FRANKFORT, Ky. — Ten high-tech Kentucky companies will receive $2.18 million in state matching funds to promote growth and job creation in high-paying research and technological fields, from disease research to water treatment. The Kentucky grants match in part the recently announced $5.1 million in federal grants the businesses will collectively receive.
“SBIR/STTR funds are a vital component in launching and growing innovative, high-tech companies here in Kentucky,” said Gov. Matt Bevin. “The commonwealth’s matching program is one of the strongest in the nation, enabling us to support early-stage companies with cutting-edge technologies. This year’s recipients are a testament to the outstanding work being done in our state across many disciplines. We look forward to watching them flourish right here in America’s engineering and manufacturing center of excellence.”
The grants are part of the commonwealth’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds program. The program, overseen by KY Innovation within the Kentucky Cabinet for Economic Development, matches all or part of federal SBIR/STTR awards received by Kentucky-based companies or companies that commit to relocation in the state.
“The Cabinet for Economic Development recognizes that to grow the overall economy, Kentucky must support high-tech research and startups among entrepreneurs who are already here, while also attracting talent from across America,” said Vivek Sarin, executive officer and co-CEO at the Cabinet. “This program allows us to do that at a high level and help businesses with tremendous potential on their path to successes. They are great examples of the kind of entrepreneurship that will secure Kentucky’s place on the forefront of innovation.”