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Rethinking Economic
Development
Presented by Josh Benton
Executive Director, Workforce Development
Kentucky Cabinet for Economic Development
WHAT IS
ECONOMIC
DEVELOPMENT?
Economic Developers are responsible for
encouraging job creation, business
retention and new investment in our
communities and state.
OUR MISSION
Consultants
Government
Utilities Permitting
Sites &
Buildings
FOCUS
Economic
Development
OUR FOCUS Attracting new industries to our
communities and state
Project Forcused Economic Development
ANNOUNCEMENTS, SUBMISSIONS & VISITS 2015
NEW & EXISTING
Economic Developers are responsible for
encouraging job creation, business
retention and new investment in our
communities and state.
OUR MISSION
OUR FOCUS Meeting needs of Existing Business
+ Workforce Development
+ Entrepreneurship =
New Business Development
Comprehensive Economic Development
Small
Businesses
Entrepreneur-
ship
Workforce New
Investment
Existing
Investment
Economic
Development
FOCUS
ENTREPRENEURSHIP
CREATING A CULTURE
OF
There are nearly 340,000 small business
establishments in Kentucky
Small businesses employ almost
700,000 Kentuckians
96.7% of businesses in Kentucky
are small businesses
47.8% of Kentucky’s private-sector labor force
is employed by small businesses
*private companies (government not included)
Small Businesses
Last year, the Office of Entrepreneurship and the Kentucky
Innovation Network assisted more than 2,000 Kentucky
companies with free services, including:
Idea Assessment
Market Research
Prototype Development
Business Strategy
Capital Connections
Direct Financial Assistance
Kentucky Innovation Network
COVINGTON
LONDON
LEXINGTON
LOUISVILLE
OWENSBORO ELIZABETHTOWN
BOWLING GREEN
MURRAY
MOREHEAD
PIKEVILLE
RICHMOND
ASHLAND
Small Business Tax Credit
Angel Investment Tax Credit
Angel Investors Network
Small Business Credit Initiative
Commonwealth Seed Capital
Investors Summit
Entrepreneur Pitch Competition
Increased Access to Capital
Kentucky Small Business
Tax Credit
Non-refundable tax credit
for businesses creating
full-time jobs and investing
$5,000 or more in qualifying
equipment or technology.
Tax credits range from
$3,500 to $25,000 per
calendar year per applicant
business
Job creation is the driver!
Youth Development
Governor’s School for Entrepreneurs
Idea State U
Network Sponsored Events
file:///C|/Users/ICC2/Documents/Ready for Success Photo.jpg.bmr7dl9.partial [6/18/2015 3:36:07 PM]
Thank you
ThinkKentucky
@ThinkKentucky
Think Kentucky.com
Kentucky Cabinet for Economic Development | 300 West Broadway | Frankfort, Kentucky 40601
Josh Benton | Executive Director, Workforce Development | [email protected] | 502-782-1968
