ST. LOUIS (KMOX) -- Arch Grants, which put St. Louis on the start-up map, has plans to up the ante.
Its annual grants are increasing from $50,000 to $75,000, plus companies moving to St. Louis from outside the area will get an additional $25,000. That's a possible $100,000 total for start-ups to make the move here.
"This significant increase in our funding of extraordinary entrepreneurs will ensure St. Louis continues to stand out as an attractive place for early-stage companies to grow," Director of Development and Strategy Gabe Angieri said in a statement.
The funds are non-dilutive, meaning Arch Grants takes no equity from founders. Also, the most successful companies can qualify for an additional $100,000 "Growth Grant."
"We’re confident that this increase will attract even more highly talented entrepreneurs to St. Louis," Arch Grants' Board Chair Jerry Schlichter said.
Applications for the next round of competition open March 18th.
Arch Grants says candidates should meet the following criteria:
-Founders with validated idea-stage to pre-Series A companies
-Companies with an innovative and scalable business model
-Technology-enabled businesses from all industries
-Diverse founder teams with a desire to help the St. Louis ecosystem grow
-Founding teams who can move 51% of their leadership, or one Founder and 51% of their team to St. Louis for the program year
-Businesses ready to headquarter and/or locate significant operations in the City of St. Louis
Last week, KMOX News reported Arch Grants Executive Director Emily Lohse-Busch is stepping down. She's headed the group since 2017.
"I feel like in a lot of ways when I started, it was a make-it-or-break-it time for the organization," she told KMOX News. "The question on many peoples' minds was 'is this going to stand the test of time?' or 'is this something we piloted that was kinda cool?'"
Arch Grants' portfolio now includes 207 start-ups that have created 2,300 local jobs, and generated 479 million dollars in revenue.
She adds: "We're not only giving twice the amount of - not just grants but dollars - that we were when I started, our staff has significantly expanded, our programming and ability to support the entrepreneurs we fund has gotten a lot more robust."
Lohse-Busch plans to become an entrepreneur herself, and start a consulting firm at the intersection of philanthropy and economic development.
Her last day with Arch Grants is February 28th.