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164.6021 Kentucky Enterprise Fund Program.
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There is created and established in the Council on Postsecondary Education a
Kentucky Enterprise Fund Program to provide capital to small and
medium-size, Kentucky-based companies to undertake feasibility, concept
development, research and development, or commercialization work in
partnership with colleges and universities in the Commonwealth.
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
companies;
(b) Support feasibility, concept development, research and development, or
commercialization activities that have clear potential to lead to
commercially successful products, processes, or services within a
reasonable period of time;
(c) Stimulate growth-oriented enterprises within the Commonwealth;
(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.
The Kentucky Enterprise Fund Program shall make financial assistance
available to qualified companies in accordance with this section as follows:
(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.
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 for a qualified company to partner with a college or university on a
project for which all other requirements are met, then the requirement to
partner with a college or university may be waived.
Effective:July 15, 2008
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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