Missouri Regaining Startup Momentum
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- Published on March 17, 2022
- Last Updated March 23, 2022
- In Syndication
State-funded Missouri Technology Corp (MTC) is tipped to receive a big share from Governor Mike Parson’s budget proposal of directing $94.9 million to the Department of Economic Development, explained David Nicklaus, business columnist for the St. Louis Post-Dispatch.
This is a significant change from the status quo; a reversal of Governor Mike Parson’s predecessor’s policy. Over the past decade, MTC’s $45 million investment in 140 companies was matched by $1.1 billion of private capital but a major budget slash abruptly resulted in discontinuation of the State Small Business Credit Initiative program.
Equipped with more funding this time, MTC may reclaim some lost glory Missouri once held: as the first state to match private venture-capital investments to federal dollars. The incredible successes of MTC backed ventures such as Confluence and Benson Hill may account for the increased confidence in startup funding at the state level.