Missouri a top ten state for startup funding, according to Forbes
JEFFERSON CITY – Gov. Jay Nixon today announced two organizations in Springfield and Cape Girardeau that provide valuable resources to local entrepreneurs will receive a total of $675,000 in early stage business grants. The announcement follows the news this summer that Missouri was ranked – for the first time – as a top ten state for startup funding by Forbes.
“Small businesses are the future of our economy,” Gov. Nixon said. “By working together to make smart, fiscally-responsible investments, we have helped make Missouri a center of high-tech job creation and a launching pad for innovative companies looking to grow their businesses. These grants will build on this momentum by helping more entrepreneurs turn cutting-edge ideas into good, high-paying jobs for Missourians.”
The grants announced today by the Governor include a $325,000 grant to 1st50K in Cape Girardeau and a $350,000 grant to Springfield Innovation Inc. through the Missouri Technology Corporation (MTC), a public-private partnership promoting entrepreneurship. These grants will help those organizations provide mentorship, facilities and co-working spaces, access to capital and other valuable resources to the region’s startup community. The state budget for FY2016 signed by Gov. Nixon includes nearly $16 million for programs at MTC to promote entrepreneurship.
This year, Springfield was ranked third Best City to Start a Business by WalletHub, also earning the number one spot for access to resources. And less than a year after launching, Cape Girardeau’s new co-working space, Codefi, is already home to more than 14 young companies.
“Springfield is poised for growth. This investment will allow us to move forward with investing in the future of Missouri entrepreneurs through our accelerator program,” said Allen Kunkel, CEO of Springfield Innovation, Inc. “By strengthening our ecosystem, local startups will be able to access the resources they need to grow right here in Springfield.”
“The Cape Girardeau Area MAGNET is thankful and honored to be a recipient of the Missouri Technology Corporation’s Early Stage Business Grant, and our team of partners are ready to host several rounds of competitions right here in southeast Missouri,” said Tim Arbeiter of the MAGNET, an economic development organization representing the cities of Cape Girardeau, Jackson and Scott City as well as the County of Cape Girardeau. “MTC’s investment will be a great boost of support in growing Missouri’s newest startup competition 1st50K, which is being led by entrepreneurs at Codefi and supported by area organizations such as the MAGNET.”
During Gov. Nixon’s administration, more than $24 million has been made available to 70 startup companies through the Missouri Technology Corporation, helping these companies leverage $200 million in private capital to commercialize their products and services, create jobs and grow. In addition, more than $6 million has been awarded to incubators, accelerators, and educational institutions throughout the state to help local entrepreneurs develop and grow their businesses. Today, Missouri boasts the second most accelerators per capita and has offers entrepreneurship programs at seven universities throughout the state.
