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(KTVI) – We’ve talked about this before. St. Louis is starting to build a modest reputation nationwide as a place for high-tech start-ups. But to paraphrase Al Capone, a loaded wallet and a kind word get you so much further than just a kind word.

Previous story: St. Louis emerges as tech start-up hub

Arch Grants is a startup competition that awards $50,000 grants to startups that are in St. Louis or that are willing to relocate to St. Louis.

Last year, 20 companies received $50,000 grants each, for a total of $1,000,000. But could this contest work well enough to turn around a dying local economy.

Charles Jaco talks about Jerry Schlichter, and Arch Grants board member.

Website: Arch Grants 2014 Contest