The Cabinet for Economic Development’s KY Innovation office has announced plans to inject $750,000 in state funding into a new Bluegrass partnership led by the Awesome Center for Entrepreneurship (ACE) to boost entrepreneurial growth in the region.
The regional consortium, which will encompass the Bluegrass Business Development Partnership (BBDP), University of Kentucky’s Office of Technology Commercialization, Commerce Lexington, Inc, the Bluegrass Angels,the Governor’s School for Entrepreneurs and Inventors Network KY, is the second of KY Innovation’s newly formed Regional Innovation for Startups and Entrepreneurs (RISE) partnerships to be rolled out in the state.
The announcement came as SPARK, a BBDP initiative, released the results of its annual self-reported survey of entrepreneurs in Central Kentucky, showing that local entrepreneurial businesses created 287 new jobs and attracted $107.5 million in capital funding in fiscal year 2018.
Central Kentucky’s entrepreneurial companies, which employ a total of 951 people, also reported an average salary of $69,580 for full-time jobs. The companies represent a variety of high-growth industry sectors, including biotechnology, advanced manufacturing, e-commerce, independent game development, IT and software development, energy technologies and business services.
“With our highly educated workforce and assets like the University of Kentucky, Lexington’s entrepreneurial ecosystem is a catalyst for the region.” — Bob Quick, president and CEO of Commerce Lexington, Inc.
“With our highly educated workforce and assets like the University of Kentucky, Lexington’s entrepreneurial ecosystem is a catalyst for the region,” said Bob Quick, president and CEO of Commerce Lexington, Inc. “The BBDP enjoys celebrating our entrepreneurs’ success every year. With the RISE initiative, we are excited to see the impact it has on Kentucky’s entrepreneurs and our economy.”
Brian Raney, co-founder of Awesome Inc. and ACE, said the additional funding announced from the state under the RISE partnership will enhance the efforts of multiple local agencies to bolster the area’s growing entrepreneurial community. The $750,000 in state funding for the new RISE partnership will also be matched with equal investments through the various partnering organizations, Quick added.
“We are now going to be able to take things to the next level when it comes to entrepreneurship throughout Central Kentucky, and really throughout the state,” Raney said. “Lexington is a relatively young community when it comes to high tech and entrepreneurship. … We are about 10 years old at Awesome Inc., and we’ve seen a lot of great progress over those ten years. We are really excited about the next ten years now, and being able to move even faster and do even more.”
Brian Mefford, KY Innovation executive director, said the Lexington proposal demonstrated the type of collaboration Kentucky needs to build toward dramatic growth in the future.
“The Lexington RISE effort truly represents the kind of entrepreneur-led change we need to move the region and state forward,” Mefford said. “Awesome Center for Entrepreneurship and its diverse array of partners form a broad and comprehensive group with the kind of meaningful experience necessary to identify and fuel startups from the earliest stages throughout their lifespan. Innovators in central Kentucky and throughout the state will benefit from the clustering of resources for expert mentoring, business development and angel and venture capital investment for years to come.”
SPARK also recognized multiple companies as recipients of this year’s eAchievers Awards, which is given to companies that have received at least $1 million in funding and/or have created at least five new full-time jobs in fiscal 2018, based on self-reported data. Those companies include AgTech Scientific; APAX Software Development, LLC; Badger Technologies; Corrisoft, LLC; Fooji, Inc.; Gamifi/Fusioncorp; Gun Media; HealthTech Solutions; Hera BioLabs Inc.; Hummingbird Nano, Inc.; Identify3D; Luminary, Inc.; MEP Equine Solutions; MosquitoMate, Inc.; nGimat, LLC; OR Link; Orthopeutics/Intralink-Spine, Inc.; Primal Pharma Solutions; PowerTech Water; SeikoWave; SIS LLC; Smart Farm Systems, Inc.; Summit Biosciences, Inc.; TEC Biosciences, Inc.; UHV Technologies, Inc.; WearWare, Inc.; Xact Communications and Xometry.
SPARK also honored three local companies — MakeTime, NX Development Corp. and VeBridge —with its inaugural eAcquired Award, which recognizes startups that have achieved an exit through a successful acquisition in the past fiscal year.
The BBDP has also honored Jed Bullard, board chair for Cynthiana-based ED Bullard Company and a founding member of the Bluegrass Angels, as the recipient of this year’s Harvey Award. The award is given annually to an individual or organization that has made a significant impact on the entrepreneurial community. Bullard represents the fourth generation to lead his family's business, which is a leading designer, marketer and manufacturer of high quality personal protective equipment. Bullard has been an active and influential part of the Bluegrass Angels since 2004, chairing the group for many years and helping to pioneer angel investment efforts to Central Kentucky.
SPARK, which works to provide a forum between entrepreneurs, businesses, investors and professional services providers in the community, is managed by the city of Lexington, Commerce Lexington, Inc. and the UK Lexington Innovation Office. For information, check online at sparklex.org.
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Comment Feedcongrats
Paul Hamilton more than 5 years ago