KENTUCKY STATE UNIVERSITY: INSIGHTS ON INCLUSIVE INNOVATION

INNOVATION IN KENTUCKY

The Commonwealth of Kentucky is building a robust statewide economy for innovation. Through the Governor’s Cabinet of Economic Development and KY Innovation (also known as the Kentucky Office of Entrepreneurship and Small Business), the state has made great strides towards advancing innovation and entrepreneurship and driving social impact as evidenced by recent accomplishments.

As of this writing, the state's programs have helped over 3,000 small businesses and assisted them in raising over $1.5 Billion in funding. These companies have generated over $5.44 Billion in revenue and created over 12,000 jobs.

Kentucky's innovation-driven efforts have also impacted its performance in critical areas.

• According to the Kauffman Foundation, the startup early survival rate in Kentucky in 2020 was 79.09%. The rate was higher than peer states with comparable populations, such as Oregon and Alabama, and higher than neighboring states such as Indiana and Ohio.
• The state also fared well in a 2021 study by online invoicing company Skynova, indicating the average venture capital deal value for Kentucky was $6 million, doubling that of nearby Ohio.
• Kentucky scored even more wins in 2021. Waste management software giant Rubicon Technologies announced it would locate its global headquarters in Louisville, KY. Meanwhile, the Ford Motor Company and SK Innovation unveiled plans to develop a $5.8 billion advanced battery manufacturing campus and create more than five thousand jobs in Glendale, KY.
• Good news also continued in 2022, as Kentucky cities marked their best-ever performances on the annual Best of the Midwest: Startup Cities Rankings, with Louisville ranked #13, Lexington ranked #17, and Bowling Green moving up four spots on the list to #43.