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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 Q2 FY24 and register online to hear the next report in real time.
Welcome to Kentucky
Real-Time Safety Solutions was founded in Florida and has created a technology-based answer to safety concerns in ride-hailing as well as package and food delivery. CREATE assisted in bringing the company to Bowling Green, housed at CREATE’s co-working space.
Recent Wins
Congratulations to the Kentucky-based companies that were selected from over 200 applications to receive $100,000 investment from Render Capital in their Render Competition: Affinna, Besti Co., Feedcoyote, Kyndly, Seamly and Value Buddy.
Eyeconic is a technology-focused parent company that has spun off multiple digital tech companies, including Enlighten, Transmission, and Real-Time Safety Solutions. Founder Jeremy Jacobs was one of the recipients of the Bowling Green Area Chamber of Commerce and CREATE’s Targeted Business Awards for the new Emerging Technology Business Awards category.
Oria Health received the Business Innovation Award for 2023 at the same award event. Oria is a telehealth-first behavioral health startup founded in Texas that announced an expansion into Kentucky in 2023.
Seamly Systems is one of twenty startups to win and join GitHub's first ever Accelerator cohort. As part of winning this accelerator, they received $20,000 in equity-free investment, coding assistance and mentorship.
Prevent Scripts won GroWest’s GRIT award for their tenacity and drive in building their company for the past nine years.
Cornbread Hemp, Kentucky’s homegrown hemp company, was selected to Business First’s Fast 50 list and is expected to make $20 million in sales for their products.
Congratulations to Rachel Desrochers, founder of Incubator Kitchen Collective, who was recognized by the Cincinnati Business Courier as one of 2023’s “Women Who Mean Business” winners. Last year Rachel expanded her Gratitude Collective to create the new Power to Pursue conference that hosted 530 people.
Hopflyt is an electric Vertical Takeoff & Landing (eVTOL) aircraft with zero emissions. Their mission is to reduce commuting time to mere minutes while promoting a sustainable future through drones. Canyon View Technology just successfully tested Hopflyt's aircraft which is exciting progress for the company's development of an EVTOL product line.
Bluegrass Crickets was not only the 2023 Startup Appalachia Pitch Competition winner, but they were also named a recipient of the 40 Under 40 awards from the Young Professionals of Lake Cumberland.
See the full list of 25 honorees from the KY Inno 2023 Fire Awards including:
Larry Horn, CEO of Amplify Louisville
Dave Knox, executive director of Blue North (Covington, Kentucky)
Sabrina McWhorter, director of business and innovation, SOAR (Pikeville, Kentucky)
Monique Quarterman, KY Innovation (Frankfort, Kentucky)
Buddy Steen, CEO, Western Kentucky University Innovation Campus (Bowling Green, Kentucky)
Congratulations to Kentucky Entrepreneur Hall of Fame winners in the “Emerging Entrepreneur” category: Koby Hastings with Salesriver, Steven Plappert and Logan Burchett with Forecastr, and Jennifer Williams with her previous company Cuddle Clones, which she sold.
Congratulations to Alli Truttman of Wicked Technologies who won Awesome Inc’s 5 Across Finals Championship! After winning the October event, Alli went on to complete the back-to-back 5 Across victories and secured $5,000 in cash prizes as well as a $50,000 investment offer from Keyhorse Capital.
Capital
Since the start of the calendar year, Kentucky has had 19 startups funded with $32.7 million in early-stage investment.
The largest investment deal last quarter was GoodMaps, located in the Louisville region, having raised $5.4 million. They’re a developer of an indoor digital mapping platform intended to improve the accessibility, safety, of indoor spaces, particularly for low-vision and no-vision individuals.
eGateway Capital, a Covington-based venture capital firm, successfully secured its largest fund to date. As partners to Blue North, their $100 million investment aims to elevate the region's prominence as an e-commerce hub.
Kentucky Innovation Hub News
Blue North sponsored the GrowthX Workshop with Andrew Goldner presented by StartupCincy in January. Andrew explained the sequence of steps that every B2B founder needs to take to get to market and find product-market fit.
CREATE hosted Gov. Andy Beshear in January. The governor had an opportunity to tour the campus, hear about CREATE’s entrepreneurial programs, and meet several startups located there.
In March, GroWest presented a new educational series titled the "ABC's of Venture Capital Funding." They structured it into three essential segments, covering key aspects crucial for every founder's understanding of venture funding.
SOAR’s hosted their Startup Appalachia pitch competition earlier this month. They had a record number of applicants, representing 26 KY counties, that applied for their chance to compete. Congratulations to Complete3D on their $10,000 first place win.
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.