State-funded programs can help students turn big ideas into reality

Column by Luke Murray

If you have a really cool idea this afternoon, who would you go talk to about it? You might tell your friends, family or a knowledgeable businessperson you know. Perhaps you could even ask an investor to give you the money you need to try it out. Surprisingly, however, one of the best ways to get both advice and investment is the government.

The Kentucky Department of Commercialization and Innovation is dedicated to helping technology-based businesses in the state grow — from a big company wanting to get bigger, all the way down to helping a freshman figure out if his or her “cool” idea is cool enough to become a real business. Late last year, I sat down with DCI Commissioner Deborah Clayton (a former entrepreneur herself) to hear what initiatives the state and local governments have undertaken to make this happen. After a lively hour and a half interview (scheduled for thirty minutes), I walked out of her office with two spiral-bound packets and a folder of information about what DCI is doing to help make the Commonwealth a true “land of opportunity.” Some of the initiatives provide the tools necessary to help even a university freshman with a cool idea create some of those “opportunities” his or herself.

The Innovation and Commercialization Center

The ICC in Lexington (www.thinkbluegrass.com) and those in other cities have a three-step program (Assessment, Business Decision, Capitalization) that they will walk you through to help make your idea happen. In Assessment, they will help you with your business plan. In Business Decision, they will assist in preparing a “pitch” to investors. Finally, in Capitalization, you may be introduced to various investors inside and outside the state that might want to invest in your idea. For more information, visit the ICC Web site, (www.StartupKentuc-ky.com).

Idea State U Competition

This is a statewide business concept and business plan competition, held in the spring, that offers a total of over $100,000 in combined prizes and awards. To participate, all you need to do is think through your idea, work with your school’s design­­ated faculty advisor to develop a business concept or more elaborate business plan and practice “selling it” well (perhaps with the help of your local ICC). You might have a shot at a cash prize to support turning your idea into reality. This is how Jarrett Prim and Eric Paulini developed their idea for a UK-themed Bar & Grill (in a Sept. 10 column) and have been able to afford working on their idea post-graduation. For more information, visit the Idea State U Competition Web site, (www.ideastateu.com).

Lots of other opportunities exist as well, but the most important message is that the next time you have an idea, consider asking for feedback from your roommate and your dad and maybe even that businessperson you know (make sure you first protect your intellectual property or keep proprietary information secret). But don’t forget state and local government wants to help you grow your ideas into successful businesses that will create good jobs.