RMI will present a Missouri State University program, The eFactory, with a $150,000 check as the lead investment in the new seed capital fund. A check presentation will occur at the Robert E. Plaster Free Enterprise Center, 405 N. Jefferson Ave., at 4 p.m., April 16. Missouri State President Clif Smart and RMI CEO Ken Lueckenotte will give remarks.
“We’re excited to be part of entrepreneurial culture in southwest Missouri and are pleased to help fill the need for startup and emerging companies to be able to develop their proof of concept business ideas, small-scale implementation and preparation for follow-on funding,” said Lueckenotte.
The investment from RMI will help establish an accelerator and seed capital fund to help new businesses grow in the Springfield community.
“Early stage funding is imperative for startup and emerging companies to achieve a level of preparation and proof of concept necessary to realistically pursue significant rounds of funding,” said Brian Kincaid, director of The eFactory.
“Access to seed capital and complementary programs is critical to the development of a nationally renowned culture of entrepreneurship and innovation that can serve as a competitive advantage and sustainable asset for Springfield.”
Companies applying for the accelerator at The eFactory will be selected through a competitive application process.
They will receive funding through the seed capital fund with the final investment decision made by an investment advisory board comprised of the seed fund investors, business leaders and community leaders.
A company that is selected will receive $30,000 in seed funding, project-based mentorship, office space at The eFactory, networking opportunities and introductions to follow-on funding opportunities over the course of 12 weeks.
“We’re thrilled to have RMI as a partner and lead investor in our new seed capital fund,” said Allen Kunkel, associate vice president of economic development at Missouri State and director of the Jordan Valley Innovation Center.
“The fund will help us foster the growth of newly formed companies that will bolster the entrepreneurial culture of Springfield, create new high-wage jobs and attract emerging companies to southwest Missouri.”
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