The Kentucky Science and Technology Corporation (KSTC), a Lexington-based private nonprofit dedicated to the advancement of science, technology, entrepreneurship and economic development throughout the state, is among just 16 programs nationwide awarded funds by the U.S. Small Business Administration through its Federal and State Technology (FAST) Partnership Program.
FAST is a competitive grants program designed to support increased participation in the Small Business Administration program. As a grant recipient, KSTC will receive as much as $125,000 in funding over a 12-month period, beginning September 30, 2017, to support the research, development and commercialization of new high-tech products and applications in Kentucky.
“FAST partners fill an important role on the state level, providing training, financial and technical assistance for small, advanced technology businesses by helping them navigate federally funded innovation and R&D programs,” administrator Linda McMahon said in announcing the awards.
KSTC designs and implements a number of impactful programs across several key areas, including those designed to assist schools and teachers in advancing math, science and entrepreneurship education; assisting high-growth technology companies with funding and resources; as well as organizing high-profile events like the annual IdeaFestival, which takes place September 26–27 at The Kentucky Center for the Performing Arts in Louisville.
Funds from the FAST grant will go towards KSTC’s efforts in supporting the development and commercialization of new technology, primarily through its Small Business Integration Research program.
States could submit only one grant proposal, and candidates were endorsed at the gubernatorial level. After review by the Small Business Administration, the Department of Defense and the National Science Foundation jointly reviewed panel recommendations and made FAST awards based upon the merits of each proposal.
Maria Labreveux, executive director of the Kentucky Science and Engineering Foundation, says that while KSTC hasn't submitted a proposal for a FAST grant every year, the organization has been fairly successful in recent years when it has competed for the funds.
"The most important thing is that Kentucky is very well known across the country in terms of the work we do," Labreveux said. "It’s a reassurance that they still believe in what we're doing."