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Kentucky tied for 5th highest rate of increase in entrepreneurship
LEXINGTON, KY (March 29, 2011) — Kentucky tied with California and Texas as one of the top eight states with the largest increase in entrepreneurial activity over past decade. According to the recently released Kaufman Index of Entrepreneurial Activity, a leading indicator of new business creation in the United States, Kentucky experienced an 11 percent increase from 1996 to 2010. For 2009-2010, Kentucky improved its level of entrepreneurial activity by 16 percent.
"UK stepped up and took a leadership role in statewide economic development when Dr. Todd created an economic development office under his leadership in late 2006," said Len Heller, UK vice president for commercialization and economic development. "Now, we are No. 1 in creating startup companies among our benchmarks." UK's 19 benchmark institutions include universities such as Wisconsin-Madison, Arizona, Maryland, Michigan, Illinois and Florida.
"Research harvesters work campus wide with faculty to drive disclosures, educate faculty on the commercialization process, and provide market research services to encourage researchers and clinicians to consider the business potential of their ideas," said Dean Harvey, executive director of the Von Allmen Center for Entrepreneurship and part of UK's economic development office.
"We believe that partnerships are the key to growing our startups, small businesses and our Kentucky economy," said UK President Lee T. Todd Jr. The UK Office for Commercialization & Economic Development list of partners includes; Commerce Lexington, local government, the Bluegrass Business Development Partnership, the Kentucky Science & Technology Corporation, the Lexington Venture Club, the Kentucky Cabinet for Economic Development and the Department of Commercialization & Innovation, the Bluegrass Angels, the EDA and the U.S. Small Business Administration.