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01.14.2009 5:07 pm

RCGA pushes for angel investor and seed capital subsidies

St. Louis Post-Dispatch
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Officials of the St. Louis Regional Chamber and Growth Association were scheduled to be in Jefferson City today, presenting a wish list to Missouri legislative leaders. According to RCGA President Dick Fleming’s Monday Memo, the group’s “Grow-Me State” initiative is at the top of the list.

That initiative includes a $5 million tax credit for “angel” investors in early-stage companies. That would be similar to an investor credit that Missouri offered in the late 1990s. The RCGA and other business groups also asked for the angel credit in 2007 and 2008, but the Legislature didn’t go along.

The grow-me plan also calls for a $1.25 million proof-of-concept research fund and a $10 million seed capital fund. The former would be used for research at Missouri universities, and the latter would invest in companies that try to commercialize the research.

Does the Grow-Me plan fit into Gov. Jay Nixon’s economic agenda, which is centered on his Show-Me Jobs initiative? We may find out tomorrow night, when Nixon is scheduled to attend the RCGA’s annual membership meeting.

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SHow Me Jobs, Grow me state. We need more than slogans with A-B flaling and now Smurfit about to file bankruptcy (the day AFTER the big shots took their bonuses in cash)

— bizbody
5:22 pm January 15th, 2009