Gov. Eric Greitens says the state plans to start an innovation fund to support entrepreneurship efforts in Missouri.
The St. Louis Post-Dispatch reports that Greitens mentioned the fund Thursday at an economic development conference in St. Louis. Under the plan, private fund managers would go through Missouri Technology Corp. to borrow state money.
Missouri Technology Corp. is a state program that invested in early-stage companies until legislators slashed its budget this year.
The fund will only invest in companies with a Missouri presence. Fund managers could invest wherever they see the biggest potential return.
A state official says Missouri could generate more than $100 million for the fund if legislators agree to issue bonds and make debt payments at the same level it used to fund Missouri Technology Corp.