Mo' Money: IDEA Fund Applications Are Open and Due Nov. 14, 2020
Good news has arrived for high-tech startups! The Missouri Technology Corporation (MTC) is back with two programs that can help secure capital for your business.
MTC is a public-private partnership created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. Since one of the ways businesses grow is through funding, every year MTC awards businesses of all sizes different forms of capital to support their formation and expansion.
Through Missouri IDEA (Innovation, Development, and Entrepreneurship Advancement) Funds, MTC has two programs and are now accepting applications for 2020.
Early-Stage Entrepreneurs: This Is Your Time to Win Capital
The first program, Missouri TechLaunch, was created to support early-stage, Missouri entrepreneurs who are developing technologies, building businesses and creating jobs across Missouri. TechLaunch supports life science and technology startups through matching equity or convertible debt investments up to $100,000 for the purpose of technology and business development.
The second program, Missouri SEED Capital Co-Investment, was created to support early-stage, Missouri entrepreneurs developing technologies, creating jobs across Missouri and position companies for venture capital investment. The SEED fund supports technology startups through matching equity or convertible debt investments up to $500,000 for the purpose of technology and business development.
Prereqs to Win Some Coin
To qualify for either program, you must:
Be based in Missouri
Have a proprietary or protectable intellectual property
Be in the seed financing stage
Have, at the time of closing, an actual third party dollar-for-dollar matching investment for MTC funds
Fit into at least one of MTC’s five focus areas – animal health, plant science, biomedical science, applied engineering (software), and defense and homeland security
Complete the application process
The application for IDEA Fund applications is Nov.14, 2020. A quick reminder: if your application is chosen to proceed, you will be pitching your business to the MTC Investment Committee. Fine tune your application, brush up on your pitching skills
and best of luck!
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