We are thrilled to announce that Shaping Our Appalachian Region (SOAR) has once again been awarded a contract to support high-tech, high-growth-potential startups in Eastern Kentucky through our SOAR Innovation program. This funding, announced by Governor Andy Beshear and provided through the Kentucky Cabinet for Economic Development Office of Entrepreneurship & Innovation (KY Innovation), allows us to continue our critical work in driving economic growth and job creation in our region.
Kentucky’s Commitment to Innovation
The state’s commitment to fostering innovation and entrepreneurship is exemplified through the renewal of contracts with six Innovation Hubs in Kentucky. These hubs serve as entrepreneurial support systems, providing mentorship, startup coaching, access to funding, networking opportunities, and many other resources to accelerate growth.
SOAR Innovation serves as the Eastern Kentucky hub, serving 29 counties across the region. This includes all counties included in the Big Sandy (Pike, Floyd, Johnson, Martin, and Magoffin), FIVCO (Boyd, Greenup, Lawrence, Elliott, and Carter), Kentucky River (Breathitt, Knott, Lee, Leslie, Letcher, Owsley, Perry, and Wolfe) and Gateway (Bath, Menifee, Rowan, Morgan, and Montgomery) area development districts, as well as a portion of the counties served by the Cumberland Valley Area Development District (Knox, Bell, Clay, Jackson, Whitley, and Harlan).
Governor Beshear’s Vision for Kentucky
Governor Andy Beshear stated, “We are securing Kentucky’s place at the forefront of innovation by continuing to invest in new businesses and entrepreneurs. The Innovation Hubs provide incredible opportunities for startup companies to succeed and create quality jobs for Kentucky families.”
Partnerships Driving Success
The Innovation Hubs are a partnership between the Kentucky Cabinet for Economic Development Office of Entrepreneurship & Innovation (KY Innovation) and the Kentucky Science & Technology Corporation (KSTC). This program is funded with over $3 million from KY Innovation and the Kentucky Cabinet for Economic Development.
Kentucky Cabinet for Economic Development Secretary Jeff Noel emphasized the significance of this support: “This represents an important opportunity to strengthen and grow the hubs’ roles as the front door for all entrepreneurs and startups in their regions, while also capitalizing on Kentucky’s unprecedented economic development momentum. Kentucky is home to thousands of bold, world-class innovators. The hubs are a key part of making sure we continue to establish ourselves as a premier destination to ideate, make, and launch game-changing products and companies.”
SOAR Innovation’s Mission
Our organization is dedicated to serving entrepreneurs across Eastern Kentucky, and this continued support enables us to provide vital resources, mentorship, and networking opportunities. Our unique programs include the “Complete Guide for Entrepreneurship in Eastern Kentucky,” technical assistance services such as market research and pitch preparation, fundraising boot camps, and events like the IGNITE Innovation Workshop Series and the Startup Appalachia Pitch Competition.
Securing this contract again represents our team’s dedication and hard work. It’s an exciting milestone, and we’re more motivated than ever to continue delivering excellence and pushing the boundaries of what we can achieve to strengthen the entrepreneurial ecosystem in Eastern Kentucky. We are laser-focused on Innovation 2.0 and are optimistic that the next 12 months will create lasting impact for the region.” -Sabrina McWhorter, Director of Business and Innovation
About SOAR Innovation
Eastern Kentucky is full of dreamers with bright ideas. SOAR Innovation was created to help turn those ideas into thriving businesses. Funded by Kentucky Innovation, SOAR Innovation is a part of the Shaping Our Appalachian Region (SOAR) team, working to level the playing field for entrepreneurs and startups in our region. We provide access to free entrepreneurship training and services, ensuring that the resources needed to succeed are available to everyone.
SOAR Innovation offers comprehensive support, including:
- Free entrepreneurship training and services
- Market research and pitch preparation
- Fundraising boot camps
- IGNITE Innovation Workshop Series
- Startup Appalachia Pitch Competition
We do this through a four-pronged approach that includes:
- Ideation
- Incubation
- Acceleration
- Fundraising
SOAR took a giant leap in filling the gap for entrepreneurs to have access to capital through the formation of the Southeast Kentucky Angel Fund. This collaboration includes the Foundation for Appalachian Kentucky, Appalachian Investors Alliance, and SOAR. It was possible by funding from the US Economic Development Administration (EDA).
In addition to this funding, an Appalachian Regional Commission POWER grant is allowing for concentrated programming and events at educational institutions throughout the region. This includes
- Ashland Community and Technical College
- Hazard Community and Technical College
- Morehead State University
- Paintsville Independent Schools
- Union Commonwealth University
- University of Pikeville
Continued Commitment to Eastern Kentucky
We are committed to fostering a thriving entrepreneurial ecosystem in Eastern Kentucky and are proud to be part of this initiative.
Interested in starting a business? Our team can help.
- Download the Complete Guide to Entrepreneurship.
- A member of our team will schedule a discovery call to learn more about your idea.
For more details on this announcement and to read the full article, visit Kentucky.gov.