The St. Louis area is suddenly becoming known as a hot-bed for technology. Mike Heil, a Partner with ThrottleNet, appeared on TNtv to analyze the forces behind St. Louis’ rise as a technology hub spot and the future prospects for tech-related growth and employment. Heil said that St. Louis is future proofing its economy by moving away from traditional based manufacturing to an economy that is technology based. This follows global and national trends and the Gateway City is on the forefront of this new approach.
Below are some reasons why the St. Louis tech market is doing so well:
Strong Colleges Teaching Technology in St. Louis
Spearheading this focus are three outstanding universities including St. Louis University, University of Missouri-St. Louis and Washington University. Two of the colleges, SLU and Washington University, have nationally renowned medical schools and there is an abundance of medical related technology companies in the area.
Start up Capital Growth in St. Louis
Local access to capital is also improving. St. Louis has a variety of initiatives to help start-ups obtain funding as outlined by Forbes and other publications.
Low Cost of Living in St. Louis Compared to Larger Markets
The cost of living is also attractive to new businesses. A comparable business space runs $20 per square foot in St. Louis as opposed to $57 per square foot in New York City.
Incubator Growth in St. Louis
Heil indicated that St. Louis has done a lot to foster this growth in technology. This includes investor friendly projects such as the creation of the Cortex
center, a $350 million complex that has created 2,500 new jobs. Plans call for expansion to a $2.1 billion complex with 4.5 million square feet and over 13,000 new technology job opportunities.
facility has over 80 start-ups. It has funding from Arch Grants that has backed 15 startups thus far.
is another endeavor aimed at aspiring programmers. Its goal is to foster a friendly and attractive space to educate those aspiring to a career in technology.
Heil said St. Louis needs to focus on several areas to continue this momentum and spur tech related growth in the future.
1. Continuing to invest in infrastructure such as fiber, data centers and more.
2. Maintaining the low cost of living.
3. Building on programs to encourage students to attend local universities as well as others in Missouri.
4. Promoting job programs to help graduates stay in the area and launch careers in the region.
5. Developing new facilities similar to Cortex
For additional information contact ThrottleNet at 866-826-5966.
Check out the episode below!