The Missouri Technology Corporation (MTC) is launching a new pilot program called Proof of Concept for early-stage entrepreneurs developing innovative products.
Proof of Concept offers $25,000-$50,000 equity investments to companies in the pre-seed stage that are working on validating their concept, developing and/or launching a minimum viable product.
Proof of Concept is just one of the active programs through MTC’s Innovation, Development, and Entrepreneurial Advancement (IDEA) Fund. The IDEA Fund is a state-sponsored venture capital initiative that utilizes state and federal funds. The primary focus is fostering innovation and supporting technology-driven entrepreneurial endeavors that contribute to the state’s overall economic development growth.
This public-private partnership created by the Missouri Legislature promotes entrepreneurship and new and emerging high-tech companies. MTC focuses on the life science and technology industries, which build on Missouri’s rich history in agriculture.
Companies awarded an investment through Proof of Concept are eligible for an expedited path to the IDEA Fund’s Investment Committee in their subsequent funding rounds.
Awarded on a quarterly basis, the IDEA application deadline for the October award cycle is 11:59 p.m. on August 7. Presentations to the investment committee will be held in October, and the MTC board will approve IDEA funds by early November.
Since 2010, MTC has invested over $50 million in nearly 160 early-stage Missouri-based high-growth technology-focused companies. Over the past decade, these companies have gone on to raise over $2.1 billion in private capital and generated over 8,000 jobs.
For more information about the IDEA Fund, its programs and application process, click here.
