Secretary John
Hindman |
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| CONTACT INFORMATION |
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Kentucky Cabinet for Economic
Development
Old Capitol Annex
300 West Broadway
Frankfort, KY 40601
502-564-7670
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Cabinet Hosts Statewide Business Plan
Competition
As part of its inaugural statewide business plan
competition, the Cabinet for Economic Development has awarded
nearly $100,000 in prize money to state university students
who conceived or developed plans for 15 new Kentucky
companies.
The awards were announced after an intense
two-day student competition, called "Idea State U," held in
April at the Kentucky International Convention Center in
Louisville. The
competition is designed to help identify and support the next
generation of Kentucky innovators and entrepreneurs.
Nearly 50 students, consisting of five teams of
graduate students and ten teams of undergraduates, from six of
Kentucky's public universities participated. Universities
represented included the University of Kentucky, Western
Kentucky University, Kentucky State University, Morehead State
University, Eastern Kentucky University and the University of
Louisville.
"This is where creative new ideas become
next-generation businesses. One day the commonwealth will see
these entrepreneurs and their ideas creating hundreds - maybe
thousands - of new jobs for Kentuckians," said John Hindman,
secretary of the Kentucky Cabinet for Economic
Development.
"These awards will help support the students as they
work to turn their business dream into a real-world
company."
Student entries described proposed ventures for
products and services, including a patent-pending medical
device, a remote-controlled robot to perform tasks for
disabled people, a fast-food restaurant offering healthy
foods, and many other innovative
ideas.
The top cash award -- $44,660.09 -- was
presented to the Partum Group, a graduate student team
consisting of University of Louisville students, for a
business plan to market an innovative medical device. Other
winners included the following proposed
ventures:
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$21,710.53
for a business plan to develop Healthy Kids Fitness and
Wellness, a child-friendly health center devoted to the
intervention and prevention of child obesity, created by a
graduate student team from the University of
Kentucky;
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$8,684.21
for a business to develop Green Amy's, an establishment
offering fast food made from organic ingredients, created by
an undergraduate student team from the University of
Louisville;
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$6,132.68
for a business concept to develop The Odyssey, an interactive
movie-video game, created by a graduate student team from the
University of Kentucky;
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$5,427.63
for a business plan to develop the UK Bar and Grill, a
UK-themed restaurant, created by an undergraduate student team
from the University of Kentucky;
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$3,504.39 for a
business concept to develop Springboard Wellness, a web-based
product for stress intervention, created by a graduate student
team from the University of Louisville;
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$2,628.29
for a business concept to develop Thorough Biz, a Web portal
focused on enhancing the equine industry, created by an undergraduate
student team from the University of Louisville;
and
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$1,752.19
for a business concept to develop Ability Robotics, a company
offering a remote-controlled robot to perform tasks for
disabled people.
It was created by an undergraduate student team from
Western Kentucky University.
Ability Robotics also won the Governor's
Innovation Award.
The trophy was presented to the team judged as best
demonstrating innovative thinking, possessing a "wow" factor,
and having the best potential to improve the quality of life
for Kentuckians and others.
"The forward thinking, energy and passion that
have been demonstrated by this incredible and talented group
of entrepreneurs are extraordinary and will have a tangible
impact on Kentucky's economic growth," said Deborah Clayton,
commissioner of the Kentucky Cabinet for Economic
Development's Department of Commercialization and Innovation,
which sponsored the event.
The 2006 Kentucky General Assembly funded the
concept for the Idea State U competition to encourage a
culture of innovation and entrepreneurship that will help
sustain Kentucky's future economy in the global marketplace.
The cash awards, which totaled nearly $100,000, makes
Kentucky's Idea State U one of the nation's top
state-sponsored business plan competitions.
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Fidelity Investments® Celebrates Significant Enhancements to
its Regional Midwest
Campus
Governor Steve
Beshear and Economic Development Cabinet officials recently
joined Fidelity Investments, one of the world's largest
providers of financial services, to celebrate significant
enhancements to its Midwest campus.
Fidelity hosted
a ceremony marking the official opening of its new 360,000
square-foot building - 100 Howe - located at its Covington
regional facility, as well as renovations to 100 Magellan, the
campus flagship building. The event marked the culmination of
work begun in 2005, and recognized Fidelity's achievement of
its long-term plan to develop its regional Midwest operations.
Over the past 21 years, Fidelity has created more than 4,500
jobs in the region and made capital investments totaling more
than $300 million.
"We
are pleased and proud to celebrate the completion of 100 Howe
and the expansion of 100 Magellan. Covington was one of the
first regional sites established by Fidelity and is a model
for other sites we've developed, both in terms of innovation
and through the creation of a campus that integrates buildings
and the natural landscape," said Sarah K. Abrams, president of
Fidelity Real Estate Company. "The collaborative business
atmosphere, highly skilled and educated workforce, and rich
cultural and community offerings have provided a mutually
beneficial environment for Fidelity, its employees and the
state of Kentucky."
"I'm
pleased to have the opportunity to recognize Fidelity for its
commitment to Covington
and the region," said Governor Beshear. "Fidelity's presence
in Northern
Kentucky
stands as an example to other business leaders who are seeking
an eager and educated workforce and a place to grow and
thrive."
"The
Executive Branch, the legislature, the Kentucky Economic
Development Cabinet, the Tri-County Economic Development
Corporation and the city of Covington have all helped to
create a positive business climate in the commonwealth for
companies like Fidelity to locate and grow," said Fidelity
Midwest Region General Manager Kevin Canafax. "This
announcement celebrates a significant addition to Fidelity's
presence in the region and reinforces our investment in
Kentucky and the Greater Cincinnati region."
The
new office building is expected to be Fidelity's first LEED
(Leadership in Energy and Environmental Design) certified
building and is designed to be energy- and water-efficient and
full of interior natural light. Its exterior architecture was
designed to resemble row houses that are reminiscent of some
of the historic neighborhoods in Covington and the surrounding
areas. The campus contains many amenities for employees
including 2.5 miles of walking/running trails throughout the
grounds, conferencing facilities, a fitness center and
cafeterias in each building.
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Cabinet to Host Community
Workshops
The Cabinet will once
again host a series of one-day workshops this summer for local
economic development leaders across the state. The workshops, titled
"Economic Development in Kentucky: 2008 Update",
will provide information on important topics impacting
community economic development efforts.
Cabinet officials representing the
Department for New Business Development, the
Department for Existing Business Development, the
Department of Commercialization and Innovation, and the
Department of Financial Incentives will make presentations on
a variety of topics including recent trends in project
activity, state budget impact on Cabinet organization and
programs, wage and benefit requirements for tax credit
programs, how to discover and deal with business innovators,
and more.
Dates and locations are as
follows:
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Thursday,
July 10 - My Old Kentucky Home, Bardstown
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Tuesday,
July 15 - Kentucky Dam Village, Gilbertsville
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Wednesday,
July 23 - Jenny Wiley State Park,
Prestonsburg
For more information about the seminars or to
register, please contact Michelle Semones at 502-564-7140 or
at Michelle.Semones@ky.gov.
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 SafeAuto
Insurance Company To Locate Contact Center in
Somerset
SafeAuto Insurance Company will be coming to
Somerset. The company will expand its sales and customer
service capacity by establishing a new contact center and
backup data center to service customers
nationwide.
SafeAuto is a regional insurance
provider offering insurance in 14 states to individuals who
wish to carry only the state-required minimum coverage.
The Somerset contact center will create approximately 263 new
full-time jobs, representing an annual payroll of $7.3
million.
"This decision by SafeAuto Insurance Company is a clear
indication that Kentucky's workforce has the skills that many
non-manufacturing companies are looking for," said Governor
Steve Beshear. "The company's investment in the
Somerset community will impact the lives of hundreds of
families as a result of these new employment
opportunities. We will continue to work with SafeAuto
and our entire business community to make Kentucky a
top-choice destination for business location and
expansion."
The Kentucky Economic Development
Finance Authority preliminarily approved SafeAuto in April
2008, for tax benefits up to $3.2 million under the Kentucky
Jobs Development Act (KJDA), a program designed to expand
service- and technology-based employment in the state.
It is the first project to benefit from the recent legislative
amendment to the program, which is administered by the Cabinet
for Economic Development.
"Today's
announcement was made possible through the support of Governor
Beshear who made this amended language part of his legislative
package, and the Kentucky General Assembly, who passed
and signed into law SB 155 during the 2008 Legislative
Session," said Economic Development Cabinet Secretary
John Hindman. "The bill omitted language that
previously prohibited companies providing direct services to
the public that employed properly licensed professionals, such
as attorneys, insurance agents, doctors and brokers, from
being eligible for the program."
To qualify for
the program, companies must still meet all other conditions of
KJDA, including the requirement that it provide 75 percent of
its services to persons located outside the
commonwealth. The change is intended to capitalize on
the current trend in the industry created by the internet boom
whereby a company may offer insurance policies or other
services by way of the internet.
"We are delighted that Somerset will be the fourth
contact center to support SafeAuto's continuing growth," said
Jon P. Diamond, president of SafeAuto Insurance Company. "We
look forward to welcoming the hard-working people of Somerset
to our team of caring professionals who daily are providing
minimum-limit auto insurance to a growing number of states
across America. The Governor's Office and Cabinet for Economic
Development staff were very effective in showcasing this
beautiful part of Kentucky, and we look forward to becoming a
productive business partner
here."
Initially,
the SafeAuto contact center will be located in the Enterprise
Center Building in the Valley Oak Business and Technology Park
until final plans for its 24,000 square-foot permanent contact
center are complete. The company anticipates the
new facility, which will be constructed on the grounds of the
Technology Park, to be complete within two years.
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Toyota Boshoku America Expands Northern
Kentucky Headquarters Facility
Only eight months after locating its home office in
Northern Kentucky, Toyota Boshoku America, the premier
manufacturer of automotive interior systems, announced it will
add 170 new jobs by 2009.
Governor Steve
Beshear and Economic Development Cabinet Secretary John
Hindman joined company and community officials in Erlanger to
celebrate the expansion announcement.
"Toyota
Boshoku America is a great example of our ongoing efforts to
work with existing businesses to create new high paying
professional jobs in Kentucky," said Governor Beshear.
"We are extremely pleased with this announcement, and look
forward to continuing our successful
relationship."
The new jobs will be in addition
to the current 100 team members at the headquarters
office. Total annual payroll after the hiring of
all team members is expected to reach nearly $20
million. Toyota Boshoku America has received preliminary
approval for tax benefits up to $1.7 million from the
commonwealth for this latest project.
"Toyota Boshoku America is the perfect example
of the world-class operations we seek in Kentucky," said
Secretary Hindman. "We are delighted with the expansion
of their home office in Erlanger, creating professional job
opportunities for 170 people. We are very optimistic
about the future of Toyota Boshoku America in Kentucky and
plan to meet with officials from the company in Japan while on
an upcoming economic development trip to
Asia."
The Toyota Boshoku America head office
currently occupies 23,000 square feet in the CirclePort
Business Park in Erlanger. The expansion will reach
48,000 square feet, a 109 percent increase in
space.
"Toyota Boshoku America is proud to expand
our presence in Northern Kentucky," said Kiyoshi "Nate"
Furuta, chairman & CEO of Toyota Boshoku America.
"Toyota Boshoku America is a growing company and this region
offers the resources, talent and infrastructure to support our
future efforts. We look forward to increasing our
activities in Northern Kentucky."
"This
announcement is another step toward achieving Vision 2015's
goal of creating 50,000 new jobs in our region," said Steve
Pendery, Northern Kentucky Tri-County Economic Development
Corporation (Northern Kentucky Tri-ED) Chairman and Campbell
County Judge-Executive. "Toyota Boshoku America is an integral
part of that future, and we congratulate the company on its
expansion plans."
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Kentucky's Economic Competitiveness
Scores High Marks in Site Selection
Magazine
Site
Selection (www.siteselection.com), a leading
international economic development publication, has ranked
Kentucky 4th in the United States in its Annual
Competitiveness Award. The benchmark that measures state
economic development agencies' competitiveness -- the most
important factor in an agency's ability to attract capital
investment and expand economic activity in the state -- is
regarded by corporate real estate analysts as "the industry
scoreboard".
"States must perform well in 10
criteria related to actual business expansion activity as
tracked by our New Plant database," says Mark Arend, editor of
Site Selection. "The fact that
Kentucky appears near the top of the list each year is
evidence that its economic development team is delivering what
location decision makers are looking for."
Open only to
state-level economic development agencies, the states were
ranked according to an indexing system based on 10 criteria
for measuring business-expansion activity that took place in
the previous calendar year. Kentucky has consistently
ranked in the Top 10 since the inception of the award in
2003.
Categories used
to calculate the ranking include per capita jobs and
investment numbers for 2007, the number of top metropolitans
and micropolitans in Site Selection's 2007 rankings,
rates of growth in new and expanded facilities and ranking in
the annual business climate survey. The indexing system
for determining the state rankings is set up to ensure that
all states have the same opportunity at competing for the
award.
During 2007,
320 new and expanding industry projects were announced in the
manufacturing and/or supportive/service sector in Kentucky,
resulting in over 13,800 net new jobs. Investment was
estimated at more than $2.3 billion. To view the
Site Selection article in its entirety, visit
www.siteselection.com.
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Kentucky's Business Climate Promoted at
Automotive News Europe
Congress
Secretary John
Hindman, Commissioner J.R. Wilhite and officials from the
Cabinet's New Business Development Department recently
promoted Kentucky as a location for European automotive
companies expanding into the U.S. market at the annual
Automotive News Europe Congress in Turin,
Italy.
As a sponsor of the event, the
Cabinet benefited from exclusive opportunities to interact
with corporate executives attending the conference,
approximately 450 overall from European OEMs and numerous
automotive supplier companies. Each day featured
speakers from all areas of the automotive industry including a
keynote address by Sergio Marchionne, CEO of Fiat Auto
Group.
During the trip, Cabinet officials also
met with companies outside of the conference that already have
a Kentucky presence. Currently there are 177
European-owned companies in Kentucky which employ
approximately 26,500 people. Of these companies, 36 are
automotive suppliers.
Additional benefits from
the Cabinet's sponsorship of the event included a display at
the conference and a link from the Automotive News
Web site to www.ThinkKentucky.com. The
Cabinet also advertises Kentucky's business climate in
Automotive News, which is read by over 322,000
automotive professionals every week. To learn more about
this publication and the Congress go to www.automotivenews.com.
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Kentucky Observes "Invest in
America" Week
The U.S. Department
of Commerce toured the country May 5-9, 2008,
as part of its inaugural Invest in America
Week highlighting the importance of foreign direct
investment (FDI) for jobs and economic
growth. Kentucky was one of 13 states to host
an event during the week at which federal, state, local
and corporate officials gathered to recognize the
benefits foreign investment has brought to American
communities and families. Messier-Bugatti USA, a
French-owned company located in Boone County, hosted officials
on May 6 at its aircraft brake production facility in Walton.
Patrick Haywood, president of Messier-Bugatti USA,
provided a plant tour and review of the company's 10-years of
growth in Northern Kentucky.
David
Bohigian, U.S. Assistant Secretary of Commerce, spoke on the
important role of FDI in the U.S. economy, which
includes more than five million jobs, 10 percent of
U.S. capital investment, 15 percent of annual research and
development expenditures, and 20 percent of exports. On
average, U.S. subsidiaries of foreign firms pay 25
percent higher wages and salaries than that of U.S.
establishments, making these jobs highly sought by U.S.
workers.
J. R. Wilhite, commissioner
for New Business Development in the Cabinet for Economic
Development, noted that FDI in the commonwealth involves more
than 390 facilities in 70 Kentucky counties. The
total FDI in the state includes $27 billion and 86,000
jobs, and represents investments from 25 different
foreign countries. Campbell County Judge-Executive Steve
Pendery spoke on behalf of Northern Kentucky
Tri-ED, noting that the area is home to more than 160
international companies. During the past decade, more
than 20 percent of Northern Kentucky's total primary job
growth, or 11,743 jobs, have been driven by international
companies.
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 Outstanding Kentucky Small Businesses
Recognized
Twelve of Kentucky's small businesses were
recently honored as the first inductees in the Pacesetter
Business Recognition Program, a new initiative designed to
recognize small businesses that have made a significant impact
in their community and region. The following
businesses were recognized at a special Kentucky Celebrates
Small Business event in Frankfort:
·
Big
Meadow Oil Company Inc. - Knob Lick - 10
employees
·
Custom
Tool & Manufacturing Company - Lawrenceburg - 46
employees
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Hitcents
Inc. - Bowling Green - 43 employees
·
Interstate
Natural Gas Company - Pikeville - 280
employees
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Lawrence
& Associates - Louisville - 7 employees
·
LCM
Company - Lexington - 18 employees
·
Oscarware
Inc. - Bonnieville - 33 employees
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Pendleton
Data Farm - Falmouth - 48 employees
·
SouthEast
Telephone - Pikeville - 300 employees
·
The
Gallaher Group - Ashland - 35 employees
·
Twin
Rivers Inc. - Livermore - 20 employees
·
Walbert
Trucking Inc. - Glasgow - 120 employees
The companies were selected by a panel of judges
based on the following characteristics: introduction of
innovative products; increasing employment; increasing sales
and/or production; community service; capacity to grow;
entrepreneurial leadership; competitive advantage; and other
notable factors in the company's success.
The Pacesetter Business Recognition Program and
the Kentucky Celebrates Small Business event are the
culmination of a joint effort by the Kentucky Cabinet for
Economic Development, the Kentucky Small Business Development
Center, the U.S. Small Business Administration, and the
Federal Reserve Bank of St. Louis - Louisville
Branch.
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 Cabinet for Economic
Development's Procurement Assistance Program Hosts National
Conference
The Kentucky Procurement Assistance Program
(KPAP), a business assistance program of the Cabinet for
Economic Development's Department for Existing Business
Development, recently hosted the Association of Procurement
Technical Assistance Centers (APTAC) Annual Conference.
The 23rd Annual Conference took place April 7-10, 2008, at the
Radisson Plaza Hotel in downtown Lexington.
APTAC is a national professional association of
individuals and organizations that provide government
procurement (contracting) training and consulting services to
the businesses they serve. APTAC members strive to help
their local businesses understand how to do business with
federal, state, and local government agencies, thereby acting
as a link between government buyers and small
businesses.
"We are pleased to have served as the
host organization for the 2008 APTAC Annual Conference," said
John Hindman, secretary of the Cabinet for Economic
Development. "This prestigious conference, which
attracts attendees from all across the United States, provides
numerous opportunities to network with other economic
development professionals in the government procurement
field."
This year was the first time that APTAC's
national conference, which drew approximately 300 attendees,
was held in Kentucky. KPAP worked closely with the
Lexington Convention and Visitors Bureau to bring the
conference to Lexington.
While the conference was
not open to the general public, KPAP services are available to
any Kentucky firm interested in government contracting.
KPAP works with firms seeking to do business with federal
installations like Fort Knox and Fort Campbell, as well as
state agencies, universities, cities and county
governments. Additional information on KPAP is available
online at
http://www.thinkkentucky.com/KYEDC/proassist.aspx. To learn more about APTAC, go to
http://www.aptac-us.org/new/.
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New Online Enhancements Made at
ThinkKentucky.com
The Cabinet for Economic Development
continues to work to improve the ease at which data on the
state's business climate can be accessed online. A series of
enhancements have recently been added to the Cabinet's Web
site, www.ThinkKentucky.com, to provide more
customized information for site selection consultants,
businesses, economic developers, and
researchers.
Just added in 2008:
Kentucky Business & Industry
Information System (KBIIS) Location/Expansion Announcement
Search
This
new search tool allows users to obtain information on new and
expanding industry announcements according to individual
needs. Searches are performed by selecting criteria on a
search form. For
example, clients may search for announcements made during a
specific time period; they can specify manufacturing and/or
supportive service firms. The search can be narrowed to see
only new location announcements and/or just expansion
announcements; they can even select just those with foreign
ownership, and in a particular county, various counties, or
statewide.
After submitting search criteria, a new
browser window will open to display the results of the
Announced/Reported Facility Locations/Expansions Report. The
report date, time, and search criteria selected will be
displayed at the top of the page. A summary of the results
will be shown directly above the list of announcements. The
report is printable and clients can sort the announcement list
by clicking on column headings.
Business
Licensing & Permitting Information
Understanding the various registrations and
licenses required to start and operate a business can
sometimes be a time consuming process. Knowing who to contact
and where to go for additional information is extremely
important, especially for a small business where the business
owner's time is always at a premium.
In an effort to de-mystify the steps to license
and register a business, and to make the process as efficient
as possible, the Cabinet's Small Business Services Division
has greatly expanded its business licensing and permitting Web
page located at www.thinkkentucky.com/BIC.
The new Business Information Clearinghouse page
now provides a complete, step-by-step overview of the business
establishment process along with contact information for
federal, state, and local organizations that a business owner
may potentially need to contact when setting up a
business. The
site also provides links to many of the actual documents
needed to properly establish a business.
Since launching the expanded Web pages in
mid-April, the number of visitors accessing these Web pages
has doubled to more than 7,000 visitors per month. Please note, the site
is not meant to replace an attorney. Business owners should
still consider the services of a qualified attorney to help
guide them through the business start-up process.
Other Recently Added
Online Enhancements
·
Bluegrass State Skills Corporation Training
Provider Directory
·
Sold/Leased Building Search
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Secondary Sites Listing
·
Map Gallery
Additional
enhancements that will make gathering economic development
information easier are in the works. The Cabinet strives to
put information in the hands of decision makers by making it
available 24 hours a day via www.ThinkKentucky.com.
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| UPCOMING EVENTS |
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September 16-21, 2008, Ryder Cup, Louisville,
KY | |
