Missouri Technology Corporation releases report detailing strategies to drive innovation and entrepreneurship

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Today, the Missouri Technology Corporation (MTC) released a report recommending strategies to drive innovation and entrepreneurship statewide. MTC engaged TEConomy Partners, LLC (TEConomy), a leader in economic development research, to undertake the data-driven analysis and develop recommendations. MTC will provide an overview of these recommendations during a virtual presentation today from 12:30 to 2 p.m., which is open to the public. The report will be available on MTC’s website following the presentation.

“Our state is a hub for high-tech entrepreneurship, with a growing number of leading companies investing right here in Missouri,” said Governor Mike Parson. “Supporting innovation is critical for encouraging economic growth statewide. Investments made through Missouri Technology Corporation are doing just that, and we applaud these efforts that ensure our future success.”

MTC is a public-private partnership of the Missouri Department of Economic Development that works to promote entrepreneurship and foster growth of emerging high-tech companies. Last year, MTC commissioned TEConomy to undertake this strategic effort to identify ways to drive economic growth through innovation and entrepreneurship. Under the guidance of a statewide Steering Committee, TEConomy’s multi-pronged approach involved input from approximately 500 individuals throughout the state’s innovation and entrepreneurship ecosystem. The results of this initiative are detailed in the report, which also includes strategies to catalyze innovation and entrepreneurship over the next decade. 

“This initiative set out to advance strategies for increasing impact of innovation and entrepreneurship in Missouri over the next decade,” said Dr. Dedric A. Carter, MTC Chairman and chair of the initiative steering committee. “The guidance and insights from the 16 member steering committee coupled with input from entrepreneurs and stakeholders from across the state has resulted in a data-centered, stakeholder-informed set of recommendations for the future. We are immensely grateful for all who contributed to this open and engaging process to help catalyze innovation in Missouri.”

“Entrepreneurs play a critical role in the growth and vitality of Missouri’s economy,” said Department of Economic Development Acting Director Maggie Kost. “I appreciate the Missouri Technology Corporation and their efforts to tell that story through this report, and I look forward to working together to better support the entrepreneurial community of our state.”

TEConomy’s analysis concluded that while the $75.7 million invested by MTC since 2014 has resulted in a total economic impact of more than $6 billion, more can be done to ensure that innovative firms are able to successfully grow and develop in Missouri. The report recommends five strategies and an associated set of sixteen actions to help companies grow, create higher-paying jobs, and develop an economy prepared for future challenges.

“While Missouri has made significant progress in recent years in comparison to other peer states, its ability to become a national leader in innovation and entrepreneurship is hindered by inconsistent funding,” said Deborah Cummings of TEConomy. “Overcoming the ecosystem challenges identified in the report will be critical in ensuring that innovative entrepreneurial endeavors are able to grow and scale in the State of Missouri. Implementing the recommended strategies and actions will help ensure the state’s future economic vitality for all Missourians.”

About MTC

Missouri Technology Corporation is a public-private partnership created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. Its mission is to provide leadership and make strategic investments that help entrepreneurs create and grow technology-based businesses in Missouri.

To learn more about MTC, view the report, or register for the upcoming virtual presentation, visit missouritechnology.com.

About TEConomy Partners, LLC

TEConomy Partners, LLC (TEConomy) is a global leader in research, analysis, and strategy for innovation-driven economic development. TEConomy is experienced in developing innovation/entrepreneurial ecosystems, and has worked with numerous regions and states to develop strategic action plans to generate results. TEConomy also works with clients to assess scientific and technological core competencies and develop strategic roadmaps that leverage science and technology assets. TEConomy extensively practices economic analytics and applies this expertise to in-depth economic and functional impact analysis for government, higher education institutions, academic medical centers, industry associations, and other client groups.

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