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The Office of Entrepreneurship Is Thriving In Its First Year - Can It Help You?
Just over a year ago, on July 22, 2013, Governor Beshear announced the creation of the Office of Entrepreneurship ("the Office") within the Cabinet's Department for Business Development. Since its inception, the overall goal of the Office has been to develop an entrepreneurial climate for new talent in Kentucky; provide guidance and support to start-up operations; assist existing small businesses with growth opportunities; and create a pipeline of business activity that can be streamlined with the traditional growth opportunities the Cabinet already offers.
The Office is ready to help businesses at every step of the growth cycle, from implementing the first step of a business plan to expanding the locations of an already-existing business. The Office's website, www.thinkkentucky.com, offers a user-friendly flowchart on how to "Start a Business in the Bluegrass." It also lists several funding resources that can be vital for entrepreneurs looking for ways to finance their venture.
In addition, the Office manages the state's Kentucky Innovation Network, which consists of 12 regional Innovation & Commercialization Center locations across the Commonwealth. According to its Annual Report for FY 2013, with an Office investment of $2,244,095 and estimated tax revenue of $3,538,336 from the 1,074 new paid jobs created in FY 2013 alone, the Commonwealth achieved a positive return on its investment in eight months. That is an impressive statistic and there is no doubt that the Office will continue to have a positive impact on entrepreneurs and small businesses in the years ahead.
The Office is a great starting point for anyone looking to make his or her dreams a reality. Another important component of beginning a successful business is having sound legal advice throughout the start-up process. It is highly recommended that you meet with a corporate or business law attorney to ensure you are complying with all laws and regulations and to ensure that the right documentation is in place for the future. The corporate attorneys at McBrayer can help you with everything from choosing the right entity formation to filing the correct tax returns. If you have an idea for starting a business, we have the tools to bring it to life.
