The St. Louis IT Entrepreneur Network, or ITEN, has released an annual impact report highlighting how companies that are part of the group contributed to economic improvements and innovation in the St. Louis region in 2020.
The organization, founded in 2008, became a division of Lindenwood University in 2020. Its annual report focuses on how the entrepreneurs and businesses in its network persevered through “unprecedented challenges” brought about by the pandemic in 2020, finding ways to create jobs, launch products and raise funding.
According to the report, 58 companies joined ITEN last year.
A total of 37 member companies hired in 2020, according to the report, adding nearly 190 jobs. Since 2012, ITEN companies have created more than 1,900 jobs.
Member companies continued to generate innovations despite the pandemic, according to the report, launching 68 commercial products and securing eight patents.
ITEN companies also saw some success raising capital, collectively securing more than $27 million in equity capital and bringing in an addition $6 million in grants and loans. Since 2016, ITEN members have raised a collective total of more than $165 million, according to the report.
The report also highlights efforts around diversity, equity and inclusion. Of ITEN founders, 41% are people of color and 36% are female, according to the report.