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Issue Background

Missouri Technology Corporation

The St. Louis Regional Chamber supports increasing funding to the Missouri Technology Corporation (MTC) to support Missouri’s innovators and entrepreneurs. MTC’s programs have a proven track record of job creation, attraction of private-sector capital, and are critical to the development of a statewide, entrepreneurial ecosystem.

MTC is a public-private partnership in the form of a non-profit organization created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. It is governed by a 15-member board of directors appointed by Missouri’s Governor, Speaker of the House, and President Pro Tem of the Senate. The President of the University of Missouri System and the Director of the Department of Economic Development are ex officio members of the board.

The MTC uses funds it receives from the state to support businesses and projects in a competitive, merit-based process to select strategic investments in start-ups and entrepreneurial support services designed to grow our economy. MTC utilizes its funds in two main ways: first, investing in the infrastructure of Missouri’s entrepreneurial ecosystem to support entrepreneurs and, second, directly investing in Missouri’s high-tech, early-stage small businesses through capital formation assistance.

MTC’s mission is to support high-tech economic development throughout the state. The strategic investments in entrepreneurial support services and organizations are wide-ranging, including Arch Grants in St. Louis and Digital Sandbox in Kansas City, Mercy Research and Development in Springfield and the Missouri Innovation Center expansion in Columbia. Other similar investments include ITEN, BioGenerator Accelerator Labs, TRex, MU Life Sciences Incubator, Launch Grants KC and the 1712 Accelerator project in Kansas City. 

Stats:

  • Over the last three fiscal years, MTC portfolio companies have created 328 new, full-time jobs and 113 new, part-time jobs.
  • Since 2011, MTC has invested over $18 million in nearly 60 Missouri companies.  Those companies have raised nearly $130 million in additional capital, and several have successfully exited to provide a substantial return on MTC’s investment (Newsy, LockerDome, JBara Software).
  • Funding requests greatly outpace MTC’s investment capacity. Since launching in 2011, MTC has received nearly 300 applications for funding totaling approximately $170 million—about ten times the amount it was able to invest. For the fiscal year to date, MTC has received 33 applications requesting over $19 million, with only $4.5 million currently available to fund investments.
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