Missouri Technology Corporation announced today it is requesting proposals for the Missouri Venture Partners Seed and Early Stage Fund
FOR IMMEDIATE RELEASE
Wednesday, April 7, 2008
CONTACT: Keener A. Tippin II
(573) 751-9065
JEFFEERSON CITY – The Missouri Technology Corporation announced today it is
requesting proposals for the Missouri Venture Partners Seed and Early Stage Fund.
The fund will expand and expedite the growth of new technology companies in Missouri.
“The Lewis and Clark Discovery Initiative was established to support funding for MTC
to develop, recruit and retain businesses engaged in innovative technologies,” said Rob Monsees, MTC’s executive director. “The Missouri Ventures Partner Program will help the state fill a void of seed capital to invest in high growth technology companies and will leverage additional funding for the creation of a larger seed capital investment fund.”
Monsees said the program is also designed to encourage the mining of discoveries and innovations at Missouri institutions with the assistance of hands on development by the successful fund manager and their team.
According to Monsees, MTC is seeking responses for (1) a promoter and (2) a fund
manager for a two-phase project titled the Missouri Venture Partners Program (MVP), a seed and early stage fund. It would be managed as a for profit venture capital fund.
The Promoter Phase requires the recruiting within one year of additional investors and/or co-investment funds for total availability of $15 million including a minimum of $3 million dedicated for investment in the Ag Biotech sector.
The Management Phase requires investment negotiation and execution, fund management and eventual liquidation.
“Missouri averages an estimated four technology startups per year from institutional
research,” Monsees said. “The state should be creating at least six new startups per year, with the potential for as many as 28 new startups per year when current research funding levels are taken into account.”
The MVP will surface new technology opportunities by directly mining ideas from
Missouri research labs.
The RFP can be reviewed and downloaded at www.missouritechnology.com.
Deadline for submission is by May 2.
The Missouri Technology Corporation was created by the Missouri General Assembly in 1994 and is charged by law with being a focal point for leading the state’s efforts in technology based economic development and for enhancing the system for transferring new discoveries into the marketplace in order to create companies and high tech jobs for Missourians. MTC will receive $15 million from Governor Blunt’s Lewis & Clark Discovery Initiative, the largest investment ever in technology based economic development in our state’s history.
For additional information on the Missouri Venture Partners Program, please contact
Stacey Hirst at (573) 526-1558 or email at Stacey.hirst@ded.mo.gov.
###