Thursday, October 8, 2009

Emerging Ventures Continues to Have Positive Impact

After two years in operation, the Emerging Ventures Center for Innovation has made a significant impact on the entrepreneurial climate in Greater Owensboro.

Second year numbers recently released by the Kentucky Cabinet for Economic Development and the Kentucky Science and Technology Corp. that oversees Kentucky's Innovation and Commercialization Centers indicate that Emerging Ventures far exceeded the benchmarks set by the state in terms of startup company growth and high tech job creation during last year.

Emerging Ventures located seven high tech companies last year, retained four high tech companies from the previous year, and reported expansions in three other companies. The result was 22 high tech jobs in which the average salary was more than two and a half times the per capita income of the Owensboro metro area.

Additionally, Emerging Ventures assisted companies in raising nearly $1 million in private investment funds from sources such as venture capital and angel investors. Emerging Ventures raised nearly $300,000 in funding from the Kentucky Science and Technology Corp. for Owensboro-based high tech companies.

Emerging Ventures, founded in 2007 by the Greater Owensboro Economic Development Corp., provides technical support and startup assistance to entrepreneurs, scientists, and small business people perfecting and maturing their ideas and business concepts. Emerging Ventures is part of the Kentucky network of Innovation and Commercialization Centers.

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