The St. Louis Development Corp. was awarded a $474,020 federal grant Tuesday to support entrepreneurs.
The SLDC, the economic development arm of city government, will use the grant along with $139,716 in local matching funds to launch TechSTL, which it describes as a consortium of entrepreneur support organizations, business groups, training entities and economic development organizations.
The consortium aims to "more effectively address the economic injury to the St. Louis region caused by the pandemic and establish entrepreneurship as a primary regional economic driver," according to the U.S. Commerce Department, which awarded the grant.
The department said TechSTL's services will "fill confirmed gaps in the ecosystem," including validation of early-stage business ideas and education for investors.
SLDC was one of 44 grant winners chosen from 238 applicants in the Commerce Department's SPRINT Challenge. SPRINT stands for Scaling Pandemic Resilience through Innovation and Technology.
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