Energy boot camp accepting applications or entrepreneurs of alternative, renewable energy companies in Kentucky Companies to receive training, stipend up to $6,000
Wednesday April 28, 2010
LONDON, Ky. -- The Kentucky Highlands Energy Business Boot Camp is accepting applications through May 28th for the third round of its intensive, performance-based entrepreneurial training and mentoring program.
The boot camp focuses on helping energy-related researchers, inventors and entrepreneurs create a fundable, sustainable and profitable business model that will help create jobs in the region.
"This project will capitalize on Kentucky's strengths but utilize them in a way that supports businesses in the 21st century economy," said Jim Carroll, director of Kentucky Highlands' Business Innovation and Growth Center. "This unique opportunity will allow Kentucky to utilize its regional assets and core strengths from the ‘old' economy and turn them into opportunities in a fast-growing energy space that is driving a global, high-tech market."
Entrepreneurs can be located anywhere in Eastern Kentucky as long as they are able to attend the four sessions in London, Ky.
Previous boot camp participants have leveraged the experience to gain additional funding. East KY Biofuels, Buswell and NuForm Materials all have leveraged skills and knowledge learned in past energy boot camps to obtain a total of more than $1 million in state and federal funding for their business plans recently.
"The Energy Boot Camp program was a vital first step in the development of East KY Biodiesel," said President and Founder Nathan Hall, who participated in the second boot camp. "Although our management team does have prior business management experience, very little of it was in the field of entrepreneurial start up. This program promoted a greater understanding of all aspects of creating a sustainable business model through the ongoing homework assignments and meetings."
"We recently received the Kentucky New Energy Venture grant through the Kentucky Science and Technology Corporation, largely because of our participation with the Energy Boot Camp. In the future, we will be in a much better position to pursue debt and equity financing when appropriate because of lessons learned through this program."
Carroll and colleague Todd Fisher are leading the program. Carroll is an entrepreneur from Louisville who founded BBR Wireless Management, which was named Start Up of the Year in 2003 by Greater Louisville Inc., and has worked for Fortune 100 companies. Fisher has more than 30 years of experience in engineering, product development and commercialization, and has led technology-based businesses for a Fortune 50 company as well as small start-ups.
The boot camp will include:
- A screening process that will select the four to six businesses, which will receive stipends of up to $6,000 to offset costs associated with class participation, ongoing strategic planning, field exercises, marketing execution, travel and time away from their businesses during the nine-month session. In addition, up to two individual entrepreneurs per session will be invited to participate but will receive a limited stipend amount;
-
Attendance at four classroom-style training
sessions that will last four hours each. Work will be assigned between classes
to prepare the entrepreneurs for their own strategic execution plan. This will
include:
- Market research to define and develop a target market;
- Creation of a marketing plan to reach their defined market and to identify partners or channels to deliver on their business model;
- Development of a fundable and sustainable business model and financial plan ; and
- Development and execution of a capitalization strategy.
- Individualized coaching, which sets this program apart from other business training opportunities; and
- Attendance at an energy-focused networking event or venture forum and an energy symposium in late fall at the Center for Rural Development in Somerset.
The boot camp is being funded by Kentucky Highlands. Classes will be held June, July, August and September at a mutually agreed date at Kentucky Highlands Investment Corporation in London.
To learn more and to apply for the program, visit the KHIC website at www.khic.org or contact Carroll or Fisher at 606-864-5175.