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Kentucky creates partnership to commercialize tech innovations

Posted at 5:43 PM, Jul 24, 2020

FRANKFORT, Ky. (LEX 18) — During his Friday press conference, Gov. Andy Beshear announced the creation of Kentucky Commercialization Ventures (KCV), a new public-private partnership that will help create tech startups and high paying knowledge based jobs across Kentucky by commercializing Kentucky's best ideas.

"When I think about this, I think about the stories we've all heard, whether it is Steve Jobs or Bill Gates in a garage, taking great ideas, taking some technology that was out there and building a multi-billion dollar company," Gov. Beshear said. "It all starts with an idea and the know-how of some really bright people."

Gov. Beshear noted that Kentucky will be investing nearly $1.16 million dollars to create KCV.

"This is a way that we invest to make sure our future can be based on Kentucky-born, Kentucky-bred and Kentucky-raised companies that can employ a lot of Kentuckians in high-end and well-paying jobs," Gov. Beshear said.

The new partnership includes all eight of Kentucky's public universities, University of Kentucky, University of Louisville, Western Kentucky University, Northern Kentucky University, Eastern Kentucky University, Morehead State University, Murray State University and Kentucky State University, as well as the Kentucky Community & Technical College System.

"The entrepreneurial spirit at the University of Kentucky makes us the heartbeat of the state's economy," UK President Eli Capilouto said in a press release. "Kentucky Commercialization Ventures empowers us to work collaboratively with our sister institutions and strengthen our state's economic development pipeline. This venture underscores our commitment to transform the creative research and development on our campus into tangible solutions benefiting our communities."

More information about KCV can be found at kyinnovation.com/kcv

"A whole lot of us are stuck at home," Gov. Beshear finalized. "If you have that next great idea, you've got time right now. This is a true opportunity to put some of that intellectual capability at work, and I'd like to see from Kentucky just how many new companies can be born from ideas that occurred during this period of time. I bet that it can be significant."