Some of Kentucky’s most powerful companies — those able to revolutionize industries or launch entirely new ones — may currently occupy the minds of future innovators and hinge on university research yet to be developed.
Whether in agritech, pharmaceutical sciences, fintech, geotech, biotech, medical devices or other fields, Kentucky’s higher-education institutions and the state’s own residents hold real potential. A new public-private partnership was created to unite Kentucky’s entrepreneurial resources and its public universities to help innovators turn their ideas into reality.
Kentucky Commercialization Ventures (KCV) leverages state funding to support all of Kentucky’s public institutions in commercializing technology throughout the state. With support from KY Innovation, Kentucky’s office for entrepreneurship and innovation, the commonwealth is investing nearly $1.16 million in creating a statewide network. The collaborative partnership includes the Kentucky Science and Technology Corp. (KSTC), the University of Kentucky, the University of Louisville and all of Kentucky’s public higher education institutions.
Gov. Andy Beshear announced the initiative in late July, saying Kentucky must position itself for new and long-term economic success post-Covid-19.
“While we are dealing with the present, we want to make sure we’re planning for the future. I want us to be a better, more prosperous Kentucky, one where we are aimed at the future,” he said. “It’s one of the reasons that agritech is so important to us. It’s about being a leader in the economies of the future and not chasing the jobs of the past.”