Rural Innovation Program
The Rural Innovation Program was established by the Kentucky Innovation Act of 2000 and designated to the Council. This funding program provides vouchers to rural Kentucky-based, small companies to undertake research, development, and entrepreneurial innovation work in partnership with Kentucky postsecondary institutions, the Small Business Development Center Network in Kentucky, and other entities engaged in research and development work. The purpose of the Kentucky Rural Innovation Program is to accelerate knowledge transfer and technological innovation that improve economic competitiveness and spur economic growth and to support entrepreneurial activities that have clear potential to lead to commercially successful products, processes, or services.
The Rural Innovation Fund has been divided into two award levels. Under Level 1 funding, companies may seek a one-time award of up to $25,000 in a one year period and funds may be used to hire consultants, university partners, and other entities. Level 2 awards require the involvement of third-party partners/consultant and companies may request up to $100,000 over two years. The fund is administered by the Kentucky Science and Technology Corporation and is managed in partnership with the Council on Postsecondary Education.