Corporate Law Blog

Many high-tech companies moving to Kentucky

In 2013 Kentucky awarded 26 high-tech companies $6 million in state funds as a program to attract these types of businesses to our state. The funding is coming through two programs called the Small Business Innovation Research and the Small Business Technology Transfer Matching Funds program.

"These companies are developing some of the nation's most promising new technologies, as recognized by experts on both the federal and state levels," stated Governor Beshear. The two programs have awarded close to $43 million in support of small companies since 2006. Many companies are relocating to Kentucky from other states. The fact that these relocations are occurring demonstrates that incentive programs in our state are gaining national attention.

Part of this program is for Kentucky to match federal grants.  Kentucky's matching of certain federal grants (known as Phase II funding) is unique among all of the states.

Many individuals prefer running a small business because it provides a certain degree of independence and often allows entrepreneurs to be their own boss.  However, there are also a number of challenges that come along with the starting of a small business or family operation.  A certain amount of business planning must be conducted so that obstacles to starting a new operation can be overcome.

Business startup attorneys can provide startup advice concerning the raising of capital, the creation of contracts, various tax issues, employment concerns and establishing intellectual property rights.  These attorneys licensed in Kentucky can also help businesses take advantage of various resources such as the programs mentioned above.

Source: The Lane Report, "Kentucky attracting high-tech small businesses," Jan. 24, 2014