Governor Beshear: State continues to support job creation through investments in six regional innovation hubs

State renews contract with hub to support new businesses and entrepreneurs

FRANKFORT, Kentucky (July 19, 2024) – Governor Andy Beshear today announced the Commonwealth will continue to support job creation and economic development by renewing agreements with six innovation hubs across the Commonwealth to help support new businesses and entrepreneurs.

Each hub will serve as an entrepreneurial support system for the entire region, providing mentorship and startup coaching, connections to public and private funding, statewide events and networking opportunities, and many other resources to accelerate growth.

“Our continued investment in new businesses and entrepreneurs ensures Kentucky remains at the forefront of innovation,” said Governor Beshear. “The Innovation Hub provides an incredible opportunity for startups to succeed and create quality jobs for Kentucky families.”

The Innovation Hub is a partnership between the Kentucky Department of Economic Development’s Office of Entrepreneurship and Innovation (KY Innovation) and the Kentucky Science and Technology Corporation (KSTC). The program is funded by KY Innovation and the Kentucky Department of Economic Development with a total of just over $3 million.

Contracts with the state were awarded through a competitive bidding process conducted earlier this year. Contracts and funding are awarded based on each hub's plan to support and nurture entrepreneurship throughout the region. The six hubs' service areas were remapped to ensure comprehensive service throughout each region and better allocate resources to all 120 Kentucky counties. Maps and a list of each hub's service area are available on KYInnovation.com.

In addition to services offered across the state, below are examples of each hub's unique programs, initiatives and partners.

Sprocket, headquartered in Paducah, offers co-working space, a Next50K competition to provide funding for startups to relocate to Paducah, numerous educational and networking events, and plans to unveil a virtual community platform in 2024-25 to connect entrepreneurs across the region to resources. The hub will serve 22 counties in Western Kentucky.

Amplify (Louisville) offers a mentor/peer network for founders, a statewide startup job board, and venture investment readiness assessment tools, several of which are available through Amplify's Ecosystem OS online platform. The hub also runs Venture Connectors, a networking organization that connects entrepreneurs with investors. The hub serves 12 counties in the region.

CREATE (Bowling Green) is headquartered on Western Kentucky University's Innovation Campus and offers membership-based co-working space, the CO/CREATE talent database to find professionals interested in relocating to the region, and a host of corporate recruiting and networking services. CREATE serves 12 counties in Western Kentucky.

SOAR (Pikeville) offers services such as “The Complete Guide to Starting a Business in Eastern Kentucky,” technical assistance services including market research and presentation preparation, fundraising bootcamps and other outreach programs, and events such as the IGNITE Innovation Workshop Series and the Startup Appalachia Pitch Competition. SOAR serves 29 counties in Eastern Kentucky.

Blue North (Covington) initiatives include entrepreneurs in residence and university fellows, the NKY Entreneur Fund, the GrowthX Revenue Accelerator offering marketing and sales mentorship, and a student venture capital summit. The hub serves 17 counties in Northern Kentucky.

Awesome Inc. (Lexington) efforts will include the Awesome Fellowship (accelerator), coding education, the KY Entrepreneur Hall of Fame, and community events such as the “5 Across” business pitch competition. Awesome Inc. will partner with Small Business Development Centers, universities in the area, BaseHere co-working spaces, and the Middle Tech Podcast. The hub will serve 28 counties in central and southern Kentucky.

Kentucky Department of Economic Development Secretary Jeff Noel had this to say about the opportunity this announcement brings: “This is an important opportunity to strengthen and grow the Hub's role as a gateway for all regional entrepreneurs and startups, while also capitalizing on Kentucky's unprecedented economic development momentum. Kentucky is home to thousands of bold, world-class innovators, and the Hub will play a key role in ensuring we continue to establish ourselves as a premier destination to conceive, build and launch groundbreaking products and companies. We congratulate all of the award recipients and thank all the organizations that responded to our RFP for their eagerness to support Kentucky businesses.”

Kentucky is placing a strong emphasis on innovation and entrepreneurship, building on the most significant four years of economic growth in the state's history.

Since taking office, Governor Beshear has announced more than 1,000 new private sector location and expansion projects totaling nearly $32 billion in announced investments, creating more than 54,700 jobs – the largest amount of investment secured by a governor in state history.

Statewide, wages are rising in line with robust job creation, with average incentive hourly wages for 2022 and 2023 exceeding $26 for the first time in a row.

Governor Beshear announced some of the largest economic development projects in Kentucky history that will solidify Kentucky's position as the electric vehicle battery manufacturing epicenter in the United States, including Ford Motor Company and SK On's groundbreaking $5.8 billion, 5,000 job Blue Oval SK Battery in Parkin, Hardin County, AESC's $2 billion, 2,000 job Gigafactory project in Warren County, Toyota's $1.3 billion investment in Scott County, and INFAC North America's $53 million investment in Taylor County.

The Governor's Administration also secured the largest General Fund budget surplus and rainy day fund in state history, and created the most jobs in state history. Last year, Kentucky recorded the longest period of record low unemployment in state history.

Kentucky also secured upgrades from major rating agencies Fitch Ratings and S&P Global Ratings, and Moody's Investors Service raised Kentucky's credit outlook from stable to positive.

In March, Site Selection magazine ranked Kentucky third in the nation and first in South Central economic development projects per capita in its 2023 Governor's Cup rankings. In April, Site Selection magazine ranked Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup rankings, which recognize state-level economic development agencies that have been successful in attracting capital investment projects.

Governor Beshear announced the “Supply Kentucky” initiative, which aims to grow jobs, reduce costs and improve supply chain security for Kentucky businesses.

For more information about the Kentucky Innovation Hub and to see the latest hub map, visit KYInnovation.com

Information about Kentucky's economic development initiatives and programs can be found at CED.ky.gov. Fans of the Department of Economic Development can also join the discussion on facebook.com/CEDkygov, Twitter@CEDkygov, Instagram@CEDkygov and LinkedIn.

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