To kick off Global Entrepreneurship Week, city and state officials on Monday highlighted five technology companies that have opened operations Lexington in recent months.
The companies took advantage of a state program that matches awards, up to a certain amount, from two federal grant programs: Small Business Innovation Research and Small Business Technology Transfer. The state offers as much as $150,000 for Phase 1 federal awards for the grants and as much as $500,000 a year for up to two years for Phase 2 federal awards.
"No matter where I go in the country, it's a big deal," Bob Quick, CEO of Commerce Lexington, said of the matching grants program. "That is a real good buzz for us and puts our name out there."
Another program administered through the local Bluegrass Business Development Partnership offers rent subsidies of up to $10,000 the first year a company is in Lexington. The program is funded by the city government through the partnership, which also includes Commerce Lexington and the University of Kentucky.
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"All of the resources of the university where they come in and work with startup companies are a huge deal, too," Quick said. "That connectivity, that assistance, that support speaks volumes."
The five companies, which are expected to create more than 50 local jobs, are:
Biomedical Development Corp.: The health care technology company has products in development including a medical mouth rinse that fights gingivitis and improves heart health.
Innovative Energy Solutions: The company is developing waste-to-energy technologies for the petroleum and coal industries.
Invenio Therapeutics Inc.: The biopharmaceutical business is researching and developing drugs to target leukemia.
Minerva Systems and Technology: The company is focused on navigation and guidance technologies, and wireless communications.
TeleHealth Holdings: The company specializes in health-monitoring devices, with its core product being a smart pillbox that sends alerts to people about a loved one's medications.