Kentucky Innovation Network
Local entrepreneurs compete for cash and opportunity to pitch business to Kentucky Angels
FRANKFORT, Ky. (Aug. 3, 2015) – Four winners have been announced and only seven more regional events remain. On Tuesday, entrepreneurs in the Ashland area will have the opportunity to pitch their business ideas in the Kentucky Innovation Network’s Second Annual Entrepreneurial Pitch Competition.
Similar to the hit television show “Shark Tank,” these competitions feature Kentucky entrepreneurs presenting their business concepts to a group of experienced local entrepreneurs and business leaders. Winners receive cash prizes and the opportunity to present their business plans to the entire Kentucky Angel Investors Network (Kentucky Angels) in November.
“These competitions are a great place to practice pitching in front of Angel Investors,” said Rick Johnson, associate vice president of the Kentucky Innovation Network. “Entrants will receive critical feedback from investors and other entrepreneurs, and meet people from their local community who will work with them to help them achieve their dreams. While there are cash prizes for the winners, the real value is that the competitors are all one step closer to a viable business.”
Regional winners from earlier this summer include:
• Yves Law (Covington): Yves Law has created a web application that provides a cost-effective online service for automatically creating bankruptcy petitions that are ready to be filed in court. The documents can be used by law firms to save time in preparing bankruptcy petitions and allow clients to have more control and transparency in their case. Alternatively, the software can be used directly by customers to save the costs normally incurred by hiring an attorney, while giving the customer confidence that their documents are properly prepared.
• TriBlue Engineering (Lexington): TriBlue’s conceptual design allows natural gas to be produced more economically than current systems. According to the company’s presentation, the current system for processing this type of gas is slow and expensive, utilizing technology introduced in the 1980s. TriBlue’s system is significantly smaller and can process larger amounts of natural gas, contributing to a more economically viable solution.
• Bamboo RF (Morehead): Bamboo RF, a company created by Morehead State University Space Science Center graduates is designing a Vector Network Analyzer that is significantly less expensive than current models. This will allow the average consumer to detect and test the clarity and strength of wireless radio frequencies without spending thousands of dollars. Bamboo RF’s product will be slightly less accurate than commercial analyzers, but the smaller size and lower cost far outweigh the difference.
• Hue Innovations (Louisville): Hue Innovations has developed a machine called “MiColor” that would allow nail technicians to scan a piece of clothing or other fabric and, within minutes, prepare a polish that matches the scanned item. Aside from being a tool to save time for customers and ensure higher quality of work, the use of MiColor would mean a drastic decrease in the amount of nail polish that goes to waste at nail salons across the country. Hue Innovations is also working to develop an environmentally friendly nontoxic nail polish.
The Ashland pitch competition will be held on Tuesday, Aug. 4 from 5 p.m. to 7 p.m. in the ACTC Conference Room at 1400 College Drive.
Other remaining pitch competitions are scheduled as follows:
• London: Aug. 18, 2015, KHIC Center, 440 Old Whitley Road, 1 p.m.-3 p.m. ET
• Pikeville: Sept. 10, 2015, UPIKE College of Business, 118 College St., 5 p.m.-7 p.m. ET
• Richmond: Sept. 18, 2015, Central Bank, 350 West Main St., 11 a.m.-2 p.m. ET
• Elizabethtown: Sept. 23, 2015, Brown Pusey House, 128 North Main St., 12:30 p.m.-2:30 p.m. CT
• Paducah: Sept. 24, 2015, WKCTC Emerging Technology Center, 4810 Alben Barkley Drive, 5 p.m.-7 p.m. CT
• Murray: Sept. 25, 2015, Herritage Hall, 926 North 16th Street, 11 a.m.-1 p.m. CT
The pitch competition, which is in its second year, is sponsored by the Kentucky Innovation Network, the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development and the Kentucky Angel Investors Network. For more information on the competition, visit kyinnovation.com.
The Kentucky Angel Investors Network brings new ventures and accredited investors together via monthly online meetings, providing investors access to 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, visit www.kyangels.net.
Consisting of 13 offices throughout the state, the Kentucky Innovation Network offers extensive resources for small and new businesses. Assistance can range from funding initiatives, marketing and sales assistance, small business advocacy and resource referrals, along with a variety of financial and incentive programs to encourage investment and job growth. All services are provided free of charge.
The Kentucky Innovation Network is an initiative of the Kentucky Cabinet for Economic Development’s Office of Entrepreneurship. The goals of the Office of Entrepreneurship are to develop an entrepreneurial climate in Kentucky, provide guidance and support to startups and assist existing small businesses with growth opportunities. To learn how the Kentucky Innovation Network is helping create and grow Kentucky’s small businesses, visit www.kyinnovation.com.
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The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2014 totaled a state record $3.7 billion, spurring more than 15,000 projected new jobs. The Commonwealth also received Site Selection magazine’s nationally acclaimed Governor’s Cup for most economic development projects per capita last year. 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.