How UMSL's $75,000 SBA Grant Fuels Local Entrepreneurship and Student Growth

A New Horizon for Local Startups: UMSL's Latest SBA Grant

The Entrepreneurship and Innovation Center at the University of Missouri–St. Louis (UMSL) has received a significant boost in funding, thanks to a $75,000 grant awarded by the Small Business Administration (SBA) as part of its 2025 Growth Accelerator Competition. This grant is part of a larger initiative where the SBA awarded a total of $5.7 million across 76 organizations to support innovative small business programs nationwide.

Scott Morris, the center's director, is determined to utilize this funding to further enhance the Anchor Accelerator program. This program not only aims to assist local startups but also provides a platform where students can engage directly with entrepreneurs, thus gaining invaluable real-world experience. Morris's ambition is clear: to involve more students and foster deeper connections between educational frameworks and the burgeoning local economy.

Capital Formation and its Importance in Today's Economy

The SBA’s funding was separated into two categories: Lab-to-Market initiatives, focusing on bridging research and commercialization, and Capital Formation initiatives, aimed at expanding investment access for small businesses. UMSL was one of only 35 organizations to receive a Capital Formation grant, marking it as a distinctive player in promoting technological innovation and entrepreneurship within the state of Missouri.

Morris highlights that the grant will allow him to increase the program's outreach significantly, which could translate into a more robust local economy. By enabling student engagement in entrepreneurial activities, the program aims to empower the next generation of business leaders while providing startups with fresh perspectives and energy.

Innovative Approaches to Entrepreneurial Education

A crucial aspect that Morris emphasizes is the dual option for student participation. Students can engage in the program either as part of a capstone class for credit or through paid internships. This flexibility not only attracts more students but also enriches their educational experience by giving them hands-on opportunities in real business environments. “The more local businesses we can work with, the more student involvement we can have,” said Morris, illustrating his commitment to strengthening the entrepreneurial landscape.

Diverse Mentorship Opportunities Enhance Learning

Mentorship is another pillar of the Anchor Accelerator's success. Morris aims to increase the number of mentors involved in the program who can share their expertise with students and entrepreneurs alike. Mentors often serve as guest speakers, offering invaluable insights into the challenges and opportunities of running a successful business.

Such mentorship not only provides academic support but also fosters a network that students can tap into as they navigate their entrepreneurial journeys. Morris’s experience in previous cohorts revealed the positive impact of mentorship, as many students, after participating for credit, chose to return for further engagement, drawn by the transformational learning experiences.

Collaboration as a Key to Success

The recent achievement in securing the SBA grant reflects the power of collaborative effort. Morris noted how a successful team, including Travis Wente from UMSL and Melissa Laurenti, came together to craft the grant application. Their focus on translating Morris's typical pitch into a compelling presentation was integral to securing the funding. “It was a whirlwind amount of work, but the team worked really well together,” he mentioned, showcasing the importance of unity in achieving shared goals.

This collaborative spirit not only aided in grant writing but also enhances the overall mission of the Anchor Accelerator program as it strives to impact more local businesses while providing rich learning experiences for UMSL students.

Conclusion: The Road Ahead for UMSL's Entrepreneurship Programs

The $75,000 from the SBA marks a pivotal advancement for the Entrepreneurship and Innovation Center at UMSL. As Morris envisions the future, he sees a program that will continue to flourish, potentially increasing student participation to over 30 in subsequent cohorts. “This lets us continue to grow the program,” Morris concluded, highlighting the program’s expansive goals to positively influence both the local economy and the educational landscape.