One company considering a Louisville expansion was preliminarily approved for an economic development incentive at this morning’s meeting of the Kentucky Economic Development Finance Authority (KEDFA) in Frankfort, Ky. This project could create 30 new jobs, $1.3 million in new annual payroll and $804,000 in new investment.
“As technology needs increase and become more sophisticated, it is important that our local businesses have access to the specialists who can help them manage their communications and IT needs most effectively” said Mayor Greg Fischer. “ConeXus has demonstrated its confidence in Louisville, as it seeks to expand its operations, and be successful here.”
ConeXus World Global, LLC
ConeXus World, a specialist IT services and solutions provider, helps customers plan, build, support and manage network and IT infrastructures.
The company applies its expertise in networking, security & communication technologies and skills in consulting, integration and managed services to create customized customer services.
ConeXus has secured installation service agreements for enterprise mobile phone technology that enable increased connectivity within individual buildings and facilities. This project involves the setup, staffing, and implementation of a technical center to handle the technical support and dispatch operations for customers throughout the Americas and EMEA.
Within the first two years of operation, the company has estimated a total investment of $804,000 in building materials and capital equipment. They plan to add 30 jobs with a total payroll of $1.3 million by 3Q2014.
ConeXus World Global, LLC was preliminarily approved for up to $500,000 in Kentucky Business Investment (KBI) incentives over a 10-year term.
“This accelerator is a very exciting initiative for health- related industries and the larger community, we are in the very initial stages though and look forward to larger announcements and community engagement as the project progresses,” said Bob Saunders, Chairman.
Health Catalyst Accelerator
A group of entrepreneurs and investors have been working to launch a health-related software accelerator for several months. The working title of the project is Health Catalyst, with a permanent name to be decided at a later date.
The Louisville accelerator, led by Bob Saunders, an early-stage investor and former Managing Partner of Chrysalis Ventures, anticipates starting with a class of five health-related companies.
Participants are anticipated to be a combination of both Louisville and outside companies. The group has been in talks with successful entrepreneurs and larger healthcare companies about providing a group of mentors to assist with coaching.
The commitment to support the operating expense by the Commonwealth of Kentucky is an important milestone in making the availability of an accelerator possible, however the project is not finalized yet as fund raising efforts are ongoing. The sate’s commitment requires the project to find matching funds, with discussions presently occurring.
The estimated annual budget for the accelerator in the first year is $200,000 – this includes seed money into companies and the operating overhead.
Health catalyst Accelerator was preliminarily approved for up to $150,000 in Kentucky High Tech Pool funds over a 3-year term.
The partnership between Greater Louisville Inc. – The Metro Chamber of Commerce, Louisville Metro Government and the state government brings new economic opportunities to the community. Through August 2012, the innovative public-private partnership has helped 51 companies locate new operations or expand existing ones in the area. These projects have created 3,497 new jobs at an average salary of $40,083 and more than $737 million in new capital investment.
More information about the Kentucky Business Investment Act and other economic development incentive programs can be obtained at www.ThinkKentucky.com.