© 2024 St. Louis Public Radio
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Nixon celebrates funding for Missouri Technology Corporation

Missouri Technology Corporation, startups
(Maria Altman, St. Louis Public Radio)

Governor Jay Nixon is thanking state lawmakers... at least for the funds they appropriated for the Missouri Technology Corporation.

The Democrat was in St. Louis Wednesday touting the nearly $16 million the Republican-controlled legislature included for MTC in the budget passed last week. MTC provides early-stage capital to both entrepreneurs and startups.

"When MTC gives an investment everyone knows that it’s smart and effective, and the legislature going along with us to make more resources available is important," Nixon said.

The governor also said a recovering economy has allowed his administration to release another $1 million to MTC in this fiscal year. He made the announcement during at stop Wednesday at T-REX, a technology incubator in downtown St. Louis.

"Folks are getting back to work and we think investing in these types of startups that have good ideas and good strong workforce right here in downtown St. Louis is an excellent way to accelerate the recovery," he said.

T-REX is among the 65 companies that have received funding from MTC. Executive Director Patricia Hagan said money helped renovate its building at 911 Washington Avenue.

"One of the first things we did when we purchased the building was renovate the space on the fifth floor to serve as community space, and meeting space, conference rooms and co-working space," Hagan said. "And all that space has helped to create a community here."

That community is helping foster entrepreneurship and growing the region’s economy. St. Louis Mayor Francis Slay said the city is becoming known for its startup scene, and the state’s commitment will only help.

"Today’s investment is an indication of our current climate and our future, both supporting entrepreneurs and attracting them and keeping them," Slay said.

The mayor added that St. Louis doesn’t want to be a training ground for Silicon Valley.

Follow Maria on Twitter: @radioaltman

Maria is the newscast, business and education editor for St. Louis Public Radio.