Rethinking economic development

1. Rethinking Economic
Development
Presented by Josh Benton
Executive Director, Workforce Development
Kentucky Cabinet for Economic Development

2. WHAT IS
ECONOMIC
DEVELOPMENT?

3. Economic Developers are responsible for
encouraging job creation, business
retention and new investment in our
communities and state.
OUR MISSION
Consultants
Government
Utilities Permitting
Sites &
Buildings
FOCUS
Economic
Development
OUR FOCUS
Attracting new industries to our
communities and state
Project Forcused
Economic Development

4. ANNOUNCEMENTS, SUBMISSIONS & VISITS
2015
NEW & EXISTING

5. Economic Developers are responsible for
encouraging job creation, business
retention and new investment in our
communities and state.
OUR MISSION
OUR FOCUS
Meeting needs of Existing Business
+ Workforce Development
+ Entrepreneurship =
New Business Development
Comprehensive Economic
Development
Small
Businesses
Entrepreneur-
ship
Workforce
New
Investment
Existing
Investment
Economic
Development
FOCUS

6. ENTREPRENEURSHIP
CREATING
A CULTURE
OF

7. There are nearly 340,000 small business
establishments in Kentucky
Small businesses employ almost
700,000 Kentuckians
96.7% of businesses in Kentucky
are small businesses
47.8% of Kentucky’s private-sector labor force
is employed by small businesses
*private companies (government not included)
Small Businesses

8. Last year, the Office of Entrepreneurship and the Kentucky
Innovation Network assisted more than 2,000 Kentucky
companies with free services, including:
 Idea Assessment
 Market Research
 Prototype Development
 Business Strategy
 Capital Connections
 Direct Financial Assistance
Kentucky Innovation Network
COVINGTON
LONDON
LEXINGTON
LOUISVILLE
OWENSBORO
ELIZABETHTOWN
BOWLING GREEN
MURRAY
MOREHEAD
PIKEVILLE
RICHMOND
ASHLAND

9. Small Business Tax Credit
Angel Investment Tax Credit
Angel Investors Network
Small Business Credit Initiative
Commonwealth Seed Capital
Investors Summit
Entrepreneur Pitch Competition
Increased Access to Capital

10. Kentucky Small Business
Tax Credit
Non-refundable tax credit
for businesses creating
full-time jobs and investing
$5,000 or more in qualifying
equipment or technology.
Tax credits range from
$3,500 to $25,000 per
calendar year per applicant
business
Job creation is the driver!

11. Youth Development
Governor’s School for Entrepreneurs
Idea State U
Network Sponsored Events

12. Thank you
ThinkKentucky
@ThinkKentucky
Think
Kentucky.com
Kentucky Cabinet for Economic Development | 300 West Broadway | Frankfort, Kentucky 40601
Josh Benton | Executive Director, Workforce Development | Josh.Benton@ky.gov | 502-782-1968