The Missouri Innovation Center Offers Financial and Business Resources to Startups
A mid-Missouri tech incubator is offering up to $50,000 to help startup companies with well-defined plans to create an initial product and/or launch their product or service. In 2016, The Missouri Innovation Center (MIC) created the Accelerator fund, and they have since helped fund more than 15 startups. The recipients of this fund will not only be provided with an initial boost in revenue but will also receive additional amenities, such as optional facilities, shared equipment, and free mentoring services with experienced entrepreneurs and incubator staff. While the fund does not require companies to relocate to Columbia, the Accelerator fund prefers companies that are located in Missouri or companies willing to relocate to Missouri.
About the Mid-MO Tech Incubator
At the Mid-MO Tech Incubator, they team up with startups to create a complete business model and investment strategy. Upon receiving the investment capital and business coaching, companies will be required to enter into a convertible note agreement or equity purchase agreement with the Accelerator Fund. Teams that achieve their milestones and gain traction are eligible for follow-on funding, up to a total investment of $100,000.
About the Missouri Innovation Center
The Missouri Innovation Center (MIC) was founded with a focus on providing support for high growth business ventures that improve human life and sustainability. The MIC is also focused on creating more quality jobs in our region, improve the local economy, and develop technologies that are capable of improving the quality of human life. The non-profit desires to do this through their mentoring, securing financial support, and providing necessary resources for conducting successful and focused research and development.
The MIC has helped 25+ startups achieve greater success through their various programs. One of many success stories is the company AdSwapper, a data protection app that empowers mobile users to gain control over the data they provide advertisers and get paid for it. The company received its first investment from MIC Accelerator Fund in October of 2016. With this support, the company was able to solidify its team, build the product, and officially launch AdSwapper in July of 2017. Just months later, AdSwapper secured follow-on funding from the Accelerator Fund as a winner of the first Missouri Tech Challenge. Already they have over 60,000 user installations and have filtered over 150,000,000 ads.
Once an application is submitted online through the website, the application is reviewed by MIC staff for a preliminary assessment which will typically happen within one month after submission. Then bi-annually in the fall and spring, top candidates are selected to move through the diligence process. This process involves a thorough analysis of the company, value proposition team, and business strategy. With the Accelerator fund receiving new applications constantly, they urge businesses to not disclose any proprietary information as it is not possible to sign an NDA with everyone who applies. MIC urges startups to “Get us excited about your business or product without giving away the recipe for your secret sauce.”
If you are interested in applying for funding, visit the Missouri Innovation Center website and choose “submit application”. For more information about other funding sources for your startup, contact an Anders startup advisor.