Access to Capital/Resources for Entrepreneurs Lynne Shea, CEcD Business Development Manager.
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Transcript of Access to Capital/Resources for Entrepreneurs Lynne Shea, CEcD Business Development Manager.
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Access to Capital/Resources for Entrepreneurs
Lynne Shea, CEcDBusiness Development Manager
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Entrepreneurial Environment• Failure IS allowed• Buy in from established business leaders,
local/regional officials• Mentors from business community, training,
networking events• Regional approach, focus on your assets
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Primary needs for Entrepreneurs
• Knowledge, how to start and run a business• Access to capital• Research facilities• Incubators• Acceleration programs
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Funding Resources
• Limited• Competitive• Grants are scarce• Not for the weak at heart
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Angel Investor Networks, equity funds in early stage life sciences & tech companies
• Mid-America Angel Investors - Kansas City• Women's Capital Connection - Kansas City• Show Me Angels - Lee's Summit• St. Louis Arch Angels - St. Louis• Centennial Investors Angel Investors Network - Columbia• Billiken Angels Network - St. Louis• Angel Capital Group - Kansas City, Memphis• FinServe Tech Angels - St. Louis• Global Perspective Investments LLC - Nodaway County
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Missouri Technology Corp (MTC)
• To provide early stage capital for entrepreneurs/startups
• Public private partnership• Focused on new and emerging tech focused
companies• Agricultural/Plant/Biosciences/IT/Engineering
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How to Access IDEA fundsadministered by MTC
• Funds allocated in state budget annually• $15.86 million allocated in state FY 2016• Competitive application process• MTC takes an equity ownership position• www.missouritechnology.com
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IDEA Funds/Innovation Development Entrepreneurship Advancement
• Tech Launch pre seed money, early R & D phase
• Seed Capital accelerate private money, still early stage, further developing prototypes
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IDEA Funds/Innovation Development Entrepreneurship Advancement
• VC Capital Co Investment accelerates private funds, increases the value to the 3rd party lender
• HiTech Industrial Expansion funds used for capital investment in Biotech, Agriculture, High Tech industries
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MO Building Entrepreneurial Capacity• Matching grant to a non for profit or gov entity
administered by MTC• Expand the support system for startups– Incubators, research facilities
• Show Me Innovation Center in Fulton– Campaign in the community to raise matching grant
funds
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MO Dept of Agriculture• Value Added Grant Program– Add value to a Missouri agriculture product– Aid the rural economy – Funds assist in the creation, development,
operation of the business– http://agriculture.mo.gov/abd/financial/
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Small Business Loan Program• Up to $50,000 used for working capital, M/E• Low interest RLF; typical payback 10 years• 100% MO owned and located• 15 or few employees • Qualified business sector, financial risk• Loan application process at www.ded.mo.gov
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Examples of Local Funding Sources• LaunchKC • Arch Grants• Jefferson City Chamber’s Pitch It & Win It • Global Perspective Investments LLC, Nodaway County
• Missouri Innovation Corporation at SEMO
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Missouri Works administered by MO DED
• Incentives offered for job creation• Performance based• Qualified, approved applicant• Benefits are generated by the NEW state
withholding tax created; ranges from 2.85% to 4.82% of payroll
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Missouri Works• Complete the application process– Eligible business– 2 new FT jobs/2 years– Average Wage Competitive with County Average– Health Benefits– Meet investment requirements
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MO Dept of Economic Development
– Luke Holtschneider, Rural Development Liaison
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Resources Continued• MOSourceLink• Local Chambers, economic development
organizations• University of MO Extension • MO Small Business Tech Development Center
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