.png){kind=small}
The State of Startups: Kentucky report is shared live each quarter during an online update from Kentucky’s six regional innovation hubs. Read below for highlights from Q1 FY24 and register online to hear the next report in real time.
Welcome to Kentucky
Welcome to Lunae, beingAI, and MyXR which now call Bowling Green home for their national or regional headquarters. Stupp Fiber has also selected Bowling Green to activate their 100-gig internet capability making it one of the fastest internet-connected facilities in the country.
Recent Wins
Four Northern Kentucky small businesses, 4 Mile Wine, Danyelle's Bellevue Tavern, Farmer Nate's Sauce Co., and The BodyBakery & Co., were awarded grants from the Northern Kentucky Entrepreneur Fund, powered by Main Street Ventures and Blue North.
Feedcoyote, a collaboration platform for freelancers, was selected to Techstars Atlanta accelerator program.
Moolathon, a social fundraising platform and fitness tracker, was accepted into the Techstars Washington D.C. accelerator program.
Kare Mobile, a dental productivity solution for dentists, was 1 of 5 companies, out of 100 applicants, selected to CareQuest Innovation Partner and Matter’s second cohort of Smile Health in Chicago.
Prevent Scripts launched their partnership with Healthyr, another Kentucky based digital health and wellness platform. Prevent Scripts is a lifestyle medicine app that helps users prevent chronic disease. Through this partnership Healthyr users will be able to take their personalized Healthyr test results to the Prevent Scripts platform where they will begin implementing effective behavioral change strategies to improve their health outcomes.
The Inc. 5000 list had 29 Kentucky companies make the list this past August
No. 37 Dan-O's Seasoning (Louisville) — 10,077% growth
No. 333 Helpware (Lexington) — 1,725% growth
No. 800 CRG Automation (Louisville) — 741% growth
No. 859 PayHOA (Lexington) — 689% growth
No. 928 Blu Halo Boutique (Greenup) — 635% growth
Goodmaps, a wayfinding technology that allows visually impaired users to locate stairwells, information desks, restrooms and other areas in a building or at a venue, was selected as one of 5 in Elevate Ventures’ inaugural IN-Prize pitch contest at the "Rally" conference, providing them $1 million in funding.
New Frontier received Young Entrepreneur of the Year, Retail Business of the Year, and Small Business of the Year at this year's Gateway and Buffalo Trace Small Business Awards.
Guidebook, NonBinary Solutions, Wicked Technologies, and Kyndly Benefits have all recently been accepted into the Awesome Inc Fellowship Program.
Congratulations to the winners of the Render Capital Competition, Affinna, Besti Co., Feedcoyote, Kyndly Benefits, Value Buddy and Seamly, who each received a $100K investment to advance their startups.
Capital
For the past quarter of the fiscal year, Kentucky had 44 startups funded with $40,747,404 in early-stage investment.
Congrats to the nine Kentucky-based companies that were awarded over $1M in SBIR/STTR state matching funds last quarter. The funds will match $7.45 million in federal grants the businesses will collectively receive.
The largest investment deal in the last quarter was Liberate Medical, located in the Louisville region. They’re a medical device company that has developed a respiratory muscle stimulator intended to reduce the number of days a patient spends on mechanical ventilation. The company raised $6.2 million in Series B venture funding, co-led by a large strategic investor and Scientific Health Development. The funds will be used to complete their trial, in anticipation of FDA regulatory clearance and full commercial launch of the company's product.
Kentucky Innovation Hub News
Blue North launched the Resilience Accelerator, a program that will produce content to assist regional founders with managing stress and help them cultivate a healthy mindset.
GroWest / Sprocket had a very successful TechXpo event unveiling innovation and technology among startups in Paducah last month.
Thank you to Amplify for sponsoring and supporting Startup Week Louisville last month as well as Network N Chill’s ongoing tour, Hues of Innovation.
Blue North is hosting the “Corridor of Commerce Panel” at StartupCincy Week. This event will highlight the key advantages their region has to offer in attracting and retaining high-growth tech firms.
Congratulations to the SOAR team on another successful SOAR Summit, uniting their large entrepreneurial region for inspiring and engaging talks from founders, investors, and community partners.
The Awesome Inc 5 Across pitch competition winner in August was Clean Space, an app to get any size home cleaned and organized on-demand and providing a software suite for other cleaning businesses.
About the Kentucky Innovation Hubs
The Kentucky Innovation Hubs, managed by KSTC and funded by KY Innovation at the Kentucky Cabinet for Economic Development, are a network of six regional centers across the state with the purpose of driving economic development through entrepreneurship and innovation. Each Hub acts as their region’s “front door” to deliver services — while leveraging local partnerships and regional organizations — and assists entrepreneurs across industries and stages of development as they advance their businesses.
Key Services Provided by the Hubs for Tech Startups
Startup Coaching:
Provide tailored, consultative coaching to numerous startups, helping founders refine their business models and strategies.
Facilitate access to essential resources such as capital, customers, mentors, and talent.
Access to Capital:
Assist startups in securing funding through various channels, contributing to their financial stability and growth.
Organize pitch events and investor meetings to connect startups with potential investors.
Customer Acquisition:
Support startups in identifying and reaching their target markets, leading to increased customer acquisition.
Provided strategic introductions to key industry players and potential clients.
Mentorship Programs:
Match startups with experienced mentors who provided guidance and support throughout their entrepreneurial journey.
Conduct regular mentorship sessions and workshops to enhance the skills and knowledge of founders.
Talent Development:
Help startups in sourcing and recruiting top talent to build strong, capable teams.
Offer training programs and workshops to improve the capabilities of startup teams.
Strategic Introductions and Networking:
Facilitate networking events and strategic introductions that encourage collaboration and partnerships within the ecosystem.
Enable startups to connect with industry experts, potential partners, and other key stakeholders.
Through these initiatives, the Kentucky Innovation Hubs have significantly contributed to the growth and success of startups, strengthening the state's tech economy and fostering a thriving entrepreneurial environment. We are committed to maintaining this momentum and continuing to support the innovators and entrepreneurs who drive Kentucky's vibrant startup ecosystem.