In 2010, entrepreneurial companies in the Bluegrass Region attracted $65 million in venture funding! The 89 Central Kentucky early-stage companies that participated in the annual Lexington Venture Club survey reported a total of $94 million in revenue and 748 people employed with an average full-time salary of $63,485. They also reported hiring 240 people in 2010.
For all the details from the 2011 Who Got the Money Celebration, view the program.
Congratulations to our 2010 Five Across Grand Prize Winner, APO Online!
Anthony Schmidt, CEO of APO Online, beat out the other four previous winners to claim the $2,500 grand prize with his ambitious and successful organization management software. With 8,000 paying customers already among his APO brethren, he is well-positioned for success.
As part of his prize, Anthony and APO Online will be featured at the Lexington Venture Club’s annual celebration, “Who Got the Money?”
The final meeting of the Lexington Venture Club for 2010 was held on November 17th. A huge thanks to all of our sponsors – we couldn’t do it without you!
Kentucky Governor Steve Beshear announced $1.8 million in SBIR-STTR awards at the most recent meeting of the Lexington Venture Club. Kentucky has a competitive SBIR-STTR program that matches federal funds received by companies. Of the seven companies awarded with funds, five were located in Lexington and two are recent locations to Lexington from other states. Watch as Governor Beshear talks about Kentucky’s SBIR-STTR match program.
Full press release below:
Commonwealth of Kentucky
Office of the Governor
FOR IMMEDIATE RELEASE
Contact:
Kerri Richardson
502.564.2611
502.330.6633
Jill Midkiff
502.564.2611
502.330.1185
Mandy Lambert
502.564.7670
Governor Beshear Announces SBIR-STTR Grants for Kentucky High-Tech Small Businesses Seven Kentucky firms share $1.8 million in state funds to match federal awards
LEXINGTON, Ky. (Sept. 22, 2010) – Gov. Steve Beshear today announced awards totaling more than $1.8 million to seven Kentucky high-tech companies as part of a Kentucky initiative to attract and support technology-based small businesses. Through the state’s competitive SBIR-STTR Matching Funds program, Kentucky matches federal SBIR-STTR awards received by Kentucky companies or those willing to relocate to Kentucky. This seventh round of state awards supplements more than $2.4 million in federal funding made to the firms.
The state matching funds were awarded after the high-tech firms received grants in Phase 1 or Phase 2 of the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Kentucky is the first and only state to match both phases of the federal program: up to $150,000 to match Phase 1 federal awards and up to $500,000 per year to match Phase 2 federal awards. To date, the state’s SBIR-STTR matching program has made a total of 91 awards to 52 Kentucky high-tech companies for a combined $20.5 million in state funds, leveraging more than $37.4 million in federal funds. The program has also helped bring 10 new high-tech businesses to the Commonwealth to benefit from the matching funds.
“Kentucky’s unique program is widely recognized as the top SBIR-STTR matching program in the nation,” said Gov. Beshear. “Not only do these awards help support our high-tech small businesses, they bring in tens of millions of dollars in federal funding that indirectly benefit other Kentucky companies and their employees who provide products and services in support of our research industry.”
The seven Kentucky companies receiving matching funds specialize in areas as diverse as human health and development, energy, nanotechnology, bioscience, materials science and advanced manufacturing.
Company descriptions:
nGimat Co., which relocated from Georgia to Lexington, will initially develop advanced energy storage nanomaterials for use in next-generation lithium-ion automotive batteries, as well as in energy storage components for the emerging electrical smart-grid. nGimat’s facility will also produce nanopowder using the company’s proprietary process. www.ngimat.com
Advanced Genomic Technology LLC, of Louisville, is developing a genetic test to identify specific disease biomarkers in patients who have Alzheimer’s disease. www.advancedgenomictechnology.com
Talon Technologies, of Covington, is developing a high-performance flexible conduit for use with the Army’s rapidly installed fuel transfer system during active combat deployments.
Orthopeutics Inc., which relocated from Texas to Lexington, is developing a nonsurgical treatment for degenerative disc disease and associated lower-back pain. The treatment involves injecting a tissue revitalization material into the spinal disc to mechanically reinforce and stabilize the joint and decompress the surrounding neural tissues without the need for invasive spinal surgery. www.intralink-spine.com
3H Company LLC, of Lexington, is developing technology that captures and stores carbon dioxide underground to help reduce greenhouse gas emissions from coal-fired power plants. The company’s novel absorbent also helps reduce energy loss during the coal capture process.
Vindico NanoBio Technology Inc., of Lexington, is developing a synthetic oxygen therapeutic, a blood substitute, that can be administered to patients and help reduce blood shortages. www.vindicopharma.com
Advanced Dynamics Inc., of Lexington, is developing software that enables more accurate designs of aircraft wings and rotor blades, while providing rapid and reliable aeromechanics assessment. www.advanceddynamics-usa.com
The Cabinet for Economic Development, through its Department of Commercialization and Innovation (DCI), manages the Kentucky SBIR-STTR Matching Funds program, which is administered under contract to DCI by the Kentucky Science and Technology Corporation (KSTC).
“Kentucky’s SBIR-STTR matching program has generated a lot of interest nationwide,” said DCI Commissioner Deborah Clayton. “Not only have the awards brought 10 high-tech firms – and their jobs – to Kentucky from other states, but they have greatly increased the number of Kentucky companies that are applying for and winning federal SBIR and STTR awards.”
Applications for each round of the program are accepted by KSTC on a regular basis. A link to the online guidelines and application form for the Kentucky program are posted at www.ThinkKentucky.com/dci/SBIR.
The Lexington Venture Club and Awesome Inc. are proud to announce 5 Across, an informal gathering of entrepreneurs, investors, and service providers from Lexington, KY. Each Five Across meeting will feature presentations from local entrepreneurs who will be pitching their idea to a panel of judges.
5 Pitches from different teams 5 Slides per pitch 5 Minutes per pitch 5 PM start time $500 prize to the winning pitch
Where: Awesome Inc
348 East Main Street
Lexington, KY 40507
(859) 494-9302
Thanks to everyone who came out and celebrated with the Lexington Venture Club! Survivor Lexington was a huge success and a great time was had by all.
A special thanks to our keynote speaker, David Jones of Chrysalis Ventures, and everyone who worked hard to make last night’s event memorable.
Overall, we celebrated 88 early-stage companies that received a total of over $47.5 million in funding in 2009. These great numbers are a tribute to all the hard working entrepreneurs as the world suffered through an unbelievable recession. We look forward to even more success in 2010!
In a local and national environment that has seen job growth come to a halt, these 88 companies combined to add 389 new jobs in 2009. Paying an average wage of $69,800 to their full-time employees, these early-stage companies are certainly a vital component of our local economy!
For the full details on the companies that survived the tribal council last year, check out 2009: Survivor Lexington.
Lexington Venture Club is holding its yearly celebration event at the Signature Club this Thursday, January 28 at 5:30 p.m.
The event recognizes companies that received funding in 2009. Although the economy made sure everyone had to run uphill in 2009, Lexington’s venture and start-up capital community posted incredible results! David Jones with Chrysalis Ventures is the keynote speaker. It’s going to be a fantastic event!
If you’d like to attend, please RSVP to Stacy Lackey. The cost to attend is $30.
