Entrepreneurship in Missouri

Business Recruitment

Business Expansion

Entrepreneurism/New Business Formation

Strategies for Economic Development

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

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”

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”

Research is the Foundation for High-Tech Entrepreneurship

Missouri Technology Corporation

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

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

Research Capacity

Commercialization Programs Entrepreneurship Investment Capital Formation Innovation Centers

Strategic Initiatives Scientific Infrastructure High-Technology Business Development Workforce Development

Overview of MTC Programs

Research Capacity

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

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

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

Commercialization Programs

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

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

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

Strategic Initiatives

MTC facilitates partnerships to further Missouri’s technology-based economic development goals University Research Institutions Capital Investors Industry

Strategic Relationships

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

Discussion