Gov. Nixon Visits Technology Incubator in St. Louis to Discuss Efforts to Support High-Tech Startups

Press Release

Gov. Jay Nixon today visited T-REX, a nationally recognized technology incubator in downtown St. Louis, to discuss the state's successful efforts to promote entrepreneurship, including $15.86 million in funding for science and technology programs at the Missouri Technology Corporation (MTC) in Fiscal Year 2016. MTC is a public-private partnership that provides early-stage capital to entrepreneurs and startups.

"By developing and marketing new technologies and products, Missouri's entrepreneurs and small businesses are the engines of our economy, stimulating economic activity and job creation throughout the state," said Gov. Nixon. "I am pleased that the General Assembly followed my recommendation to invest in the future of Missouri's economy by helping more entrepreneurs turn cutting edge ideas and next-generation technologies into good, high-paying jobs for Missourians."

Recently, the Governor also announced that $1 million was being made available for science and technology programs at MTC in the current fiscal year. State Budget Director Linda Luebbering announced earlier this month that 2015 fiscal year-to-date net general revenue collections increased 7.7 percent compared to 2014, from $6.70 billion last year to $7.22 billion this year.

The 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. MTC focuses on 21st Century bioscience industries that build on Missouri's rich history in agriculture and technology.

To date, MTC has deployed $21 million in funding to 65 companies, including T-REX, which helped start-ups raise more than $180 million in additional private capital and bring new discoveries to the marketplace.

T‐REX provides entrepreneurs with low cost and flexible enterprise space in a state-of-the art facility in St. Louis. Currently, T-REX is home to more than 100 startups and community organizations focused on economic growth and development. The goal of T-REX is to increase the vitality of the regional economy by recruiting and nurturing startup companies that advance technological development, encourage creative thinking through design and employ highly skilled workers that will contribute to the economic development of St. Louis.

"Here at T-REX, we see every day how entrepreneurs contribute to the economic and cultural vitality of the St. Louis region," said T-REX executive director, Patricia Hagen. "Funding through the Missouri Technology Corporation has been vital to the success of many of our emerging enterprises, and to T-REX itself, and we thank the Governor for his strong and continued support of these programs."

Gov. Nixon has made creating jobs and supporting small businesses a top priority of his administration. In addition to funding through MTC, the Governor also signed bills to eliminate the corporate franchise tax on small businesses and provide a temporary tax credit to small businesses that create jobs. Last year, the Governor announced Missouri Health Works to help small businesses provide health insurance for their employees.

As a result, the State of Missouri and the St. Louis region in particular have earned national recognition as a hub for high-tech jobs. St. Louis has been recognized as a top U.S. tech hub by CNBC, a top metro area for STEM professionals by WalletHub, and the No. 1 emerging startup city in America by Popular Mechanics.

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