Sheltowee Foundation Booklet

Sheltowee FOUNDATION

From the FOUNDER

Ihave been an entrepreneur in Kentucky for the past 30 years. I have watched as our bordering states have developed strong programs for

entrepreneurs and far surpassed Kentucky in the cultivation of their entrepreneurial ecosystems. It is time that entrepreneurs in Kentucky take a leadership role to build our ecosystem and work

It is time entrepreneurs take a leadership role in charting our strategy for helping entrepreneurs in Kentucky.

to help guide our state and local governments, on the programs and strategy that is needed. I founded the Sheltowee Foundation to provide leadership in Kentucky and around the country in helping entrepreneurs and startup investors create value and bring

amazing products and services to market. Our path in Kentucky will not be an easy or fast one. It has taken us years to fall behind and it will take us years to get to where we need to be. I hope you will join me on the journey.

GET TO KNOW US

The Sheltowee Foundation is a non-profit that supports entrepreneurial ecosystem building through entrepreneur and investor education.

The Sheltowee Foundation promotes the core values of the Sheltowee ecosystem and provides real-world solutions from our entrepreneurial founders.

For an entrepreneurial ecosystem to be successful it must be led by entrepreneurs not other players like governments, universities or investors.

Mission

Provide entrepreneurial leadership to help grow entrepreneurial ecosystems through education, provision of resources and support for entrepreneurs and startup investors

Core Values

• Help others

• Conduct yourself in a kind, ethical and transparent fashion

• Honor those who assume the risk

• Expect a financial return on your interactions

BRAD FELD, Techstars Founder

BACKGROUND Alex Day

Studied at Western Kentucky University and the Leningrad Polytechnic Institute

Physics, mathematics and Russian

Language

Founded Sheltowee in 2000

Founded the Kentucky Life Sciences Organization in 2000

Served on the KSTC board (2001 to 2004)

Appointed by Governor Patton to serve on the Kentucky Tobacco Research Board (2002-2004)

Served as first manager of the Kentucky Natural Products Fund (Commonwealth Seed Capital) (2003-2005)

Appointed by Governor Ernie Fletcher to serve as Chairman of the Governors

Life Sciences Consortium (drafted strategic plan for growing life science companies in the state) (2004)

Drafted strategic plan for Owensboro, KY on how to leverage life science assets for economic development, which resulted in over $100 million of investment in Owensboro

Co-Founded Kentucky BioProcessing (2005)

Secured $50,000 grant and orchestrated state wide survey in 2017 on entrepreneurism in Kentucky

Participated in MIT REAP program in 2020

Five Objectives for 2023 for SHELTOWEE FOUNDATION

ChallengesHISTORICwithEFFORTS IN KENTUCKY

Efforts not led by entrepreneurs

Dependent on government funding

Small business entrepreneurs feel left out and alienated

Major changes in administrations

Entrepreneurs have not engaged to lead

Collaboration hindered by turf building

No one in state government ever asked the entrepreneurs what they need Rural communities were underserved

Study Reviewing the Past 20 Years of ENTREPRENEURIAL ECOSYSTEM SUPPORT

We need to look back and see what we have done right and what we have done wrong in building our entrepreneurial

ecosystem in Kentucky. This calls for an in-depth analysis of our efforts from the past 20 years.

Review what legislation was passed

Review how the funds were deployed

Review what agencies have made those investments

List the results from the individual companies

Review what funds were allocated

Review what investments have been made

List all companies which received investment

List the results of the entities that placed the investments

Compare Indiana, Tennessee, and Ohio results

To know where we are going, we need to understand where we have been.

Executive Summary

Definition of entrepreneur

Major pieces of legislation impacting Entrepreneurs

Major programs for entrepreneurs

Investment Tax Credits

Commonwealth Seed Capital

Keyhorse Capital

Major successful entrepreneurs in Kentucky

Key organizations

Companies that started here and left

Investments by year

Indiana, Ohio and Tennessee Program Comparisons

Results of Survey

STUDY Proposed Outline of

RETROSPECTIVE

BENCH MARKING SURVEY

STRATEGIC PLAN Develop a 20 -Year

Develop a plan based on

• Results of study

• Results of survey

Suggested plans for growth

Target goals

1. 2.

ASSESSMENT TOOL Community

In 2017, we conducted the Kentucky Entrepreneur Climate Survey.

Based on what we learned in 2017, we developed a tool

The Community Assessment Tool helps communities track their progress.

3.

It is designed to be utilized on a routine basis to establish metrics for entrepreneurial ecosystem building.

In 2017, Sheltowee secured a $50,000 grant to conduct a Study of the “Entrepreneur Climate” in Kentucky.

ASK THE ENTREPRENEUR What We Did-

Key Questions

How is the Kentucky government doing at helping entrepreneurs?

Are you aware of the programs that exist?

As a small business owner, what do you need to grow your business that you are not being provided with?

STUDY Results of the

Total of 840 respondents

74% of respondents

(620) gave the state a failing score

Only 13% of respondents thought the state was doing a good to very good job

Over half of the respondents took the time to leave comments

*2017 Kentucky Entrepreneur Climate Survey