Spurring small business growth by creating advanced technology jobs in Missouri.

The mission of Grow Me State Initiative is to create coordinated and sustainable state policies to encourage technology-based economic development, including these legislative components:

  • Angel Tax Credit program to bridge the gap in equity funding

  • Proof of Concept Program
  • Seed Capital Co-Investment Revolving Fund designed to improve the conversion rate of R&D and innovation into commercially viable products and Missouri-based entrepreneurial firms by co-investing into Missouri companies with private funds.

 

Missouri's Share of Midwest Venture Capital (Source: Pricewaterhouse Coopers Moneytree) illustrates the declining share of Missouri's portion of the Midwest's portion of total US Venture Capital Dollars. The Midwest portion of total VC dollars in US has remained fairly steady at around 4% each year. However, Missouri is capturing less and less of this 4% each year. This means that we, in Missouri, are losing to the states around us.

 

State Per Capita Expenditures illustrates a trend that may be drastically affecting Missouri's ability to attract venture capital to our state, which is the key component of spurring high tech jobs and innovative companies. This graph illustrates that on average our "Neighboring States" spend $2.79 per capita of public money to support capital formation programs in their states. The "Tech-Similar States", many of which Missouri considers itself a competitor, spends $2.94 per capita of public money to support capital formation programs. What we are learning is that Missouri is falling further and further behind in supporting innovation and a technology driven economy.