300 West Broadway
Frankfort, KY 40601
Kentucky Innovation Network
Entrepreneur Pitch Competition Coming to Lexington
Winners will receive cash prizes to start their businesses; gain access to angel investors
FRANKFORT, Ky. (Sept. 16, 2014) – Aspiring entrepreneurs in Lexington will have the opportunity to make their dreams of starting a business come true.
Entrepreneurs will participate in a business pitch competition in Lexington. Similar to the hit TV show “Shark Tank,” participants will have seven minutes to present their business idea to a group of potential angel investors, individuals who provide capital for startup companies. Winners will receive cash prizes and the opportunity to present their plans to the entire Kentucky Angel Investors Network (Kentucky Angels) in Frankfort.
“This is a great opportunity for entrepreneurs to network with potential investors,” said Mandy Lambert, commissioner of business development at the Kentucky Cabinet for Economic Development. “Kentucky has a strong entrepreneurial spirit, and we want to expose more people to investment opportunities throughout the state.”
The competition is Wednesday, Sept. 24, at Commerce Lexington, located at 330 East Main St., Suite 100, from 5:30 p.m.-7 p.m.
The event is the final of eight statewide pitch competitions hosted by the Cabinet, the Kentucky Innovation Network and Kentucky Angels. Competitions have already taken place in Louisville, Murray, Elizabethtown, Pikeville, Richmond, Covington and Ashland.
“The Lexington Office of the Kentucky Innovation Network is very pleased to be hosting this event, which will showcase six of the Bluegrass Region’s early-stage technology companies,” said Warren Nash, director of the Kentucky Innovation Network Office in Lexington. “Events like this give entrepreneurs a great opportunity to hone their presentations, while, at the same time, educate investors and others from the region about what is happening in the local entrepreneurial community.”
Winners of the previous competitions are singing the praises of the events. “This [the competition] isn’t a publicity stunt, like others we’ve been to in other states” said Lula Luu, owner of Fin Gourmet in Paducah and winner of the pitch competition in Murray. “Kentucky cares about promoting entrepreneurship. All this was very impressive because Kentucky is not just talking about supporting small startups, they’re doing it.”
Last year, the Cabinet successfully launched the Kentucky Angels Network. Kentucky Angels brings new ventures and accredited investors together via monthly online meetings, providing investors access to form deals and partnerships with entrepreneurs statewide. Membership is open to those accredited investors in and outside the state who are passionate about investing in Kentucky companies.To learn more about Kentucky Angels, visit www.kyangels.net.
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The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2013 totaled more than $3.3 billion, spurring more than 14,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.