Show-Me State Times

Illinois State Treasurer Michael W. Frerichs visited Alton on August 7, meeting with nearly two dozen regional leaders and business professionals to discuss economic growth, innovation, and job creation in southern Illinois. The event aimed to promote the Illinois Growth and Innovation Fund, a $1.5 billion investment fund designed to attract and support technology-enabled businesses in the state through targeted investments with venture capital, growth equity, and private credit firms.

“A key component to my job as Illinois State Treasurer is to bring government and business leaders together to inspire and invest in opportunity and economic growth in the State of Illinois,” said Frerichs. “I’m hoping this visit will help lay a solid foundation in southern Illinois that we believe in your ingenuity and your commitment to building better communities for your families and generations to come.”

The gathering was organized by Greater St. Louis, Inc., AltonWorks, and The Wedge Innovation Center. John Simmons, CEO of AltonWorks, emphasized the importance of creating jobs across various income and educational levels through diverse startups and existing businesses.

“Bringing good jobs, economic opportunities and innovation to the Metro East is an essential component of the revitalization of downtown Alton,” Simmons stated. “This strategy must include public-private partnerships like the ones we are forging with the Illinois State Treasurer, Greater St. Louis Inc., Southern Illinois University Edwardsville, Alton Memorial Hospital, Heartland Bank and Trust Company, Riverbend Growth Association, First Mid Bancshares Inc., and others who had representatives at the meeting.”

Adam Kazda, Vice President of Government Relations for Greater St. Louis Inc., expressed strong support for extending the reach of the Illinois Growth and Innovation Fund into Southern Illinois.

“We greatly appreciate Treasurer Frerichs visiting Alton to see firsthand how the public and private sectors are working collaboratively to advance inclusive economic growth,” Kazda remarked.

The Wedge Innovation Center is a social impact center located in Alton as part of a $30 million revitalization project. It aims to provide coworking spaces for startups while incorporating sustainability features such as bike storage, rooftop patios with greenery, street trees, electric vehicle charging stations, and proximity to Madison County Transit's Confluence Trail.

“The Mission of The Wedge is to make southwestern Illinois a national leader in rural innovation and building sustainable communities,” said Emily Hemingway, Executive Director of TechSTL & Wedge Innovation Center. “This was an exciting day for the region as it’s essential to provide innovators and start-up businesses with financial opportunities they need to create local jobs.”

Further information about funding opportunities for area technology-focused startups will be shared when The Wedge officially begins operations next year.