Codefi, a Cape Girardeau-based co-working space and technology incubator, and its Springfield, Missouri-headquartered partner efactory, have jointly announced they have been awarded $2 million by the U.S. Economic Development Administration (EDA).

According to a Codefi news release, the money will go to support a new project initiative increasing the tech startup pipeline through "education boot camps, incubators, accelerators, increased access to capital, mentoring and cross-pollinating programs (designed) to generate more regional economic impact."

Codefi and efactory officials said nearly 200 applications were received by EDA requesting funding.

"We're humbled to have been selected," said Chris Carnell, executive director of the Codefi Foundation on Rural Innovation. "We work diligently to be the best stewards of any public funding entrusted to us. 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."

Innovate SOMO (Southern Missouri Innovation Network) was founded by the Codefi and Missouri State University's efactory.

The objective of Innovate SOMO, reported to be the first-of-its-kind and largest regional business and workforce network in Missouri history, is to accelerate tech-based economic development across 47 predominantly rural and historically distressed counties.

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