Seven businesses, including five from Lexington, are winners of the first Bluegrass AgTech Development Corp incentive grants that are designed to encourage agtech and food-based businesses to locate in Kentucky.
“We want to become the international address of agtech businesses, and this is an exciting step forward,” Mayor Linda Gorton said.
Bluegrass AgTech is cultivating an innovation ecosystem for entrepreneurs and startups in the agricultural sector. Its partners include the City of Lexington, the Kentucky Department of Agriculture and its Kentucky Agricultural Development Fund, the University of Kentucky Martin-Gatton College of Agriculture, Food and Environment, and Alltech.
Bluegrass AgTech announced the grants program last November. It received 29 applications and today announced that it has funded seven grants.
The winning companies are: HempWood, Iristrac, Lepidext Inc., Parasight System Inc., RedLeaf Biologics, Spirited, Inc., and Sunflower Fuels.
The partners said they are excited to see the program move forward.
“The vision for Bluegrass AgTech was developed over four years ago and the announcement of these awards is a major milestone,” said Dr. Nancy Cox, Vice President of Land-grant Engagement and Dean of the Martin-Gatton College of Agriculture, Food and Environment.
Through the challenge grant program, Bluegrass AgTech is connecting agricultural innovators with both public and private funding sources and incentives, attracting new agri-food and agri-business companies to Kentucky, boosting the economy, and unlocking a more affordable, nutritious and environmentally sustainable food future for Kentucky and beyond.
“Agriculture plays a fundamental role in not only producing food, but also preserving the planet. Funding innovative agtech entrepreneurs is critical to achieving this mission – and to helping transform Kentucky into the agricultural technology capital of the United States, just as my father, Dr. Pearse Lyons, envisioned years ago,” said Dr. Mark Lyons, president and CEO of Alltech, a global company focused on improving the health and performance of people, animals and plants through nutrition and scientific innovation. “These first seven challenge grant winners will help Bluegrass AgTech foster an innovation ecosystem in Kentucky, paving the way for the development of technologies that will be highly relevant to both our traditional agriculture sectors and those that will emerge in the future.”
Bob Helton, executive director of Bluegrass AgTech Development Corp, said the challenge grants provide incentive funding, valuable resources and promotional opportunities. Selected grant recipients will also be offered resource support, such as mentorship, referrals to professional services, connections to local growers and research teams, and other business development assistance.
Each applicant was able to apply for up to $100,000 of grant funding in this first year of the program. The seven grant recipients were awarded a combined total of $625,000.
Applicants were required to provide a 100% match. The program was open to registered, for-profit businesses currently located in or willing to establish a presence in Lexington or Kentucky, with an emphasis on startups and early-stage businesses.
Lexington contributed $1 million to establish the grants and get the partnership started. The state also provided $1 million through the Kentucky Agricultural Development Fund.
Jonathan Shell, Kentucky Commissioner of Agriculture, said, “The Bluegrass AgTech grants empower innovators and entrepreneurs, cementing Kentucky's leadership in agricultural innovation.”
Source : lexingtonky.gov