FRANKFORT, Ky. -- Governor Ernie Fletcher, who has worked to make Kentucky a leader in supporting innovative small businesses, today announced that 20 Kentucky high-technology start-ups will share nearly $1.9 million in state matching funds as part of an initiative to attract and support high-tech small businesses.
State matching funds are awarded to companies that win grants in Phases 1 and 2 of the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer Research (STTR) programs. Kentucky is the first state to match both phases of the federal grants, providing comprehensive funding.
Kentucky is a leader when it comes to supporting our innovative small businesses, and the number of companies expressing an interest in this program proves that, said Governor Fletcher. These grants will be used to develop new technologies into commercial products. As these Kentucky start-up companies grow and prosper, they will repay our investment many times over by providing high-paying jobs for our citizens.
The announced matching grants range from $69,999 to $100,000 per company for their Phase 1 research, which tests the feasibility of a concept or technology. Kentucky also has started matching federal awards for Phase 2 research and development, during which a company aims at making the technology ready for commercialization. The maximum state match for Phase 2 federal awards is up to $500,000 per year for up to two years. The opportunity for recipients of Phase 1 and Phase 2 federal awards to earn up to $1.1 million in matching funds from Kentucky has drawn attention to the nationally advertised program from high-tech firms in other states that are interested in relocating to Kentucky.
The 20 Kentucky firms receiving matching funds specialize in human health and development, information technology and communications, bioscience, energy and environmental technologies, and materials science and advanced
Contact: Paul Boisvert
Kentucky Cabinet for Economic Development