MO: Missouri Technology Corporation Announces Additional Funding to Support High-Tech Company Growth
21 Apr, 2010
The Missouri Technology Corporation (MTC) announced that it has renewed funding for its highly successful Missouri Technology Incentive Program (MoTIP) program that assists small, high-tech businesses. The MTC is housed within the Missouri Department of Economic Development (DED).
“Making tools available to Missouri entrepreneurs who are creating new, exciting high-tech companies in Missouri is a critical component of our overall strategy to create jobs and grow our economy,” said Jason Hall, Executive Director for the Missouri Technology Corporation. “Our goal with this funding is to make sure that small businesses have access to economic development tools tailored to help them overcome the unique challenges they face in this economy.”
MoTIP broadens the participation of Missouri small business in the federal Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) awards and other highly competitive small business finance programs. Approximately $2 billion dollars is awarded annually for the SBIR/STTR programs alone through federal agencies such as the U.S. Department of Defense. MTC developed its two-part MoTIP program, in partnership with others, to make sure Missourians can compete on equal footing against high-tech entrepreneurs in other states for access to early-stage capital needed to grow their business and create new jobs in Missouri.
MoTIP awards are provided on a competitive basis in one of two forms, depending on the type of SBIR/STTR award being pursued. The renewed funding for the MoTIP program was made available by a decision of the MTC board of directors to restructure one of the two components of the existing program and reallocate the resources. MTC developed technology-based programs such as MoTIP using a one-time appropriation of funds provided by the General Assembly in 2007.
“I am pleased to see additional funding allocated to the Phase 0 component of the MoTIP program,” said David Alburty, CEO of InnovaPrep LLC, a start-up bio-defense company. “The MoTIP program helped our company successfully compete for critical seed-stage funding that allowed us to grow our business in Drexel and remain in Missouri, our home, and we want to see it do the same for other Missourians.”
MTC’s initiative is a partnership with the Missouri Federal and State Technology Program (MOFAST) and the Small Business Development Centers. This partnership is producing encouraging results that show that, with the proper tools, Missouri entrepreneurs can overcome some of the challenges they face in accessing capital needed to launch high-tech businesses.
“Since the partnership with MTC and the implementation of the MoTIP program, our clients have won $19 million in research grant awards,” said Francis Chmelir, Interim State Director for MOFAST. “That represents a real turn-around from the $3 million in awards clients secured in 2007, the year prior to the launch of our partnership. Our partnership with MTC has achieved a high return on investment and many of these small businesses have the ability to generate high-paying jobs for years to come.”
Entrepreneurs interested in learning more about the MoTIP and MOFAST programs can access information at www.missouribusiness.net/fast/index.asp.
The Missouri Technology Corporation was created by the Missouri General Assembly in 1994 and is charged by law with leading Missouri’s technology-based economic development programs. It is governed by a board of directors appointed by Missouri’s Governor, Speaker of the House, and President Pro Tem of the Senate, and includes the President of the University of Missouri system and the Director of the Department of Economic Development. MTC promotes entrepreneurship, fosters the growth of new high-tech companies, and leads efforts to expand Missouri’s high-tech clusters in areas such as plant science, animal health, information technology, applied engineering, and materials science. These clusters are often linked to Missouri’s historic strength and current leading position in agriculture. Further information is available at www.missouritechnology.com.