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The State of Startups: Kentucky report is shared live each quarter during an online update from Kentucky’s six regional innovation hubs. Read below for highlights from Q3 FY24 and register online to hear the next report in real time.
Welcomes | Wins | ESO Updates | Exits | Capital | Hub News | About the Innovation Hubs
Welcome to Kentucky
Welcome to David Lopez, a new entrepreneur in residence for Amplify. And a warm welcome to Nibs Bhattacharya and Sarah Lingren, new NKU Fellows, working with Blue North.
Welcome to the newly established Startup Grind Cincinnati, featuring fireside chats with area founders and entrepreneurs, sponsored by Blue North.
Welcome to the Southeast Kentucky Angel Investment Fund and their planned $1 million fund. They’re ready to start accepting money from angel investors and identifying the early-stage startups that might be worthy investments.
Welcome also to the newly created Launch Blue Ventures. Their efforts will democratize and diversify access to capital for Kentucky startups via their Invest Blue initiative, in partnership with Keyhorse Capital and with support from the U.S. Economic Development Association.
Recent Wins
A great cohort of startup companies across Kentucky were recognized as a KY Inno “2024 Startups to Watch.” Congratulations to those early-stage companies and we wish continued success in your growth.
CRG Automation was named to Time magazine’s list of "The 200 Best Inventions of 2023,” for its creation of the Improved Cavity Access Machine, or ICAM for short, under the category of “Robotics.”
Modica was selected for the StartOut Growth Lab Accelerator, a five-month program that offers education and resources to help LGBTQ+ founders grow and compete.
Value Buddy, a fintech AI-powered platform, was recently selected to Techstars Tulsa.
Seamly Systems was named Startup of the Year in Kentucky by HackerNoon. Seamly is a tech fashion startup that works to create inclusive pattern sizing design and virtual clothing development software with the mission to increase equitability for creators and designers in the fashion industry. They also recently partnered with Paris-based Daymode.fr and Kitac.fr, to pioneer their groundbreaking "scan-to-pattern" solution. This collaboration combines 3D body scans with Seamly patterns to produce garments with an unparalleled fit.
Entrepreneurial Support Resources & Updates
A big shoutout out to Forecastr who continually puts out fundraising webinars at no charge. Check them out on X and LinkedIn.
Launch Blue recently produced a four-part virtual series Sales Lab discussing founder-led sales. They featured founder and author Pete Kazanjy and his practical guide to startup sales for founders in first-time sales roles. Be sure to check out his book, Founding Sales.
Exits
Congratulations to Symba and the team on their acquisition! They are a fintech startup in the real estate space that created a mobile-first customer relationship management platform for real estate agents.
Summit Biosciences - a pharma platform with an innovative nasal spray med for patients with chronic and acute care conditions – was acquired by Kindeva Drug Delivery.
Congratulations to Cartainers, acquired by New York-based HK Motorcars. The company's platform offers state-of-the-art automotive display and storage solutions.
Capital
Since the start of the calendar year, Kentucky has had 19 startups funded with $32.7 million in early-stage investment.
The largest investment deal last quarter was GoodMaps, located in the Louisville region, having raised $5.4 million. They’re a developer of an indoor digital mapping platform intended to improve the accessibility, safety, of indoor spaces, particularly for low-vision and no-vision individuals.
eGateway Capital, a Covington-based venture capital firm, successfully secured its largest fund to date. As partners to Blue North, their $100 million investment aims to elevate the region's prominence as an e-commerce hub.
Kentucky Innovation Hub News
Blue North sponsored the GrowthX Workshop with Andrew Goldner presented by StartupCincy in January. Andrew explained the sequence of steps that every B2B founder needs to take to get to market and find product-market fit.
CREATE hosted Gov. Andy Beshear in January. The governor had an opportunity to tour the campus, hear about CREATE’s entrepreneurial programs, and meet several startups located there.
In March, GroWest presented a new educational series titled the "ABC's of Venture Capital Funding." They structured it into three essential segments, covering key aspects crucial for every founder's understanding of venture funding.
SOAR’s hosted their Startup Appalachia pitch competition earlier this month. They had a record number of applicants, representing 26 KY counties, that applied for their chance to compete. Congratulations to Complete3D on their $10,000 first place win.
About the Kentucky Innovation Hubs
The Kentucky Innovation Hubs, managed by KSTC and funded by KY Innovation at the Kentucky Cabinet for Economic Development, are a network of six regional centers across the state with the purpose of driving economic development through entrepreneurship and innovation. Each Hub acts as their region’s “front door” to deliver services — while leveraging local partnerships and regional organizations — and assists entrepreneurs across industries and stages of development as they advance their businesses.
Key Services Provided by the Hubs for Tech Startups
Startup Coaching:
Provide tailored, consultative coaching to numerous startups, helping founders refine their business models and strategies.
Facilitate access to essential resources such as capital, customers, mentors, and talent.
Access to Capital:
Assist startups in securing funding through various channels, contributing to their financial stability and growth.
Organize pitch events and investor meetings to connect startups with potential investors.
Customer Acquisition:
Support startups in identifying and reaching their target markets, leading to increased customer acquisition.
Provided strategic introductions to key industry players and potential clients.
Mentorship Programs:
Match startups with experienced mentors who provided guidance and support throughout their entrepreneurial journey.
Conduct regular mentorship sessions and workshops to enhance the skills and knowledge of founders.
Talent Development:
Help startups in sourcing and recruiting top talent to build strong, capable teams.
Offer training programs and workshops to improve the capabilities of startup teams.
Strategic Introductions and Networking:
Facilitate networking events and strategic introductions that encourage collaboration and partnerships within the ecosystem.
Enable startups to connect with industry experts, potential partners, and other key stakeholders.
Through these initiatives, the Kentucky Innovation Hubs have significantly contributed to the growth and success of startups, strengthening the state's tech economy and fostering a thriving entrepreneurial environment. We are committed to maintaining this momentum and continuing to support the innovators and entrepreneurs who drive Kentucky's vibrant startup ecosystem.