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Kentucky Seeing Growth in Technology and Entrepreneurship

By wmadministrator

Kentucky Science and Technology Corp., a private nonprofit organization formed to advance science, technology and entrepreneurship in the commonwealth, has seen the state make significant progress in those areas over the last six years, according to a report presented to the Kentucky Council on Postsecondary Education.

The report, presented by KSTC President Kris Kimel, highlighted strong and growing progress from a period beginning July 1, 2001, through June 30, 2008. Among the items cited in the report were:

• Overall growth of the Kentucky Board of Education portfolio to $50.4 million, invested in 952 awards.
• 60 active contracts with negotiated payback terms with over $2.7 million in return-on-investment from exits and conversions by 15 companies.
• Growth in follow-on funding generated by awardees to $653.8 million from venture, federal and other private sources.
• Creation of 448 new companies and 4,100 new jobs among the Kentucky Enterprise Fund, the Kentucky Science and Engineering Foundation and the Kentucky Experimental Program to Stimulate Competitive Research (EPSCoR).
• Intellectual property actions numbering 977, which include 519 patents, 34 provisional patents, 107 invention disclosures, 114 patent applications, one utility patent, 21 trade secrets, 49 copyrights, and 63 trademarks.