ST. LOUIS (KMOX) – Have an idea for a new business that could create the next ‘big thing’ and create jobs right here in St. Louis? if so, you have less than a week to apply to win $50,000 in start-up funding.
New Year’s Day is the deadline to apply for the second round of Arch Grants, which will go to 20 entrepreneurs who promise to start their companies in St. Louis.
Arch Grants Executive Director Sarah Spear says the grant winners also get help from a whole team of support organizations, “We partner with law firms, accounting firms, marketing firms, the cloud computing firm Contegix and Innovate St. Louis’ mentoring group to provide free services to the startups.”
The first round of grants went to 15 companies that have created 53 jobs so far, but Spear tells KMOX the significance goes beyond just the raw numbers, “By attracting and retaining the startups here in St. Louis we’re not losing those jobs to other geographies. For example, we moved a startup here from Costa Rica so any jobs that simMachines creates here are created here and not somewhere else.”
Spear says the grants also prime the pump so more investors are willing to invest in the startups, “There’s an increasing willingness on behalf of investors and people within St. Louis who have the ability to invest, would be termed accredited investors, are coming out of the woodwork. They’re actually getting involved.”
She says the first round winners have raised over $800,000 in additional capital.
The grants are one reason St. Louis has been featured in several publications, in the U.S. and around the world, as a great place to start a business.
Click here to learn more and get an application for the second round of Arch Grants.