The Missouri Technology Corporation (MTC) has announced plans to invest over $2 million in eight promising startups with high growth potential to create high-paying jobs within the state. These investments will be made through MTC’s Innovation, Development, and Entrepreneurial Advancement (IDEA) Fund Co-Investment Program, funded by the federal State Small Business Credit Initiative (SSBCI) program.
The SSBCI program provides funding for credit and investment programs for small businesses and startups, with $10 billion allocated to states to build entrepreneurial ecosystems, expand access to capital, and create high-quality jobs. In addition, MTC’s IDEA Fund is a state-sponsored venture capital program that invests in Missouri’s most promising emerging companies to promote growth and future investment. The program requires private matching funds to ensure that state and federal funds are invested in the most attractive opportunities. MTC actively seeks new investment opportunities in Missouri’s early-stage technology or innovation-based companies with high growth potential.
“This is the first round of investments to be funded through the federal SSBCI program, which will allow MTC to award quarterly investment allocations for the next eight years or so,” said Jack Scatizzi, MTC’s Executive Director. “Applications were received from several of the state’s entrepreneurial ecosystems, and MTC is excited to continue to deploy capital alongside our co-investors into high-growth potential early-stage companies throughout the state.”
In January 2023, the IDEA Fund announced investments in eight companies, including Edison Agrosciences, Inc. & Solis Agrosciences, Inc. Edison Agrosciences is an ag/biotech company that engineers sunflower plants to produce natural rubber, a strategic raw material required in thousands of military, industrial, and consumer products, but with no domestic supply. Solis AgroSciences is a services provider for the growing AgTech industry that enables plant sciences companies to deliver innovative products to growers and consumers more quickly and cost-effectively.
The investments made through the IDEA Fund Co-Investment Program have the potential to significantly impact Missouri’s economy by creating high-paying jobs within the state. In addition, MTC’s focus on investing in early-stage technology and innovation-based companies with high growth potential aligns with the state’s goals of building a robust entrepreneurial ecosystem and expanding access to capital for small businesses and startups.