(KMOV) – Local leaders on Thursday will unveil plans to raise $100 million to invest in local startup companies, according to an article published in the Wall Street Journal Wednesday
According to the report, a coalition of leaders from both the public and private sectors will raise the money over a five-year period in an effort to revive entrepreneurship in the city.
“We think we’ve got anywhere from about 75 to 100 companies that are ready to explode. Become huge companies, but they need capital and they need it really fast. So we’ve got to figure out ways to raise that money in town to keep these companies here. This is our farm team, for our next big huge corporations,” Katy Jamboretz of St. Louis County Economic Council.
The move would be similar to ones made in recent years by other cities such as Pittsburgh, Detroit and Cleveland.
St. Louis is severely behind when it comes to funding startups. According to the report, Missouri ranked 34th in total venture-capital dollars awarded in 2012.
The $100 million project aims to raise private money from local investors, foundations and companies to provide companies not just with initial capital, but funding to stay in the city as the firms expand.