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Entrepreneurship in Missouri
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Business Recruitment
Business Expansion
Entrepreneurism/New Business Formation
Strategies for Economic Development
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Entrepreneurship has been successful historically in growing Missouri’s economy Anheuser-Busch Cerner Corporation H&R Block Leggett & Platt Monsanto
Seven of the ten largest companies headquartered in Missouri were established by individual entrepreneurs around the turn of the century
Entrepreneurial Success
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Current State of Missouri Entrepreneurship
Missouri lags behind other states in leading indicators of entrepreneurship as measured by the Kauffmann Foundation 37th Overall 44th in Economic Dynamism 49th in Entrepreneurial Activity 50th in Business Launches per Month
What does the future look like if we do not have new business ventures in our economic development pipeline?
Sources: Parry, Mark E., “Missouri’s Need for Risk Capital: An Assessment and Recommendations”; Kauffman Foundation, “The 2008 State New Economy Index”; and “ Kauffman Index of Entrepreneurial Activity 1996-2008”
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Opportunity for Technology-BasedEntrepreneurship in Missouri
Missouri is among the leading recipients of competitively funded federal research Consistently ranks 12th in NIH grants Recently ranked as high as 9th in federal R&D grants
Missouri is home to world-class research institutions Danforth Plant Science Center Midwest Research Institute Stowers Institute for Medical Research University of Missouri Washington University in St. Louis
Sources: Parry, Mark E., “Missouri’s Need for Risk Capital: An Assessment and Recommendations”; Kauffman Foundation, “The 2008 State New Economy Index”; and “ Kauffman Index of Entrepreneurial Activity 1996-2008”
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Research is the Foundation for High-Tech Entrepreneurship
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Missouri Technology Corporation
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MTC Background
Authorized by the Missouri General Assembly in 1994
Charged with leading the Missouri’s technology-based economic development efforts
Independent 501(c)(3) corporation led by 15-member board of directors
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Board membership 11 members appointed by governor (9 private
sector, 2 public sector) President of UM System or designee Director of Missouri Department of Economic
Development or designee 1 member of the Missouri House of
Representatives 1 member of the Missouri Senate
Governor selects Chair annually
Governor nominates and Board selects Executive Director
MTC Leadership
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Research Capacity
Commercialization Programs Entrepreneurship Investment Capital Formation Innovation Centers
Strategic Initiatives Scientific Infrastructure High-Technology Business Development Workforce Development
Overview of MTC Programs
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Research Capacity
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Research Alliance of Missouri
MTC serves as administrator for the Research Alliance of Missouri (RAM)
RAM membership consists of the chief research officer of Missouri’s 14 public and private research universities
Includes Danforth Plant Science Center, Stowers Institute for Medical Research, and Midwest Research Institute
Community interest in adding Lincoln University to RAM
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Life Sciences Research Trust Fund
MTC serves as the administrator for the Life Sciences Research Board
Created in 2003 (House Bill 688) 7-member Life Sciences Research
Board appointed by the Governor (LSRB) and confirmed by the Senate
The mission of the Board and the Trust Fund is to enhance research capacity in life sciences and to transform life sciences research into commercial opportunities
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Life Sciences Research Trust Fund
Eligible research areas include: Animal science Plant science Medical device Biomaterials and composite research Diagnostics Nanotechnology related to drug
development and delivery Clinical imaging Information technology related to
human health
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Commercialization Programs
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Entrepreneurship Investment IT Initiative Medical Device Innovation Missouri Source Link Missouri Technology Innovation Program
(MOTIP) Intellectual Property Management Fund
Capital Formation Ag-Biotech Recruitment Fund Angel Investor Network Program Collaboration and Interdisciplinary Program Missouri Venture Partners
Commercialization Programs
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10 state-funded innovation centers
MTC charged by statute to oversee the network
Serve as a focal point for commercialization of university technology
Innovation center companies include Equinosis, Stereotaxis, Yurtopia
Springfield innovation center landed major federal research project to develop advanced communications equipment for special military forces
Innovation Centers
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Original innovation centers located near Missouri’s research institutions Columbia Kansas City Rolla St. Louis
Additional innovation centers established since 1989 Cape Girardeau Joplin Kirksville Springfield St. Joseph Warrensburg
Innovation Centers
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Strategic Initiatives
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MTC facilitates partnerships to further Missouri’s technology-based economic development goals University Research Institutions Capital Investors Industry
Strategic Relationships
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Scientific Infrastructure Animal Health Research Center (Western Missouri) Missouri Plant Science Center in Mexico, Missouri Technology Park at Fort Leonard Wood
High-Technology Business Development High-Technology Marketing and Promotion Missouri-Israel Initiative
Workforce Development Ag-Biotech Outreach Program Animal Health Workforce Initiative (St. Joseph) Missouri Center for Advanced Power Research
(Joplin)
Strategic Initiatives
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Discussion