With new grant, efactory predicts economic impact boon

SBJ file photo

The efactory predicts $40 million in new research and capital investment funding over the next five years.

The efactory expects a new grant of $350,000 — its largest to date — will translate into an economic impact boon.

Missouri State University’s business incubator announced this week it received a Missouri Building Entrepreneurial Capacity grant through the public-private Missouri Technology Corp., according to a news release.

Along with its existing programs, the efactory expects the MTC funding to result in $40 million in new local research and capital investment funding, 900 new jobs and 100 new investment-grade startups in the next five years.

With the $350,000 from the MTC, the efactory plans to add staff and new entrepreneurial programs, expand corporate programs, and refine mentorship and business consulting services.

The latest grant follows a $300,000 award in 2016 that helped create the efactory’s business accelerator and a $100,000 grant in 2014 to support the incubator’s early years in operation, according to the release.

“MTC has been critical to the success and growth of the efactory and the Springfield startup community. Their support has allowed us to scale quicker than would have otherwise been possible, allowing us to serve more clients in southwest Missouri,” efactory Director Rachel Anderson said in the release.

“We’ve been very fortunate to have a partner in innovation and are excited about the future of startups in Missouri.”

Reached this morning, Anderson said via email the efactory has been fully occupied for 18 months with more than 45 companies currently operating out of the downtown facility.