An Eastern Kentucky innovation hub will look to develop a technology-focused entrepreneurial ecosystem with the help of new grant funding.
Shaping Our Appalachian Region — or SOAR, for short — is receiving nearly $1.5 million from the Appalachian Regional Commission (ARC). The award is part of a recently announced nearly $54 million package supporting 64 projects across 217 coal-impacted counties through ARC’s POWER (Partnerships for Opportunities and Workforce and Economic Revitalization) Initiative, according to a news release.
“SOAR remains at the forefront of innovation and collaboration across southern and eastern Kentucky. This POWER grant will give SOAR the tools they need to empower new tech-based ideas to come to life in Kentucky’s Appalachian region, by working with local students, entrepreneurs, and universities,” said Congressman Hal Rogers, dean of the House of Representatives and founding co-principal officer of SOAR, in the release. “I applaud SOAR for planning their work and working their plan as we cultivate new opportunities in the mountains that are now available through broadband and access to leading technology.”
POWER awards support entrepreneurship, workforce development efforts, and infrastructure projects that bolster job training and reemployment opportunities, create jobs in existing or new industries, and attract new sources of private investment in coal-impacted communities, the release continued.
“We are grateful for the support of the Appalachian Regional Commission to continue our work supporting entrepreneurs and startups on college and university campuses across the region. This funding will allow us to work intentionally with students and college and university programs to identify and support scalable ideas,” said Colby Hall, executive director of SOAR. “Projects like this would not be possible without the support of Congressman Rogers and his tireless dedication and advocacy for the people and communities of southern and eastern Kentucky.”
To develop an Eastern Kentucky tech ecosystem, SOAR plans to offer the following activities, with the help of local partners:
- An inspirational speaker series will bring entrepreneurs from the region to colleges and universities to motivate and encourage students to reach their full potential.
- A speed pitch competition will bring fellowship and fun as attendees can take the stage to make their pitch for a monetary prize.
- Ideation workshops create a strong foundation for those exploring entrepreneurship and innovation. These workshops will be a mix of content experts and entrepreneurs and provide the building block to launch a business.
- A three-day event called Startup Sprints
- Boot camps on customer discovery and lean startup practices
- Invest 606 Accelerator
- Funding matchmaking including a series on how to access capital readiness support
The project additionally seeks to create six new businesses and improve 49 non-student participants and 142 students during the three-year grant period.
“We are beyond excited for this next step and the addition it will add to our existing work around business and innovation. SOAR continues to invest in the entrepreneurs in our region and understands that we have to meet them wherever they are,” said Sabrina McWhorter, director of business and innovation at SOAR. “The ability to engage with universities, colleges, and local students will introduce innovation and opportunity to them, and allow new career paths to form. This program is designed to create learning opportunities for ALL in the region. Whether you’ve got an idea keeping you up late at night, or you’re two years into a business and needing support, there is something here to support you.”
SOAR's partners on the project are: The Appalachian Investor’s Alliance (AIA), Center on Rural Innovation (CORI), Invest 606, KY Innovation, University of Pikeville, Morehead State University, Union College, Ashland Community & Technical College, Hazard Community & Technical College and Paintsville Independent School District.
