Renewed funding supports high-tech growth

The Missouri Technology Corp. announced Wednesday that it is renewing funding for the Missouri Technology Incentive Program, or MoTIP, which provides assistance to high-tech businesses.

Technology-based programs, including MoTIP, were created with a one-time appropriation of funds in 2007, the release said.  The renewed funding for the MoTIP program was made available after the MTC Board of Directors restructured a component of the existing program and reallocated $100,000 for MoTIP.

“Our goal with this funding is to make sure that small businesses have access to economic development tools tailored to help them overcome the unique challenges they face in this economy,” said Jason Hall, executive director of the Missouri Technology Corp., in a news release. MTC is an affiliate of the Missouri Department of Economic Development.

MoTIP broadens participation of Missouri small businesses in the federal Small Business Innovation Research and Small Business Technology Transfer  – which awards roughly $2 billion a year through federal agencies such as the U.S. Department of Defense – and other highly competitive small-business finance programs.

MTC developed the MoTIP program to give Missouri businesses equal footing against high-tech entrepreneurs in other states for access to early-stage capital for business growth and job creation.

The initiative is a partnership with the Missouri Federal and State Technology Program and the Small Business Development Centers.

“Since the partnership with MTC and the implementation of the MoTIP program, our clients have won $19 million in research grant awards,” said Francis Chmelir, interim state director for MoFAST, in the release. “That represents a real turnaround from the $3 million in awards clients secured in 2007, the year prior to the launch of our partnership (which) has achieved a high return on investment, and many of these small businesses have the ability to generate high-paying jobs for years to come.”

For more information about innovations and entrepreneurs, read the March 29 edition of Springfield Business Journal.