164.6021 Kentucky Enterprise Fund Program.
(1) There is created and established in the Council on Postsecondary Education a
Kentucky Enterprise Fund Program to provide capital to small and medium-size, <br>Kentucky-based companies to undertake feasibility, concept development, research <br>and development, or commercialization work in partnership with colleges and <br>universities in the Commonwealth.
(2) The purpose of the Kentucky Enterprise Fund Program is to:
(a) Accelerate knowledge transfer and technological innovation, improve
economic competitiveness, and spur economic growth in Kentucky-based <br>companies;
(b) Support feasibility, concept development, research and development, or
commercialization activities that have clear potential to lead to commercially <br>successful products, processes, or services within a reasonable period of time;
(c) Stimulate growth-oriented enterprises within the Commonwealth; <br>(d) Encourage partnerships and collaborative projects between private enterprises,
Kentucky's colleges and universities, and research organizations;
(e) Promote research and development and commercialization activities that are
market-oriented; and
(f) Support small and medium-sized companies.
(3) The Kentucky Enterprise Fund Program shall make financial assistance available to
qualified companies in accordance with this section as follows: <br>(a) Grants of up to thirty thousand dollars ($30,000) for companies exploring the
feasibility of technology commercialization;
(b) Funding of up to two hundred fifty thousand dollars ($250,000) for companies
in the concept development phase of technology commercialization;
(c) Funding of up to five hundred thousand dollars ($500,000) for companies in
post-initialization but before full commercialization; and
(d) Funding of up to seven hundred fifty thousand dollars ($750,000) for
companies with high growth potential and a clear path to commercialization.
(4) Notwithstanding any other provision of law to the contrary, if the science and
technology organization determines that, despite all best efforts, it is not practicable <br>for a qualified company to partner with a college or university on a project for <br>which all other requirements are met, then the requirement to partner with a college <br>or university may be waived.
Effective: July 15, 2008 <br>History: Amended 2008 Ky. Acts ch. 98, sec. 3, effective July 15, 2008. -- Created
2000 Ky. Acts ch. 522, sec. 6, effective July 14, 2000.
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