

For more information, visit missouritechnology.com.