Wanted: More Startups in St. Louis. Reward: $50,000

Unlike a business accelerator or incubator program, founders don’t give up equity or commit their first-born. Funded primarily by donations from individuals and businesses including Emerson Electric (EMR), Monsanto (MON), and Peabody Energy (BTU), the idea is to strengthen the city’s startup community by investing and supporting “the best and brightest” innovators, rather than “waiting for Fortune 500 companies to move in” and create jobs, explains Ginger Imster, the nonprofit’s executive director.

Arch Grants is kicking off its third competition, accepting applications through Feb. 1. Once winners are announced in June, they’ll be awarded the money in tranches over the course of a year, starting in July, and they’ll get discounted housing and work space, among other perks. Imster, who is raising funds for the program, isn’t sure how many grants will be awarded, but she expects it will be around 20, like last year.

There were just over 700 applicants for the last round, up from 420 for the first crop. Of the 35 businesses that landed grants, one was acquired, one is no more, and the rest are still in business, according to Imster. She says they have created 128 jobs, brought in just over $3.2 million in revenue, and attracted about $5.8 million in follow-on capital, as of Sept. 1 of this year.

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