Northern Kentucky tech, science and medical entrepreneurs have a chance to tap one of three state funds for seed capital through the end of this month.
The Kentucky Enterprise Fund, Rural Innovation Fund and Kentucky New Energy Ventures Fund are accepting applications for funding through June 23 at 4 p.m. These three targeted funds are geared toward high-growth potential businesses in five sectors: Biosciences, Environmental & Energy Technologies, Human Health & Development, Information Technology & Communication and Materials Science & Advanced Manufacturing. In the last round of funding more than $600,000 was awarded statewide to companies. Past recipients in Northern Kentucky include
Jacobs Automation, Zoomessence,
Bexion Pharma,
ASAP Analytical, and
TodayForward.
Northern Kentucky businesses can submit applications through
Northern Kentucky ezone, a division of
Northern Kentucky Tri-ED that has a mission of accelerating start-up, emerging and existing high-tech businesses.
"This is open to early stage companies from an idea to a company that is running and looking to grow," said ezone commercialization director T. Keith Schneider.
Companies can apply for a combination of direct funding (that must be repaid) or matching grants. To find out more or to apply, contact Schneider at (859) 292-7785 or [email protected]. Following are the basics on each fund:
Kentucky Enterprise Fund
Eligible Companies: Must be Kentucky-based and have 150 or fewer employees. Must be operating in one of the following industries: Biosciences, Environmental & Energy Technologies, Human Health & Development, Information Technology & Communication or Materials Science & Advanced Manufacturing.
Funding: Grant: $30,000. Company must match the grant 1:1 through cash or in-kind services.Funds must be used for approved business development activities.
Investment: Up to $250,000, $500,000, and $750,000, must be repaid.
Rural Innovation Fund
Eligible Companies: Must be Small, Rural (located outside Fayette/Jefferson Counties), Kentucky-based company and have 50 or fewer employees. Must be operating in one of the following industries: Biosciences, Environmental & Energy Technologies, Human Health & Development, Information Technology & Communication or Materials Science & Advanced Manufacturing
Funding: Grant: $30,000. Rural funds must be spent with independent third-party partners/consultants. Grants must be repaid upon receipt of follow-on award from Rural Innovation Fund or Kentucky Enterprise Fund. Funds must be used for approved business development activities.
Investment: $100,000 must be repaid
Kentucky New Energy Ventures
Eligible Companies: KNEV will provide support for companies developing and commercializing products in the following areas: Alternative transportation fuels produced from coal, waste coal, biomass or extract oil from oil shale, synthetic natural gas, Ethanol produced from food crops or cellulosic ethanol, any other fuel that is produced from a renewable or sustainable source. Must be Kentucky-based and have 150 or fewer employees. Must be developing/commercializing alternative fuel and renewable energy products, processes, and services.
Funding: Grant: $30,000. Company must match the grant 1:1 through cash or in-kind services. Funds must be used for approved business development activities.
Investment: Any amount over $30,000. Companies must match the fund's investment on a 1:1 dollar ratio. Funds may be invested via convertible note or through direct stock.Investments can only be made in a company organized as a C Corp. or as an LLC
Writer: Feoshia Henderson
Sources: ezone commercialization director T. Keith Schneider and Start-Up Kentucky
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.