ST. LOUIS, Mo. (KMOX) – “Will St. Louis Become the next Silicon Valley?” A Wall Street Journal report out this week asked that question, but tomorrow local officials will unveil a new effort to make that answer a yes!
It is called the Regional Entrepreneurship Initiative (REI), and its organizers hope to raise $100-million over five years for St. Louis startups. “There maybe some public funding involved with it, but the focus of this will be private sector funding,” says St. Louis County Economic Council President Denny Coleman.
Coleman tells KMOX the initiative will work with venture capitalists who are already providing seed money to local startups.
“In essence it will be like a fund of funds that would then be allocated to those investment groups who have a track record of success in investing in our entrepreneurs.”
Coleman says the money will help make sure companies who start here, stay here as they grow.