Turning your business dream into your dream business

Transcription

1 Turning your business dream into your dream business

2 We ll help you grow your business. Are you ready to plan, build or launch your business? From offering advice to providing financial support and access to vast state-of-the-art recourses, the Kentucky Innovation Network supports startups and growing small businesses every step of the way. The Network is comprised of business leaders and mentors who are passionate about entrepreneurism and committed to the success of small business in Kentucky. Twelve offices have been established throughout Kentucky to ensure that anyone with an idea, and the determination to turn that idea into a viable business, has a nearby place where they can receive assistance. Best of all, our services are free! Drura Parrish Founder and CEO, MakeTime THE KENTUCKY INNOVATION NETWORK HAS BEEN A GREAT SOUNDING BOARD AND RESOURCE FOR GROWTH. NETWORK CLIENT BASE INCREASED +50.4% CAPITAL RAISED BY NETWORK CLIENTS +$300 MILLION OUT-OF-STATE CAPITAL NETWORK CLIENTS RECEIVED FROM INVESTORS +$163.7MILLION NETWORK REPRESENTATIVES MADE 1350 VISITS TO CLIENT COMPANIES 1350 NETWORK ACTIVITY WAS UP ACROSS THE STATE IN FY ,500 MORE THAN 1,500 NEW FULL-TIME JOBS CREATED BY NETWORK CLIENTS 600 NEARLY 600 NEW PART-TIME JOBS CREATED BY NETWORK CLIENTS IN , NETWORK CLIENTS REPORTED REVENUES OF MORE THAN $1.1 BILLION NETWORK REPRESENTATIVES WERE INVOLVED IN SOME 500 EVENTS THROUGHOUT THE STATE. IN THE PAST YEAR, THE INNOVATION NETWORK HAS ASSISTED CLIENTS IN 110 OF KENTUCKY S 120 COUNTIES NETWORK CLIENTS EMPLOY NEARLY 10,500 PEOPLE INCLUDING BOTH FULL-TIME AND PART-TIME POSITIONS, WITH AN AVERAGE FULL-TIME SALARY OF $55,900

3 We provide the ABCs of starting and growing your business A = ASSESSMENT Whether a first-time entrepreneur or an experienced business owner, everyone could use more knowledge and advice about starting or growing their own company. It doesn t matter if you re a seasoned professional or a high school student, the Kentucky Innovation Network can assess your idea, then teach you how to plan, build and launch a business. We provide assessment of, and assistance with: Business Models Startups Intellectual Property Learning Resources Pitch Presentations Workshops/Seminars Business Plan Competitions Youth Entrepreneur Training B = BUSINESS DEVELOPMENT Need help creating a new product? Is it time to identify or expand the customer base? From discovering and assessing national and global market opportunities to offering prototype development assistance, the Kentucky Innovation Network will help you build a foundation for your business. We can help you with: Strategy Business Plan Assistance Jacob Gahn Prototype Development Finding Markets and Customers Owner, Sweetgrass Granola Management Consulting Moral Support & Coaching Networking Events Marketing and Sales C = CAPITALIZATION Carolyn Gahn Owner, Sweetgrass Granola With all the elements in place, businesses must switch on their lights, crank their machines and produce their products and services. Doing so proves the concept and, if the calculations are right, produces profit. The Network offices offer the tools to help business owners draft a profitability plan, put it in motion and fine tune the process to improve income. We can help you connect with: Angel Investors Venture Capitalists Private Equity Incubators/Accelerators Loans/Tax Credits Financial, Legal and Marketing Experts Education and Workforce Partners

4 Cultivating the passion of young entrepreneurs The Kentucky Innovation Network places a special emphasis on educating and encouraging young entrepreneurs from elementary school through college. That s why Network representatives visited hundreds of schools last year and assisted with a variety of youth competitions, challenges and events aimed at encouraging young people to create the innovative businesses of the future. Among the topics the Network representatives teach young entrepreneurs:» Creating a business model and plan» How to develop a product or idea» Identifying customers» Business ethics» Defining your competitive advantage» Presenting ideas to investors» Pitch competition preparation Idea State U: The youth entrepreneurial spirit is at its peak during the annual Idea State U statewide business competition. Each year, dozens of teams from Kentucky s colleges and universities compete for a share of the $100,000 prize pool that is available. Last year, winners included students from Eastern Kentucky University, Hopkinsville Community and Technical College, University of Kentucky, University of Louisville, Lindsey Wilson College and the University of Pikeville. Turning an innovative idea into a commercial success The Network embraces those who innovate. Since technology changes rapidly, Kentucky assists those entrepreneurs who are creating the breakthroughs of tomorrow and helping them get to market today. That assistance has energized a culture of entrepreneurship in Kentucky, As proof, consider these facts: Elizabethtown ranks #1 in the U.S in the percentage increase of startups; Bowling Green ranks #3 and Lexington ranks # 12 Two Kentucky companies, Bexion Pharmaceuticas and TranspoagenBiopharmaceuticals have received the prestigious Tibbetts Award for exemplifying the best in SBIR/STTR programs U.S. Census Bureau study Dr. Ray Takigiku Founder and CEO, Bexion Pharmaceuticals SBIR/STTR Grant Recipient Tibbets Award winner 23 COMPANIES received SBIR/STTR matching funds in , and five of those companies relocated to Kentucky to take advantage of the funds. 155 NEW PATENTS reported by Kentucky s program participants, including 12 in the last year. MORE THAN $16 MILLION in federal funds were leveraged by Kentucky s SBIR/STTR program. NEARLY 650 STUDENTS have participated 225 TEAMS have participated MORE THAN $900,000 in prize money awarded Ashley White Adored Events by Ashley Idea State U Prize Recipient IN THE PAST YEAR, THE KENTUCKY INNOVATION NETWORK HAS ENGAGED AND EDUCATED APPROXIMATELY 7,000 ELEMENTARY THROUGH COLLEGE STUDENTS ABOUT THE OPPORTUNITIES THAT EXIST WITH BEING AN ENTREPRENEUR.

5 Follow your dream to the nearest Network office The Kentucky Innovation Network is the creation of the Kentucky Cabinet for Economic Development, in cooperation with partner organizations throughout the Commonwealth. Contact the nearest office today, and start turning your business dream into your dream business. For more information, visit KyInnovation.com KyInnovation.com