MSU Foundation commits $150K to business accelerator

During a $150,000 check presentation yesterday by small-business lender RMI at The eFactory, Missouri State University President Clif Smart announced the school’s fundraising arm would provide matching funds for a business accelerator program and seed capital fund.

The MSU Foundation will invest $50,000 a year in the program, Smart said, adding officials ultimately will seek to raise $600,000 for the program.

A small crowd gathered at MSU’s downtown business incubator for the check presentation by RMI CEO Ken Lueckenotte, who traveled from Jefferson City.

A complement to the incubator at The eFactory, the 12-week accelerator program is designed to provide an unspecified number of companies with $30,000 in seed funding, mentorship and office space, as well as networking and follow-on funding opportunities. A yet-to-be formed investment committee made up of community and business leaders and seed fund organizers would select companies through a competitive application process.

“The key to economic development is job creation, and somewhere business has to start,” Lueckenotte said in an article to appear in Springfield Business Journal’s April 20 print issue. “The eFactory (is) a good place to put some money into to invest in these startup businesses and hopefully will go on to create many jobs.”

SBJ reporter Zach Smith contributed to this article.[[In-content Ad]]