FRANKFORT, Ky. (July 24, 2020) – Gov. Andy Beshear announced today the creation of Kentucky Commercialization Ventures (KCV), a new public-private partnership unique in the U.S. that aims to develop academic innovations into job-creating tech companies.
“We all want to grow Kentucky’s tech sector and create the high-paying, knowledge-based jobs that follow. A big part of doing so is turning Kentucky’s own academic research and development capabilities into commercially viable products and startups,” the Governor said. “By partnering to create Kentucky Commercialization Ventures, we will provide the infrastructure to commercialize our own best ideas, build the commonwealth’s tech industry and distinguish Kentucky as a national model in innovation.”
KCV brings together the University of Kentucky and University of Louisville with the Kentucky Science and Technology Corp. (KSTC) and KY Innovation, the state’s office for entrepreneurial and small business support. Under recently signed contracts, Kentucky this fiscal year will pay KSTC $755,000 and over the next two fiscal years $200,000 to each of UofL’s and UK’s research foundations.
The partnership leverages UK and UofL’s commercialization offices, KSTC’s history of managing innovation programs and KY Innovation’s statewide entrepreneurship resources.
KCV also partners with Eastern Kentucky University, Western Kentucky University, Northern Kentucky University, Kentucky State University, Morehead State University, Murray State University and the Kentucky Community & Technical College System. No other state’s commercialization program combines the strength of all its public higher education institutions. That makes KCV unique and better positioned to compete for federal grants that support forward-thinking companies and entrepreneurs.