Proposals sought for state tech-startup project

“The Missouri Ventures Partner Program will help the state fill a void of seed capital to invest in high-growth technology companies and will leverage additional funding for the creation of a larger seed capital investment fund,” MTC Executive Director Rob Monsees said in a Department of Economic Development news release.

MTC is seeking responses for a promoter and a fund manager for the two-phase program, which will be managed as a for-profit venture capital fund.

The promoter phase requires recruiting within one year of additional investors or co-investment funds for total availability of $15 million. That includes at least $3 million for investment in the agriculture-biotech sector.

The management phase requires investment negotiation and execution, fund management and eventual liquidation.

The RFP is available to download at www.missouritechnology.com. The deadline for submissions is May 2.

MTC was formed to develop, recruit and retain businesses engaged in innovative technologies and is funded by the Lewis and Clark Discovery Initiative. Missouri averages four technology startups per year from institutional research, according to the release.

“The state should be creating at least six new startups per year, with the potential for as many as 28 new startups per year when current research funding levels are taken into account,” Monsees said in the release.

This story originally appeared in SBJ’s April 8 free e-news Daily Update. Click here to register.