Tech Entrepreneurs: MTC Is Accepting Applications for Its IDEA Funds Programs
Tech entrepreneurs and innovative founders, listen up: The Missouri Technology Corporation is now accepting applications for its IDEA Fund Co-Investment Programs, which provide financing to eligible businesses through components that correspond to the stages of growth for investment-grade, high-growth enterprises:
TechLaunch Co-Investment Program is designed to help high-tech entrepreneurs overcome the principal financing challenges of launching new start-ups that leverage discoveries and talent at Missouri’s world-class public and private universities and other research organizations.
Seed Capital Co-Investment Program is designed to accelerate private investment in Missouri-based startup companies and to increase the overall investment impact.
Venture Capital Co-Investment Program is designed to accelerate private investment in Missouri-based startup companies and to increase the overall investment impact.
MTC's Innovation, Development and Entrepreneurial Advancement Fund (IDEA) Fund Co-Investment program supports Missouri's early-stage entrepreneurs in developing technologies and creating jobs across Missouri while positioning companies for future venture capital investment. The IDEA Fund supports technology startups through matching equity or convertible debt investments for the purpose of technology and business development.
To date, MTC has made direct investments of over $45M into almost 140 of the state's most promising early-stage technology-focused companies and those companies have raised over $1.1bn in follow-on private funding.
For the next eight years, the majority of MTC’s IDEA Fund investments will be funded through the $95 million in federal funding from the State Small Business Credit Initiative Program that was allocated to Missouri.
In light of the approval of MTC’s IDEA Fund by the Department of Treasury to deploy the State Small Business Credit Initiative Program funding, MTC will continuously accept new applications for the IDEA Fund program and will review and award investment allocations on a quarterly basis.
The deadlines for full consideration for each quarterly application review cycle for 2023 are listed below:
January 2023 Award Cycle: Application deadline of 11:59 pm, Wednesday, Nov. 30, 2022
April 2023 Award Cycle: Application deadline of 11:59 pm, Wednesday, Feb. 8, 2023
July 2023 Award Cycle: Application deadline of 11:59 pm, Wednesday, April 12, 2023
October 2023 Award Cycle
: Application deadline of 11:59 pm, Wednesday, June 28, 2023
Thumbnail courtesy of Andre Taissin via Unsplash.
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