St. Louis' startup economy has vastly expanded within the past two decades, but faces stiff competition from other cities that have also targeted innovation as a key to growth. That was one key takeaway during the conversation Tuesday at St. Louis Inno's Ecosystem101 event, which examined the state of the region’s innovation economy.
The Ecosystem101 event sought to provide an overview of the region’s startup and tech communities, providing insight on the top businesses, industries, trends and quirks that define the St. Louis’ innovation economy. Tuesday’s event, held at Moulin Events and Meetings, included a “Meet the Founders Showcase," with three companies giving presentations about their innovative startups. That was followed with a panel discussion on the state of St. Louis’ innovation economy.
Martha Schlicher, CEO of Impetus Agriculture, led off the “Meet the Founders Showcase” and spoke about how her startup is working to bring new insect control products to market. Mission Control co-founder and CEO Austin Smith shared how his startup’s software is helping esports leagues manage their operations. Erica Cole of No Limbits spoke about how her experience as an amputee launched her clothing startup.
Participants in the event’s panel, which was moderated by St. Louis Inno Reporter Nathan Rubbelke, were:
- Erica Cole: Founder of No Limbits
- Stacy Gee Hollins: Dean of the Anheuser-Busch School of Business at Harris-Stowe State University
- Rikki Henry: Program manager at the Center for Emerging Technologies
- Brian Matthews: Co-founder and general partner at Cultivation Capital
Moulin Inno Event
Matthews, who launched his first technology startup in the 1990s, spoke about how St. Louis’ startup economy has vastly expanded since his early days as an entrepreneur. In the past, he said founders had to rely on their personal networks to find investment and often had to leave the region to find a place where they could grow their companies.
While St. Louis’ startup economy has rapidly grown, Matthews noted it faces stiff competition from other Midwest cities that have also targeted startups and technology as part of their growth strategies. A recent St. Louis Inno analysis of data on startup funding, exits (including initial public offerings and acquisitions), capital raised by local venture capital firms and startup job growth, showed St. Louis is on a strong footing when it comes to competing with peer metro areas, but that several other Midwest cities have experienced similar or stronger growth than St. Louis in some of those metrics.
Henry and Hollins spoke about efforts to diversify the region’s startup ecosystem, saying groups and businesses need to be intentional about interacting with individuals from underrepresented communities. Panelists also spoke about efforts to retain talent locally, saying it's imperative young people are given opportunities to interact with the region’s startups and entrepreneurs while still in school.
Cole, who relocated No Limbits from Iowa to St. Louis after winning a grant from local nonprofit Arch Grants, shared how St. Louis has helped advance her business. During the event, Cole also spoke about her experience of recently appearing on ABC’s "Shark Tank."
