Plus: Business ownership trends, adaptive reuse and one city’s quest to ban late night liquor sales
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St. Louis Business

11.12.25

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A message from business editor Eric Schmid

Frequent readers of this newsletter know that Monday editions include a short roundup of events to go to and programs to apply to. This isn’t a random assortment, but things I hope are valuable. Today’s lead story follows an opportunity we highlighted in the September 1 roundup: Cortex’s SQ1 Bootcamp. As you’ll read below, last night was the culmination for this year’s cohort. We also have a look at business ownership trends in the city, two adaptive reuse projects earning the national limelight, and the local municipality that wants to ban late night liquor sales. 

 

Have feedback about this newsletter or story ideas for future editions? Do you know of any networking events we can share? Please don’t hesitate to drop me a line.

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Pennington discusses the impact of AI on the financial industry, the benefits of being a St. Louis-based organization, and more. Listen on Apple Podcasts, Spotify, and YouTube »

20251111_ES_SQ1-1

Yaneth Arias presents her Venezuelan food business pitch as part of the Cortex SQ1 Bootcamp graduation on Nov. 11. Photography by Eric Schmid  

DEEP DIVE

Cortex bootcamp powers two dozen more entrepreneurial journeys

A new crop of 23 local entrepreneurs is set up for continued growth after graduating from Cortex’s annual SQ1 Bootcamp last night. The 10-week intensive program shepherds businesses through fundamentals such as marketing, accounting, and building a business plan and a solid pitch, with guidance and presentations from established local experts.

“This program is called ‘Square One’ for a reason,” Gabriela Ramirez-Arellano, Cortex’s vice president for entrepreneurship, told the graduating cohort. “This is the launchpad. Now is the time for you to reflect on some of the learnings that you have [had] and really start to implement it.”


Ramirez-Arellano says a version of the training has existed locally since 1998, though it has morphed in that time to respond to community needs. One example is the addition in recent years of a track focused on food entrepreneurship, along with existing tracks focused on information technology, advanced manufacturing, and the service sector.


“There are a lot of folks with innovative ideas in [the food track] and they really had very little choices [of] where to go to help build their businesses, grow their businesses,” says Cortex’s president and CEO, Sam Fiorello. “We said, We’ve got a basic model that works in other industries and we can do that for this track as well, and it’s been incredibly successful.”


Why It Matters: It can be hard to know how to get established and gain traction as an emerging business, attests SQ1 graduate Danielle Fogg, who runs Charlee’s Body Butter, a vegan skin care brand for people with sensitive skin. She says she’s been working on her business “behind the scenes, very quietly” for a handful of years but didn’t know some best practices, like proper accounting.

“Sometimes we were in class and we’re like, Oh, I was supposed to do that for business?” Fogg says. “We’re all horrible at accounting. Well, at least I am. So it was really beneficial.” 


Fellow graduate Matt Factor of Factor Medical Devices says the bootcamp was vital for him to get reps pitching his medical device, which can reposition spine segments without the need for surgery, instead using therapeutic pressure.


“I needed a lot of pitching practice and you can only do it so many times in front of the mirror. There’s a lot of stuff when you’re in the industry that you don’t know that other people might not be aware of,” he says. “When you talk about it, they can tell you, I don’t understand that. Then you get a better idea and can explain it in a way that more people can understand.”


What’s next: Applications for the yearly bootcamp open next summer, though Cortex has shorter four-week programs whose applications are rolling from December 15 to May 31, 2026.

 

As for Fogg, she says she’s gearing up for the holiday market season, having refreshed her labels and packaging. She’d like to get her products carried in gift shops and boutique hotels. Factor says he’s looking to begin clinical testing and continue improving his company’s prototype device. —Eric Schmid

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Today's Top Stories

  • Machinists' union urges yes vote on Boeing offer to end strike (St. Louis Business Journal): The new contract would come with a $6,000 ratification bonus and a guarantee from Boeing that all union workers would return if the offer is ratified. Unionized workers will vote on Thursday and could be back to work as early as the third shift on November 16.

  • Alton city council wants to end liquor sales after 1 a.m. (St. Louis Public Radio): Right now liquor sales last until 2 a.m. on weekdays and 3 a.m. on weekends for the 13 businesses with licenses to sell in the Metro East town. City council members and the mayor believe the late night sales have fueled drunken behavior, while business owners say the move would cost them hundreds of thousands of dollars, and potentially cause their closure.

  • Emerson to automate Lithium Americas' Thacker Pass project in Nevada (PR Newswire): The St. Louis company is set to provide its "comprehensive automation portfolio and expert technical services” to help develop a mine and processing facility for lithium at one of the world's largest deposits of an element that’s critical for electric vehicles, renewable energy storage, and similar projects.

  • Edward Jones to raise $1.4B in 2026 partnership offering (AdvisorHub): The private financial advisory will start the capital raise early next year, with shares issued in 2027 and available to current employees and service partners but not Edward Jones’ leadership. The move will create a new class of limited partners adding to the company’s existing 33,337 count.

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Brown & Crouppen Redevelopment

The inside of personal injury law firm Brown & Crouppen's new office space in The Hill neighborhood. Photography by Eric Schmid

Watercooler

📊 CONCENTRATION OF BLACK AND HISPANIC ENTREPRENEURS INCREASES IN STL

Like homeownership, business ownership can be a pivotal way to drive economic mobility and build lasting wealth. And a recent report from The Pew Charitable Trusts looking at these characteristics across racial and ethnic groups in Philadelphia contains some takeaways for the City of St. Louis. The Gateway City was included in the analysis as a comparison to the City of Brotherly Love. The Pew analysis found the density of Black-owned, Hispanic-owned, and women-owned businesses roughly doubled in St. Louis from 2007 to 2022, while the density of white-owned businesses grew modestly and Asian-owned firms dropped slightly in that same time frame. Those numbers may represent different trends for different population groups, as the analysis looked at the number of firms per 1,000 residents of a particular racial or ethnic background. St. Louis could easily be seeing a higher concentration of Black-owned businesses in part because the city has shed more than 20,000 Black residents since 2007,  making the business owners who remain a higher percentage of the total. That contrasts with the Hispanic population, which has seen business growth even as the overall community has grown. —E.S.

🔨 INDUSTRIAL BUILDINGS’ GLOW-UPS SCORE MORE RECOGNITION

Keen readers of this newsletter will remember that a study we reported on last week gave St. Louis a shoutout for its ability to take old industrial buildings and breathe new life into them. One of those highlighted projects, Trivers’ redesign of the historic and long vacant Butler Brothers building into The Victor’s 384 new apartments, notched more national recognition as the best adaptive reuse in Retrofit Magazine’s Metamorphosis Awards, which highlight the best work to retrofit existing buildings. Another St. Louis project picked up third place in that same category: HOK’s work to transform the former Magic Chef stove factory in The Hill neighborhood into Brown & Crouppen’s new headquarters, which the law firm decamped to from downtown. —E.S.

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Clock Out

CLOCK OUT

If you could change one thing about your industry, what would it be and why?

 

“I would like for the innovation districts in our region to get even better at collaborating to lift up the region. Though we do a pretty good job doing this today, getting even better would be transformative.”

 

—Sam Fiorello, Cortex president and CEO

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