Nationally recognized program lures many out-of-state companies to take advantage of state matching funds
FRANKFORT, Ky. (Jan. 24, 2014) – Twenty-six high-tech Kentucky companies were awarded $6 million in state funds in 2013 as part of a program to support and attract technology-based small businesses to the commonwealth, Gov. Steve Beshear announced today.
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, as recognized by experts on both the federal and state levels,” said Gov. Beshear. “From developing improved mobile communications platforms for first responders to creating 3-D cameras to treating the side effects of radiation therapy, Kentucky is proud to support these innovators and entrepreneurs creating high-tech businesses and high-paying jobs throughout the commonwealth.”
Since its inception in 2006, Kentucky’s SBIR-STTR program has awarded nearly $43 million to support 90 companies. These 90 businesses have leveraged an additional $76 million in federal funds and created nearly 400 jobs. A total of 28 companies relocated their businesses to Kentucky for the program. Last year, of the 26 grant recipients, nine are relocating to Kentucky from as far away as Oregon.
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.
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, Kentucky ranks 27th in the nation, based on the amount of federal funding received (SBIRSource.com). In 2006, Kentucky’s program was ranked 42nd.
“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’s entrepreneurial spirit runs deep and we’re doing a good job of creating a small business climate built on innovation.”
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
The 26 companies receiving awards in 2013 include:
· Advanced Energy Materials LLC in Louisville
· Advanced Genomic Technology LLC in Louisville
· Alkymos Inc. in Lexington
· Apiq Semiconductor LLC in Louisville
· Bauer Labs LLC in Lexington (relocating from Oregon)
· Bluegrass Advanced Materials LLC in Lexington
· Care Team Solutions LLC in Lexington
· CitiLogics LLC in Covington
· Cytoinformatics LLC in Nicholasville
· Enomalies LLC in Mount Vernon
· Entrepreneurial Innovation LLC in Lexington (relocating from Arizona)
· Direct Energy Inc. in Lexington (relocating from Ohio)
· Mercury Data Systems Inc. in Lexington (relocating from North Carolina)
· MultiScale Solutions Inc. in Lexington (relocating from Alabama)
· Naprogenix Inc. in Lexington
· nGimat LLC in Lexington
· Nicolalde R&D LLC in Lexington (relocating from New Hampshire)
· NOHMs Technologies Inc. in Lexington (relocating from New York)
· Noveratech LLC in Louisville
· Okeanos Technologies LLC in Covington
· Orthopeutics LP in Lexington
· ScienceTomorrow in Lexington (relocating from Virginia)
· Signal Solutions LLC in Lexington
· Tier1 Performance Solutions LLC in Covington
· Twin Star TDS (Therapeutic Delivery Systems) in Lexington (relocating from Minnesota)
· Vindico NanoBio Technology Inc. in Lexington
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 at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.