Arch Grants Seek To Make St. Louis a Startup Hub

ST. LOUIS (AP) – A new program is aimed at attracting entrepreneurship to downtown St. Louis.

The St. Louis Post-Dispatch reports that Arch Grants is a national competition offering $50,000 apiece for those willing to start a company in St. Louis. The program is the idea of four businessmen who say they grew tired of watching the region’s slow economic growth and the exodus of smart young people.

Arch Grants now has about $2 million in grants and donations committed over three years. An expert panel will pick the first group of winners in May.

In addition to cash, the winners get discounted housing and office space, access to advisers and free services from legal and accounting firms.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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