Kentucky Angel Tax Credit, UpTech programs create jobs, encourage innovation, attract investment
FT. MITCHELL, Ky.— The International Economic Development Council (IEDC) presented Northern Kentucky Tri-County Economic Development Corporation (Northern Kentucky Tri-ED) with a Gold Excellence in Economic Development Award for its efforts in establishing the Kentucky Angel Tax Credit, as well as a Silver Excellence in Economic Development Award for the UpTech Accelerator, in the category of population 200,000 to 500,000.
IEDC’s Excellence in Economic Development Awards recognize the world’s best economic development programs and partnerships, marketing materials, and the year’s most influential leaders. These awards honor organizations and individuals for their efforts in creating positive change in urban, suburban, and rural communities. Northern Kentucky Tri-ED was honored at an awards ceremony on Tuesday, Sept. 27, during the IEDC Annual Conference, which was held Sept. 26-28 in Cleveland.
“On behalf of the IEDC board of directors and Excellence in Economic Development Awards Advisory Committee, congratulations to Northern Kentucky Tri-ED. Not only did they work to provide a necessary service to their community, but their participation in the awards program sheds light on their stellar projects which other communities can now use a benchmark,” said Barry Matherly, IEDC 2016 Board Chair.
The Kentucky Angel Tax Credit, which was the result of several years of research, collaboration and proposed legislation, became law in 2014, with Northern Kentucky Tri-ED as part of the tax credit implementation team. In two years, the program has stimulated nearly $15 million in equity investments in early stage Kentucky companies. In 2015, the $3 million pool of tax credits was exhausted in eight months; in 2016, the credit was exhausted in two months.
“I congratulate Northern Kentucky Tri-ED on receiving these awards. Tri-ED is an organization that thoroughly understands, commits to and leverages the partnerships that are so necessary for successful economic development,” said Erik Dunnigan, acting secretary of the Kentucky Cabinet for Economic Development. “The beneficiaries of this teamwork, both in regard to UpTech and the Angel Tax Credit program, are clearly the startups and entrepreneurs who now have greater access to more resources. For that, our cabinet is grateful to have Tri-ED as a willing and consistent partner.”
“These two award-winning programs are emblematic of the varied roles Tri-ED plays in the economic development of Northern Kentucky. We’re honored that Tri-ED’s hard work has been recognized and awarded by IEDC,” said Campbell County Judge Executive Steve Pendery, Chair of Northern Kentucky Tri-ED. “It’s a reminder of how far the region has come in being an excellent place for businesses to launch and grow.”
Born out of a vision to transform Northern Kentucky into a high-tech destination, the UpTech program has received 390 applications from 65 cities in 22 countries and 6 continents since its launch. The program has launched 39 companies that have created 164 jobs and garnered over $5.5 million in investments. UpTech has received over $1 million in operational funding provided by foundations, government entities and corporate sponsors.
“We set out with the audacious goal of creating the country’s best angel tax credit program and building a community-funded and -supported accelerator program because we knew no region can have a significant high-tech startup sector without investment capital and companies to invest in. These two programs have added over $10 million in equity investment and 39 companies in the Northern Kentucky region,” said Casey Barach, Senior Vice President of High-Growth Entrepreneurship at Tri-ED and Director of the Northern Kentucky office of the Kentucky innovation Network.
“I congratulate our team and thank them for their hard work,” said Dan Tobergte, President & CEO of Northern Kentucky Tri-ED. “They set ambitious goals and are making Northern Kentucky a better place to do business for startups and entrepreneurs with big ideas.”