Meta Description: Learn how the UK and Keyhorse Capital’s ‘Build to Scale’ grant is empowering Kentucky startups and diversifying the investment landscape.
The University of Kentucky (UK) and its strategic partners have been awarded the prestigious “Build to Scale” grant from the U.S. Department of Commerce. This significant achievement marks a transformative step toward enhancing Kentucky investment support, fostering innovation, and diversifying the local investment ecosystem.
The ‘Build to Scale’ Grant Initiative
The “Build to Scale” grant program, administered by the Economic Development Administration (EDA) of the Commerce Department, aims to accelerate technology entrepreneurship across the United States. In this latest round, 60 organizations from 36 states, including the District of Columbia and Puerto Rico, received a collective $53 million to support technology-driven businesses, catalyze innovation, and drive economic growth.
Focus Areas of the Grant
- Technology Entrepreneurship: Supporting startups that are building the industries of the future.
- High-Skill Employment: Creating high-wage, high-skill jobs to bolster the local economy.
- Inclusive Access: Enhancing access to entrepreneurial support and startup capital for underserved communities.
UK and Keyhorse Capital: A Strategic Partnership
UK, in collaboration with Keyhorse Capital—the investment arm of Kentucky Science and Technology Corporation (KSTC)—has been awarded a 2023 Capital Challenge Grant totaling nearly $1.5 million. This funding includes both federal awards and local matches from the University of Kentucky and Keyhorse Capital.
Project Overview: Invest Blue
The “Invest Blue — Supporting Kentucky Startups, Developing Venture Capital Managers” project is at the forefront of the grant’s objectives. Its three main goals include:
- Creating the Invest Blue Investment Network: Establishing a robust network to connect startups with potential investors.
- Investing in 30 Kentucky Startups: Providing crucial funding to foster innovation and growth within the local startup ecosystem.
- Forming a Sustainable Venture Fund: Developing a fund focused on technology-based, high-risk, and socially innovative startups, including sectors like new therapeutics, materials, and medical devices.
“Empowering the next wave of capital allocators in Kentucky, diverse in thought and background, is not merely a goal — it’s our vision for shaping a future centered on innovation,” said Kelby Price, managing partner at Keyhorse Capital.
Impact on Kentucky Startups
The infusion of $1.5 million through the “Invest Blue” project is expected to significantly enhance Kentucky investment support for local startups. By facilitating connections between entrepreneurs and angel investors, the initiative aims to democratize access to capital, making it more equitable and inclusive.
Diversifying the Investor Landscape
One of the project’s critical objectives is to diversify the investor base in Kentucky. This effort ensures that a broader range of perspectives and expertise contributes to the growth and success of startups, fostering a more resilient and innovative business environment.
Oriel IPO’s Role in the Investment Ecosystem
Oriel IPO (Oriel Services Limited) is poised to play a pivotal role in this evolving investment landscape. As an innovative online investment marketplace launched in early 2024, Oriel IPO focuses on connecting UK startups with investors through SEIS/EIS tax incentives. By providing a commission-free platform with curated investment opportunities, Oriel IPO aligns perfectly with the goals of the “Invest Blue” project.
Enhancing Investment Support
Oriel IPO offers:
- Commission-Free Funding: Eliminating fees to streamline the investment process for both startups and investors.
- Educational Resources: Providing tools and insights to help users navigate SEIS/EIS schemes effectively.
- Community Support: Fostering a supportive environment for both novice and experienced investors.
These features complement the objectives of the “Build to Scale” grant by further enhancing Kentucky investment support and ensuring that startups have the necessary resources to thrive.
Future Prospects and Strategic Growth
The collaboration between UK, Keyhorse Capital, and Oriel IPO sets a strong foundation for sustained economic growth in Kentucky. Future efforts will focus on:
- Expanding the Investment Network: Growing the Invest Blue network to include more startups and investors.
- Strategic Partnerships: Building alliances with industry leaders to enhance service offerings and reach.
- Regulatory Compliance: Ensuring adherence to FCA regulations to build trust and credibility within the investment community.
Conclusion
The awarding of the “Build to Scale” grant to the University of Kentucky and its partners marks a significant milestone in enhancing Kentucky investment support. With initiatives like Invest Blue and platforms like Oriel IPO, Kentucky is well-positioned to foster innovation, diversify its investor base, and drive economic growth. This strategic investment not only supports current startups but also lays the groundwork for a robust and inclusive entrepreneurial ecosystem.
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