Northern Kentucky University has received a six-figure federal grant to boost innovation and entrepreneurship at its recently founded Collaborative for Economic Engagement in Covington.
NKU, the region’s third-largest university, received $750,000 from the Economic Development Administration’s Scaling Pandemic Resilience Through Innovation and Technology, or SPRINT, challenge. The funds will support NKU’s Collaborative for Economic Engagement, a less than 1-year-old innovation hub for businesses and entrepreneurs located at 112 W. Pike St.
NKU President Ashish Vaidya said in a press release the funding further expands the collaborative’s ability to create jobs and strengthen community connections.
The collaborative, which launched last fall, serves as a front door for entrepreneurial engagement and outreach, counseling and mentorship, as well as the university's expertise in data analytics, health, logistics and entrepreneurial innovation.
Its total annual budget stands around $2 million.
“This is an historic milestone not just for NKU but small businesses and startups alike,” Vaidya said.
Specifically, the grant will provide for a full-time director for the innovation office at 112 Pike, who will assist with connecting founders with resources, NKU spokesman Atley Smedley told me. The funds will also prioritize supporting underserved entrepreneurs in the region, including women, minority and rural entrepreneurs, as well as family businesses and health-related ventures.
In addition to the collaborative, the grant will support other ventures on NKU’s campus — including Center for Innovation and Entrepreneurship programs, the Entrepreneurship Through Acquisition program, SoCap Accelerate and the Center for Economic Analysis and Development — along with community collaborators Aviatra Accelerators, Square1 and Mortar.
NKU was the only local recipient and one of only two in Kentucky. The University of Louisville also received $750,000. The grant requires an $188,147 local match, which will come from NKU. Heritage Bank is also contributing $30,000, Smedley said.
In all, the EDA, a bureau within the U.S. Department of Commerce, awarded $29 million in SPRINT funding to 44 groups, including nonprofits, higher education institutions and entrepreneurship-focused organizations.
Smedley said the collaborative will be open and available for community members to visit starting this fall.
