State was ranked 49th last year
FRANKFORT, Ky. (Sept. 18, 2014) — After being ranked near the bottom only a year ago, Kentucky’s entrepreneurial climate is now being lauded as one of the best in the nation.
The annual State Entrepreneurship Index (SEI) recently ranked Kentucky fourth in the country for its ability to create businesses. Last year, the commonwealth was ranked 49th.
The SEI, first published in 2008, combines five factors to formulate the overall state rankings: establishment growth, establishment growth per capita, business formation rates, patents per 1,000 people and income levels for non-farm proprietors. In comparing these factors state-by-state and calculating their deviation from the median, the SEI ultimately reflects states’ entrepreneurial environment.
To assist Kentucky’s small businesses, the Kentucky Cabinet for Economic Development created the Office of Entrepreneurship last year to enhance the state’s existing efforts to help businesses at every step of the growth cycle. The goals of the Office of Entrepreneurship are to develop an entrepreneurial climate in Kentucky, provide guidance and support to startups and assist existing small businesses with growth opportunities.
The Office of Entrepreneurship also oversees the Kentucky Innovation Network. Consisting of 13 offices throughout the state, the Kentucky Innovation Network offers extensive resources for small and new businesses, as well as innovative and high-tech companies by offering a lifecycle of services. Assistance can range from funding initiatives, marketing and sales assistance, small-business advocacy and resource referrals, along with a variety of financial and incentive programs to encourage investment and job growth. All services are provided free of charge.