The innovation hub of Northern Kentucky has launched a new fund in support of the region's entrepreneurs.
Blue North established the Northern Kentucky Entrepreneurship Fund with Horizon Community Funds, a nonprofit community foundation. It's not a venture fund, rather it will instead work with Main Street Ventures to award grants of up to $30,000.
“Our community is a hub for forward-thinking, resourceful entrepreneurs whose well-earned successes help vitalize Northern Kentucky,” said Nancy Grayson, president and CEO of Horizon Community Funds, in a news release. “Currently, there is a lack of funding specific to entrepreneurs in Northern Kentucky. This fund will allow for more support of those who are working to create strong and sustainable businesses in our region.”
Blue North, part of KY Innovation and Kentucky Science and Technology Corp.'s statewide innovation hub network, supports entrepreneurs, creators and builders in Northern Kentucky through a variety of programs and services.
“In addition to serving as the ‘front door’ for entrepreneurs in Northern Kentucky, Blue North’s job is to be the champion of our entrepreneurial community,” said Dave Knox, executive director of Blue North. “The Northern Kentucky Entrepreneur Fund is a major step in that mission, giving our community a vehicle to support the entrepreneurs that create thriving neighborhoods across the region.”
Main Street Ventures, the grantor of the fund, offers equity-free funding in the form of grants to entrepreneurs throughout the Greater Cincinnati region.
In an email, Knox explained all of the grants will be awarded through Main Street Ventures' standard Launch and Leap grants. For a Launch grant, a company can apply for up to $10,000, and for a Leap grant, they can apply for $10,000 and $30,000. The NKY Entrepreneur Fund will cover half of the grant.
"Blue North and Horizon Community Funds are two amazing organizations supporting entrepreneurship in Northern Kentucky and we are excited to work with them on this new initiative,” said Main Street Ventures Executive Lead Brianna Dzuricsko. “We look forward to supporting even more founders who continue to make Northern Kentucky and the entire Cincinnati region an amazing place to live, work, and build."
The Northern Kentucky Entrepreneurship Fund was supported by an initial donation from the R.C. Durr Foundation. Main Street Ventures has awarded the first grant from the fund to Covington, Kentucky-based company, Down the Road Spice Co.
Main Street Ventures is currently accepting applications for their first round of 2023 grants. Applications are due by Monday, Feb. 13. Those interested in applying are welcome to schedule time with Main Street Ventures staff to discuss questions about their application. More information can be found by clicking here.
At minimum, Knox said the goal for 2023 is to double the amount of grants that Main Street Ventures has historically made to Northern Kentucky. It has made about $150,000 in grants, so the intent is to grow that of up to $300,000 this year and continue that in subsequent years.
