IdeaFestival Bowling Green – SAVE THE DATE!

2015 Save the Date

Please! Keep the $25,000

It’s like reaching into your coat to find the $20 bill you left there from last winter.
 
If your small business is growing, you may be eligible for up to $25,000 tax credits for doing what you do every day, investing in your small business.
 
You just need to have a small business with 50 or fewer employees, have invested $5,000 or more in equipment to make your business better and have created one or more full time positions. If that sounds like your  company, up to $25,000 could be yours.
 
Contact your regional Innovation Network Office for the details, or read the fine print about the Kentucky Small Business Tax Credit (KSBTC) program here.  
 
You wouldn’t leave that kind of cash in your pocket, would you?
SmallBusinessTaxCredit

Bluegrass Supply Chain Services Expands in Bowling Green

StateSeal_1Color
Commonwealth of Kentucky
Cabinet for Economic Development

Contact:

Kerri Richardson
502.564.2611
502.330.6633

Terry Sebastian
502.564.2611
502.229.6130

Joe Hall
502.564.4886

FOR IMMEDIATE RELEASE

Bluegrass Supply Chain Services Expands in Bowling Green
Logistics provider to create 55 new jobs

BOWLING GREEN, Ky. (Jan. 23, 2015) – Lieutenant Governor Crit Luallen today joined company officials and local leaders to cut the ribbon on Bluegrass Supply Chain Services LLC’s expansion in Bowling Green.

Bluegrass Supply Chain Services, a third party logistics provider, will create 55 jobs and invest $5.2 million into the project.
Gov. Steve Beshear applauded the expansion.
“Bluegrass Supply Chain has been a vital contributor to Kentucky’s economy for more than a decade,” said Gov. Beshear. “I extend my sincere congratulations on this expansion and wish the company continued success in Bowling Green for many more years to come.”
“Growing companies are successful companies, and we are delighted that Bluegrass Supply Chain is growing in Warren County,” said Lt. Gov. Luallen. “The Commonwealth’s partnership with Bluegrass demonstrates the quality of our workforce, as well as the advantages which come with such an ideal location to do business.”
Bluegrass decided to move its three Bowling Green locations into one centralized corporate office and warehouse.
The new facility on Scotty Way, next to the Bowling Green Transpark, will provide an additional 160,000 square feet of space and will allow the company to serve several new customers.
“Bluegrass Supply Chain is proud to continue our growth in Bowling Green,” said Bluegrass Supply Chain president John Higgins. “We began our company here 13 years ago in a small space in the small business accelerator. In the years since, we’ve experienced monumental growth, and we are thankful that Bowling Green and Warren County have enthusiastically accommodated our needs at each step. This expansion is an exciting development for our company, and we are delighted to be able to celebrate it with our community.”
Founded in Bowling Green in 2002, Bluegrass Supply Chain Services provides value added supply chain solutions to automotive and food customers. Today, the company offers warehousing, quality support, light assembly and transportation management services over a four state region, with approximately 60 percent of its business serving customers outside the state. The company currently has 24 full-time workers.
For the last two years Bluegrass has been recognized by Inc. Magazine as one of the 5,000 fastest-growing companies in America.
“I’m glad to see this homegrown business thrive in Bowling Green,” said Sen. Mike Wilson, of Bowling Green. “This expansion will serve our community and state well and demonstrates our city can be a hub for successful multi-state businesses.”

“This is great news for our community and another example of the good things our Transpark is helping to bring to the region,” said Rep. Jody Richards, of Bowling Green. “I want to thank Bluegrass Supply Chain Services for taking this step to consolidate its locations while adding these jobs. I also appreciate our local and state economic development officials working together to help make this happen.”

“Economic growth in Bowling Green and the surrounding areas demonstrate their importance as an economic hub for the Commonwealth,” said Rep. Michael Meredith, of Brownsville. “I applaud Bluegrass Supply Chain for its decision to expand operations and be an important part of our local economy now and for years to come.”
“We are very proud to have a company like Bluegrass Supply Chain Services here in Bowling Green,” said Bowling Green Mayor Bruce Wilkerson. “While we appreciate each and every business in our community, it’s always a special treat to see a company that began right here continue to grow and succeed. I am pleased to congratulate Bluegrass Supply Chain Services on this most recent expansion and I wish them continued success.”
“Bluegrass Supply Chain Services exemplifies what every small business startup dreams of,” said Warren County Judge-Executive Mike Buchanon. “Going from two employees to over 600 in a matter of a few short years is simply outstanding. I congratulate the company on this expansion, and I thank them for their commitment to Warren County,”

To encourage the investment and job growth in Warren County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.25 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.

A detailed community profile for Bowling Green (Warren County) can be viewed here.

Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.

Kentucky Awards Funding to Nine High-Tech Small Businesses

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Commonwealth of Kentucky
Cabinet for Economic Development

Contact:

Kerri Richardson
502.564.2611
502.330.6633

Terry Sebastian
502.564.2611
502.229.6130

Joe Hall
502.564.4886

FOR IMMEDIATE RELEASE

Kentucky Awards Funding to Nine High-Tech Small Businesses
Nationally recognized program encourages local business growth; attracts out-of-state companies to relocate

FRANKFORT, Ky. (Jan. 15, 2015) – Governor Steve Beshear announced nine high-tech companies have been awarded $2.7 million as part of a program to support and attract technology-based small businesses to Kentucky.

The companies are receiving funding through the state’s competitive Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds program. Kentucky’s program matches all or part of federal SBIR-STTR awards received by Kentucky-based companies. It also provides a match to out-of-state companies, should they be willing to relocate to the Commonwealth.

“These companies are developing some of the nation’s most promising new technologies,” said Gov. Beshear. “From improving motors for electric vehicles, to improving treatments for patients with neurodegenerative diseases, to developing technology to make missiles more accurate, Kentucky is proud to support these innovators and entrepreneurs creating high-tech businesses and high-paying jobs throughout the Commonwealth.”

In all, 30 Kentucky companies received a combined $7.4 million in SBIR-STTR matching grants from the state last year.

Since its inception in 2006, Kentucky’s SBIR-STTR program has awarded nearly $51 million to support more than 100 companies. These businesses have leveraged an additional $89 million in federal funds. A total of 36 companies have or are planning to relocate their businesses to Kentucky for the program.

Eligible high-tech companies can apply for the federal grants in two phases. Businesses in the concept or feasibility phase can apply for Phase I funding while companies in full-scale research and development can request Phase II assistance.

Kentucky’s competitive program will match federal Phase I grants up to $150,000 and match Phase II funding up to $500,000 per year for two years. Funds are awarded on a quarterly basis.

Kentucky is the only state that matches Phase II awards at this level.

Kentucky’s program has grown substantially in the past eight years. Currently, the state ranks 27th in the nation, based on the amount of federal funding received compared to 42nd in 2006 (SBIRSource.com). Since the start of the Commonwealth’s program, Kentucky businesses have achieved a higher success rate in receiving federal SBIR-STTR grants compared to the national average.

“The fact that dozens of high-tech companies are bringing their operations to Kentucky shows that our incentive programs are gaining national attention,” said Cabinet for Economic Development Secretary Larry Hayes. “It’s also further proof that Kentucky is doing a good job of creating an innovative small business climate.”

The nine companies receiving awards in the fourth quarter of 2014 include:

·         Advanced Energy Materials LLC (Jefferson County) – Creating a process to lower sulfur levels in transportation fuels, making them more environmentally friendly.

·         Advanced Genomic Technology LLC (Jefferson County) – Developing a blood test for early prognosis of Alzheimer’s disease. The blood test would project dementia risk without relying on family history.

·         Gen9 Inc. (TBD – relocating from New York) – Developing a device to help the elderly living in a home-based care environment and to assist their caregivers by facilitating remote monitoring of daily activities.

·         Innovative Diagnostics Inc. (Fayette County) – Creating a new device that uses saliva to determine periodontal health.

·         MEMStim LLC (Jefferson County) – Developing a process to create small electrode arrays for cochlear implants. The product will assist in residual hearing prevention, as well as drug delivery for inner ear health and cell regeneration.

·         Mercury Data Systems Inc. (Fayette County) – Developing a new inertial measurement unit for missile systems to make them more accurate.

·         nGimat LLC (Fayette County) – Developing insulation materials enabling electric vehicles and other motors and coils to operate longer and more efficiently.

·         Pyrochem Catalyst Company (Jefferson County – relocating from Pennsylvania) – Developing a flame spray technique, which will improve the chemical reactions used to create fuel cells.

·         TwinStar TDS LLC (Fayette County) – Developed a new porous needle for brain infusion catheters, which will allow improved drug delivery for treatment of neurodegenerative and malignant diseases of the central nervous system.

The Cabinet manages the Kentucky SBIR-STTR Matching Funds program, which is administered under contract by the Kentucky Science and Technology Corporation (KSTC). Applications for the program are accepted by KSTC four times per year. A link to the online guidelines and application form for the Kentucky program are posted at www.ThinkKentucky.com/dci/SBIR.

Kentucky Space Exomedicine Experiment Successfully Launched to Space Station

KySpace_logo_colorFOR IMMEDIATE RELEASE
12 January 2015

Kentucky Space Exomedicine Experiment Successfully Launched to Space Station

Kentucky Space LLC (KS), in partnership with the Center for Regenerative and Developmental Biology at Tufts University, announced the successful launch (launch video), on Saturday, January 10, 2015 at 4:47 AM EST, of a novel exomedicine experiment via SpaceX to the International Space Station (ISS).

Exomedicine involves the research, development and commercialization of biomedical solutions in the microgravity environment of space for applications on Earth…a rapidly expanding initiative of KS.

This mission is analyzing the regeneration mechanisms of planarian flatworms in the microgravity environment (and absence of a geomagnetic field) of space. When returned to Earth, on or about February 10th, the flatworms’ regeneration patterns will be analyzed via morphological & molecular genetic methods.

Kentucky Space (KS) collaborator, FedEx Space Solutions, is managing the sensitive pre-launch and post-flight terrestrial movement of the mission assets.

This experiment is a critical step in a specific regenerative medicine research and commercial pathway being pursued by the parties.

This Kentucky Space mission also involves testing Google Glass as an augmented reality tool in pre-launch integration and post-flight operations. This is part of a process leading to the utilization of Google Glass as a human interface with KS technology and experiments on the ISS in 2015. In addition to Google, KS is working with Interapt, a Google at Work Certified Partner headquartered in Louisville, KY, on this project.

This KS mission is facilitated through a NASA Space Act Agreement and support from the Center For Science in Space (CASIS), which manages the US National Lab on the ISS. The KS mission will use Biological Research in Canisters (BRIC) spaceflight hardware, which was developed at NASA-Kennedy Space Center and is managed for NASA by Vencore, Inc. Vencore provides sustaining engineering and analytical integration services as an implementation partner for CASIS-sponsored payloads flying to the ISS.

Kentucky Space (kentuckyspace.com) is an ambitious nonprofit enterprise focused on R&D, education and entrepreneurial space solutions. The organization has successful flight and mission heritage involving high-altitude balloons, orbital spacecraft and the International Space Station (ISS). It’s commercialization partner is Space Tango.

For additional information contact Kris Kimel at kkimel@kentuckyspace.com / 859-229-6161 or Twyman Clements at tclements@kentuckyspace / 959-229-2719.

Gov. Beshear Unveils VenCap Kentucky to Support Entrepreneurs

StateSeal_1Color
Commonwealth of Kentucky
Cabinet for Economic Development

Contact:

Kerri Richardson
502.564.2611
502.330.6633

Terry Sebastian
502.564.2611
502.229.6130

Joe Hall
502.564.4886

FOR IMMEDIATE RELEASE

Gov. Beshear Unveils VenCap Kentucky to Support Entrepreneurs
Program encourages private investment in small businesses statewide

FRANKFORT, Ky. (Jan. 7, 2015) – It’s becoming easier for investors to support Kentucky’s small businesses. Governor Steve Beshear today announced VenCap Kentucky, a new program designed to encourage small business and economic growth in the Commonwealth.

VenCap Kentucky provides venture capital funding to Kentucky companies with a mature proof of concept that have a lead investor but need additional support. The program uses U.S. Treasury funds to match the private investment, up to $500,000, which is likely to make the company more appealing to other potential investors.

A statewide program, VenCap Kentucky was established by the Kentucky Cabinet for Economic Development and is administered through the University of Louisville Foundation. Applicants must be recommended by one of the approved sourcing partners, which include the Kentucky Innovation Network, Nucleus and MetaCyte.

“Private investment is a critical component of Kentucky’s strong small business ecosystem,” said Gov. Beshear. “VenCap Kentucky gives incentive for investors to support entrepreneurs and small businesses across the Commonwealth and to invest in Kentucky’s future. I look forward to seeing more small businesses and more jobs as a result of this program.”

In general, startup, early-stage and mid-stage businesses with high growth potential that are not yet ready for bank loans are best suited for the program. To be eligible, a small business must be based in the Commonwealth, have fewer than 500 employees and already have identified a lead investor. At least half of the company’s employees also must be Kentucky residents.

“The UofL Foundation is pleased to be a partner in this innovative new program” said UofL President James Ramsey. “We can help Kentucky businessmen and women cut through the red tape as they pursue the funding they need to grow their companies and Kentucky’s economy.”

VenCap Kentucky is one in a series of programs designed to help small businesses obtain financial support. The following is a list of additional programs:

Kentucky Angel Tax Credit: Allows individual angel investors to receive tax credits. Angel investors can receive a tax credit of up to 50 percent of their investment in counties with high unemployment rates, or enhanced counties, and 40 percent in all other counties.

Kentucky Small Business Tax Credit Program (KSBTC): Small businesses can be eligible for tax breaks for hiring one employee and purchasing new technology or equipment.

Kentucky Small Business Credit Initiative (KSBCI): Enables lenders to finance creditworthy small businesses that fall just short of the normal underwriting standards. U.S. Treasury funds are used to reduce the risk participating lenders assume when making loans.

Kentucky’s Small Business Innovation Research and Small Business Technology Transfer Matching Funds program (SBIR-STTR): This program matches federal funds awarded to help high-tech startups develop business concepts, research their ideas and ultimately, create products and jobs.

Kentucky Angel Investors Network: Last year, Gov. Beshear created the Kentucky Angel Investors Network, which brings entrepreneurs and accredited investors together via monthly online meetings.

For more information on VenCap Kentucky, visit www.VenCapKentucky.com

Learn more about Kentucky’s other small business support programs here.

Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.

 

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KySat-2 | A History of Kentucky in 25 Objects | KET

Originally published by KET

 

Published on Dec 22, 2014

Cruising at five miles per second, it only takes KySat-2 93 minutes to orbit the Earth. Constructed by students at the University of Kentucky and Morehead State University as a collaboration with the non-profit Kentucky Space, the small satellite was launched Nov. 19, 2013. The device is powered by solar panels, allowing it to gather and transmit data. 

KySat-2 was an item included in the KET special “A History of Kentucky in 25 Objects.” For a list of other items, or to watch the entire episode, please visit http://www.ket.org/promos/kentucky/hi….