Thanks to a $50,000 grant from the Kentucky Cabinet for Economic Development, some early-stage Kentucky startup ventures will get a business boost through Awesome Inc. this year, in the form of office space, mentoring assistance, free legal help and additional support.
The Awesome Fellowship Program will assist up to eight startup enterprises for one year as they work to get their ideas off the ground, said Awesome Inc. founder Brian Raney. Companies in the Fellowship Program have access to any of more than 60 participating mentors in the business community with experience in fields ranging from online marketing to manufacturing.
"For the companies participating, one of the most valuable parts of the Fellowship Program is the opportunity to connect with key people and form relationships integral to the success of their company,” said Theresa Simcic, director of the Fellowship Program. “For instance, startups have the opportunity to attend the Kentucky Entrepreneur Hall of Fame and network with some of the most successful entrepreneurs in the state and country.”
Fellowship Program participants also are provided up to four hours of free legal services per month, or 48 hours for the year, provided by Dinsmore and Shohl, Raney said. The networking opportunities and outside help are crucial for startup businesses, which typically have a wide range of needs and very limited capital.
“These companies are very early-stage, which is our specialty [at Awesome Inc.],” Raney said. “The companies get a wide range of services that are meant to make their lives easier in growing their companies.”
Creating a community where high-tech startups can succeed helps more than just the individual business owners, Raney said. Awesome Inc. has modeled its program off similar efforts in tech-friendly cities such as Boulder, Colorado, and Austin, Texas, where supportive environments for tech ventures have been a key element in growing local economies.
“The startup community can drive a lot of other aspects of local economic activity,” Raney said.
Now in its second year, The Awesome Fellowship Program focuses primarily on early-stage ventures that specialize in web and mobile software, software-as-a-service and data solutions. In its first year, the program worked with local startups Blink Scan, SWORD, Pawn Metrics, You Saw Me, Custom College Recruiting and Control My ADHD. In total, these companies have created 12 jobs, and raised more than $380,000 in outside investment.
“Small businesses are the backbone of our economy,” said Mandy Lambert, commissioner of business development within the Kentucky Cabinet for Economic Development, in a media release on the $50,000 grant award. “We are proud to support Awesome Inc and its mission of helping companies grow right here in the Commonwealth.”
The Awesome Fellowship Program is currently accepting new applications for the program at fellowship.awesomeinc.org.