The Kentucky Highlands Investment Corp. has received a $1 million grant from the federal Economic Development Administration to help fund a business incubator in London.
The Kentucky Highlands Business Accelerator, which will be built on a one-acre site adjacent to KHIC’s offices, will include 9,600 s.f. of product development, office and laboratory space for area entrepreneurs.
The incubator, which should be in operation in late summer 2009, will assist entrepreneurs of startup companies by offering programs and training to help them execute their business opportunities.
The new project is part of KHIC’s overall strategy for fostering homegrown entrepreneurism. Business owners will receive coaching and mentoring from experienced entrepreneurs, have access to advisers during the development process, participate in a formal entrepreneur management development training program, and have access to capital if their businesses meet certain milestones.
KHIC projects that the new incubator will assist 16 businesses, help create 127 new jobs and generate $6 million in private investment during the first five years. Since its inception in 1968, KHIC has created more than 10,000 jobs.