Codefi, efactory awarded $2M to support new Innovate SOMO project

CAPE GIRARDEAU, Mo. (KFVS) - Codefi and partner efactory learned $2 million will help support their new collaborative project initiative.

The U.S. Economic Development Administration (EDA) awarded the the grant last week to help launch a new project across the Southern Missouri Innovation Network (Innovate SOMO).

According to a release from Codefi, the funds will increase the tech startup pipeline through education boot camps, incubators, accelerators, increased access to capital, mentoring and programs.

“From past successes, we can confidently say the region will see a significant return on this investment in the coming years with more companies and more high-wage jobs being created,” said Chris Carnell, Executive Director of the Codefi Foundation on Rural Innovation.

Codefi says Innovate SOMO is the first-of-its-kind and largest regional business and workforce network in the state’s history.

Their partnership, with efactory at Missouri State University, launched this spring.

“This new innovation network will connect, strengthen and add new resources and services immediately that would otherwise be impossible to build independently,” said Rachel Anderson, Director of the efactory. “I am more excited for the future and what’s next for our region than ever before.”

Codefi said the goal of Innovate SOMO is to accelerate tech-based economic development across 47 predominantly rural and historically distressed counties.