The Kentucky Science and Technology Corporation (KSTC) is a non-profit company that manages public funds and issues research grants and funding for start-up companies and other projects that will push for the development of technologies in the state of Kentucky. By pushing for the developments of science and technology in the state of Kentucky, KSTC also stimulates economic growth in the region. This is because science, technology and innovativeness allow companies in the state of Kentucky to become more competitive in the global marketplace. KSTC was established in 1987 and is governed by a Board with members from various sectors- business, government and education. By providing funding for research and start-up companies, KSTC provides greater opportunities for businesses to thrive. The company aims to contribute to the creation of companies and jobs to help improve the economy of the state. It also strives to make the state’s education (in all levels from primary through college level) conducive to producing innovative solutions and products to contribute to the technological development of the state.
In November 2008, the Kentucky Science and Technology Corporation invested $ 2.9 million to thirteen new companies in the state. These companies all focused on technological products and services. The Kentucky Science and Technology Corporation provides grants amounting to $ 30,000 and also provides equity investments up to $ 750,000. This equity investment should be matched by private investment. The thirteen companies who received the equity investments are: Conexxus LLC, Global Shelter Systems LLC, Greenerway LLC, IF Technologies LLC, Resonant Vibes LLC, Scout Diagnostics LLC, SinglePipe Communications Inc., Advanced Machine Technologies, and Topical Analgesic Concepts. There are also companies that received Rural Innovation Fund Grants. These companies are the Canano Technologies LLC, FAST-Box Systems Inc., Lazar Anode Technologies LLC, and the Packaging Services Group Inc.
Companies in the state who are looking for funds can apply for funding from the Kentucky Science and Technology Corporation. The Kentucky Enterprise Fund focuses on companies in the early stages of commercialization in need of seed capital. On the other hand, researchers requiring funds can also apply for grants with the Kentucky Science and Engineering Foundation (KSEF) and the Experimental Program to Stimulate Competitive Research (EPSCoR). Other initiatives of KSTC include the Appalachian Rural Systematic Initiative (ARSI) and the entreSchool Initiatives which are targeted for educators who need additional resources. ARSI aims to improve contents for science and technology materials, improve the instructional strategies of educators and the learning outcomes of students in rural schools in this state and five other states. The entreSchools Initiative focuses in the entrepreneurial attitudes and skills of students. The program infuses entrepreneurial projects into the K-12 education.
The KSTC also supports the ideaFestival, a series of events and speeches focusing on the exploration of ideas. The festival attracts movers and shakers from various industries and participants from all walks of life. The conference fuels the curiosity of thousands of participants and pushes them to think of more ideas for innovative products and services and more creative concepts for various aspects of life.
