Tag Archives: kyinnovation

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Value Proposition: Discovering Opportunity in The Gulf

By Rick Johnson @mkitky 

One company I worked with had HVAC experience for grey water ships and dive experience in blue water (as an ex Navy Seal). They combined these two areas of expertise to create dive systems for use in blue water in the oil and gas exploration markets. These exploration companies had lots of money but did not know how to effectively service the well heads at the bottom of the sea floor in the Gulf of Mexico. This startup helped them solve their dive problems by coupling their knowledge of diving at extreme depths with their HAVC design to create custom hyperbaric dive chambers. The tag line we developed that best described their value proposition was added to this photo that a remote controlled submarine took of their product 350’ below the surface. “Where your problems meet our solutions” with this picture described just exactly where they helped.

 

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TriBlue Engineering Wins Pitch Competition

 

 
Commonwealth of Kentucky
Cabinet for Economic Development
OLD CAPITOL ANNEX
300 WEST BROADWAY
FRANKFORT, KENTUCKY 40601-1975
 
 
  
FOR IMMEDIATE RELEASE
Contact: Joe Lilly
502.564.4886
 
Rick Johnson
Kentucky Innovation Network
859.246.3231
 
TriBlue Engineering Wins Entrepreneur Pitch Competition in Lexington
Innovative natural gas processing unit earns top award
 
LEXINGTON, Ky. (June 12, 2015) – A Lexington company’s design for a new unit to process natural gas has earned that company additional funds to take the idea to market.
 
TriBlue Engineering won first place at the Kentucky Innovation Network’s entrepreneur pitch competition in Lexington on Wednesday. The company presented its concept to a panel of local judges and received a cash prize and the opportunity to present to the Kentucky Angel Investors Network in Frankfort this fall.
 
“Congratulations to TriBlue Engineering on its first place win,” said Warren Nash, director of the Kentucky Innovation Network office in Lexington. “All five of our teams did a great job presenting their ideas, technology and business models to the judges, and I look forward to continuing my work with each of them as they grow their companies in Kentucky.”
 
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.
 
“On behalf of my team, I would like to sincerely thank the Kentucky Cabinet for Economic Development and the Kentucky Innovation Network office in Lexington for this opportunity,” said Joseph Alexander, founder of TriBlue Engineering. “With our technology, we look forward to building wealth for our investors while lowering the cost of energy for all Kentuckians.”
 
The Lexington event is the second of 11 pitch competitions throughout the state. Other events will be held in Ashland, London, Morehead, Pikeville, Murray, Elizabethtown, Richmond, Paducah and Louisville. Covington held the first competition earlier this year.
 
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 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, 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.
 
 
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Kentucky Wins Silver Shovel Award for Economic Development

commonwealth imageCommonwealth of Kentucky
Office of the Governor
FOR IMMEDIATE RELEASE
Contact: Kerri Richardson
502.564.2611
502.330.6633

Terry Sebastian
502.564.2611
502.229.6130

Joe Hall
502.564.4886

Kentucky Wins Silver Shovel Award for Economic Development
National magazine honors Kentucky for creating new jobs, securing investments

FRANKFORT Ky. (June 3, 2015) – The Commonwealth is receiving more national recognition for its growing economy.

Gov. Steve Beshear today announced Area Development magazine, a leading economic development trade publication, has recognized Kentucky with a Silver Shovel Award, recognizing the Commonwealth as one of the most successful states in creating jobs and securing investments in 2014.

“Kentucky’s economy is on a roll,” said Gov. Beshear. “Receiving the Silver Shovel Award is not only a great honor, but it is also a testament to how our communities and workforce have created a culture where businesses of all shapes, sizes and industries can succeed.”

In the summer 2015 issue, Area Development magazine awarded Silver Shovels in four population categories, with Kentucky’s honor coming in the 3-to-5 million population tier. The awards are based on a state’s top 10 job-creation and investment projects that began to materialize in the previous year. Kentucky’s top projects resulted in nearly 4,000 new and retained jobs and more than $1 billion in investments.

The Silver Shovel is the latest good news for Kentucky economy. Last year, companies announced the most business investment in the Commonwealth since the state began tracking that information nearly 30 years ago. In March, the Commonwealth earned Site Selection magazine’s Governor’s Cup award for the most economic development projects per capita in 2014.

“The states and their communities receiving 2015 Shovel Awards have proven that they understand the makings of successful economic development strategies,” said Geraldine Gambale, editor of Area Development. “They deserve special recognition for their efforts to grow their economies and provide well-paying jobs in a time of intense competition for new investment.”

The projects that made Kentucky a winner with Area Development include the following:

• Aleris Rolled Products (Lewisport): 743 retained jobs, $350 million investment
• Champion Petfoods (Auburn): 147 jobs, $85.3 million investment
• Diageo Americas Supply (Bagdad): 31 jobs, $115 million investment
• eBay (Walton): 354 jobs, $52 million investment
• Faurecia Seating (Simpsonville): 410 jobs, $18.8 million investment
• Ford Motor Company (Louisville): 650 jobs, $209 million investment
• Kindred Healthcare (Louisville): 400 jobs, $35.7 million investment
• Metalsa (Elizabethtown): 247 jobs, $70.4 million investment
• Quiver Ventures (Bowling Green): 80 jobs, $155.9 million investment
• TPUSA Inc. (Louisville): 750 jobs, $13.3 million investment

For the article and more on Kentucky’s Silver Shovel Award, visit www.areadevelopment.com/awardscommonwealth image.

Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.

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DHL Express Plans $108 Million Expansion in Northern Kentucky

Commonwealth of KentuckyOffice of the Governor
FOR IMMEDIATE RELEASE  Contact: Kerri Richardson502.564.2611502.330.6633

 

Terry Sebastian

502.564.2611

502.229.6130

 

Joe Hall

502.564.4886

 

 

DHL Express Plans $108 Million Expansion in Northern Kentucky

International logistics leader’s investment will support future growth

 

FRANKFORT, Ky. (May 28, 2015) – Kentucky’s position as the center of global logistics is becoming stronger.

 

Gov. Steve Beshear today announced that DHL Express plans to invest $108 million to expand its hub at the Cincinnati/Northern Kentucky International Airport (CVG).

 

DHL, a leading global logistics company, also plans to create up to 50 new jobs.

 

“DHL Express continues to be a valuable resource in the Commonwealth, not only for our strong logistics network, but also for the northern Kentucky community,” said Gov. Beshear. “I’ve been proud to celebrate DHL’s growth during my time as Governor, and I look forward to seeing the company’s continued success in Kentucky for years to come.”

 

The expansion will allow DHL to grow its aircraft fleet and international express volumes. The company plans to add new aircraft gates, further automation, storage warehouse space.

 

The DHL Express global hub sits at the heart of the DHL U.S. network, with flights connecting customers from more than 220 countries and territories worldwide to every corner of the United States. In addition to global hubs in Hong Kong and Germany, the CVG hub completes the backbone of the DHL intercontinental network.

 

“Our hub at the CVG airport is the backbone of our network for the Americas, since it is the central point for shipments in and out of this region where we expect to see continued growth,” said Stephen Fenwick, CEO of DHL Express Americas. “Our new investment this year is an endorsement of our commitment to the Cincinnati/northern Kentucky area and to our business partners who have worked alongside DHL to ensure our continued success.”

 

The expansion is the latest in a series of investments DHL has made in northern Kentucky. Since 2009, DHL has invested $280 million in its CVG facility including a $47 million expansion in 2012 that included a new 193,000-square-foot large-sort facility and a $46 million investment last year to upgrade its small-sorting equipment, which helped create 130 new jobs.

 

With more than 2,000 employees in northern Kentucky, DHL is part of Deutsche Post DHL, headquartered in Bonn, Germany. The company established its principal U.S. air hub at CVG in 2009.

“DHL’s continued investment and expansion at Greater Cincinnati/Northern Kentucky International Airport is welcome news for our region’s economy,” said Sen. John Schickel, of Union. “We appreciate the company’s decision to increase its presence in northern Kentucky.”

“I’d like to thank DHL’s leadership for expanding in Boone County and creating new jobs for our residents,” said Rep. Addia Wuchner, of Florence. “Northern Kentucky is a strong logistics epicenter thanks to our central location and DHL’s presence at CVG.”

“I appreciate DHL’s commitment to our region and the new jobs being created in Boone County,” said Boone County Judge-Executive Gary Moore. “DHL’s newest expansion showcases our international airport and the strength of workforce in northern Kentucky.”

“DHL leads our region as the largest employer in the distribution/e-commerce industry,” said Kenton County Judge-Executive and Tri-ED Board Chair Kris Knochelmann. “Its super hub, one of only three in the world, is a high-tech operation that employs thousands of residents and ships millions of international packages into and out of CVG each night.”

To encourage the investment and job growth in northern Kentucky, the Kentucky Economic Development Finance Authority approved the company for tax incentives up to $1 million through Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.

 

For more information on DHL, visit www.dhl.com.

 

Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.

 

A detailed community profile for northern Kentucky can be viewed here.

 

For more information about Northern Kentucky Tri-ED, visit www.NorthernKentuckyusa.com. Northern Kentucky Tri-ED can also be followed through social media channels via Facebook, LinkedIn, Twitter and YouTube.

 

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Gov. Beshear’s press releases are available on his official website at www.governor.ky.gov

 

 

 

 

 

 

 

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An End to the “Age of Innovation?” Hardly.

 

Refrigeration, human flight, anti-biotics – the list of beneficial innovations in the last century is a long one. But has it come to an end? Peter Thiel famously said that “he wanted flying cars,” and “got 140 characters instead.” Others, like the economist Tyler Cowen, who, incidentally, spoke at the IdeaFestival last year, point to growing economic inequality and are, with important caveats, relatively pessimistic. The columnist Paul Krugman wondered just last week if an era of “rapid economic progress” had ended.

Philip Auerswald isn’t among that group and argues:

No. An end to technological evolution is no more likely than an end to biological evolution. The underlying reason is the same in both cases: the nearly unbounded power of combinatorial possibilities.

If the current generations of techno-pessimists fail to see the creation of new combinations at work today, it’s simply because they either can’t glimpse them from where they sit, or they’re just not looking hard enough. Granted, the technologies that drove past prosperity in the United States—electric lights, the telephone, automobiles and airplanes, flush toilets—are today improving only incrementally in comparison with the past. But those very same technologies are only now reaching the majority of the world’s population. The resultant productivity gains are massive and reverberating in an epic fashion on a global scale. That process is just beginning.

Give the piece a read. It’s an important rejoinder to those who would bet against entrepreneurs.

Blog, Lexington
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2nd Annual “Selling to the World EXPO” in Middlesboro on June 25th and 26th

Southeast Community & Technical College, Southeast SBDC, EKCEP and Kentucky Highlands are making a $16,000 investment into Growth Wheel to bring it to the entrepreneurs in southeastern Kentucky. We will have five certified advisors to provide services and guide the program. The first offering of this new program is the 2nd Annual “Selling to the World EXPO” in Middlesboro on June 25th and 26th. The two day event has been organized around the four sections of the Growth Wheel; 1) Having an ATTRACTIVE BUSINESS CONCEPT, 2) Building LASTING CUSTOMER RELATIONS, 3) Building a STRONG ORGANIZATION, and 4) Sustaining PROFITABLE OPERATIONS.

On the first day, the workshops will be specific to the Growth Wheel content and will utilize the GW tools and templates. On the second day there will be a variety of topical workshops such as Exporting 101 that Rick Johnson will be doing. That workshop for example will be specifically tied to the Business Concept-Market Position spoke on the Growth Wheel. Everything will be color coded to the Gold, Green, Red, Green colors of the Growth Wheel.

The only charge for all of this is the $30 registration fee ($50 at the door). No one will be turned away. Scholarships are available to anyone needing finical assistance. There will be relevant content for businesses at the pre-launch all the way through growth stages of the business.

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