Local business groups are pushing for a second straight boost in funding for the Missouri Technology Corporation, a state-run venture capital fund that invests in startups around Missouri. The St. Louis Regional Chamber lists new MTC money and Medicaid expansion as its two top priorities for the legislative session.
Gov. Jay Nixon appears to agree; the budget he proposed last week would increase state funding for MTC to nearly $8.4 million in fiscal year 2015, an increase of $2 million from its current appropriation. The idea, said Jay DeLong, vice president for New Ventures at the Regional Chamber, is to help small companies tap the cash they need to become bigger companies, and perhaps bigger employers, too.
A quasi-governmental arm of the state Department of Economic Development, MTC has existed since 1994, supporting state innovation centers and startup groups and investing directly in about 70 companies.