Missouri Missouri Technology Corp. announces additional funding to support high-tech company growth

The Missouri Technology Corp. recently announced it has renewed funding for its highly successful Missouri Technology Incentive Program. MoTIP assists small, high-tech businesses. The MTC is housed within the Missouri Department of Economic Development.

"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 MTC. "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 awards and other highly competitive small business finance programs.  Approximately $2 billion is awarded annually for the SBIR/STTR programs alone through federal agencies such as the U.S. Department of Defense.

MTC's initiative is a partnership with the Missouri Federal and State Technology Program and the Missouri Small Business and Technology 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."

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 businesses 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 Missouri 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." 

Alburty’s company is a client of the MO SBTDC at the University of Missouri-Kansas City.

Entrepreneurs interested in learning more about the MoTIP and MoFAST programs can access information at www.missouribusiness.net/fast.

- Missouri Technology Corp.

This story was featured in the Apr. 2010 newsletter