Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster

Hopkins County Explores Ways To Turn Innovation Into Success

Innovate Logo 500HOPKINS COUNTY, Ky. (1/27/2014) – From Wikipedia: Entrepreneur (i/ˌɒntrəprəˈnɜr/), is a loanword from French. It is defined as an individual who organizes or operates a business or businesses.

We think of an entrepreneur as an innovator, inventor, and risk taker. The novice entrepreneur usually has more “good ideas” than cash and operates on a “shoestring”.

Historically, entrepreneurial businesses were not of particular interest to economic development agencies.

And, getting a bank loan? Forget it!

But these are changing times.

Economic Development directors and communities are looking at ways to encourage “Home Grown Businesses”.

These businesses provide the bulk of new jobs without the “Boom-Bust” of big manufacturing.

Banks are realizing that there is opportunity for growth with the entrepreneurial start up; and, by sharing risk, growth opportunities are realized.

These opportunities are being seized in Hopkins County.

Madisonville-Hopkins County Economic Development Corporation in partnership with Madisonville Community College, Murray State University, Kentucky Small Business Development Center, Small Business Administration, Community Ventures Corporation, Madisonville-Hopkins County Chamber of Commerce, Madisonville-Hopkins County Minority Economic Development Council, Inc., Pennyrile Area Development District and Junior Achievement of West Kentucky work with five local banks to build capacity of local entrepreneurs to innovate and compete in the global economy through the establishment of an entrepreneur growth program.

The program will attempt to find budding entrepreneurs; and, to cultivate a local business climate that is encouraging and supportive of the entrepreneurial spirit.

Once the entrepreneurs are found, the raw dreams will be transformed into a business plan that is marketable and sustainable.

It will be a plan that is bankable and worthy of local banks providing venture capital.

A venture loan program called “Hopkins County Ventures”: To build capacity of local entrepreneurs to innovate and compete in the global economy through the establishment of an entrepreneur growth program.

To be considered the following qualifications must be met:

  • The business must be in located in Hopkins County.
  • The business must be for profit.
  • Pursuing a loan for business start‐up, expansion of a current business, purchase of a franchise or the purchase of an existing business.
  • The minimum loan amount is $5,000.
  • Use of funds must be for: working capital, inventory, leasehold improvements, or equipment (for commercial use only).

A myriad of possibilities to further enhance entrepreneurship is being considered.

The question remains, "How to identify these individuals and what can community services do to improve the survival rate of small businesses."

The group is undaunted and is forging ahead under the able watch care of Ruthann Padgett.

Here is more of the plan:

  • Partner with Murray State University to promote “The Next Big Thing” competition in Hopkins County designed to give students in grades nine through 12 an entrepreneurial experience in launching new innovative products or ideas.
  • “Shark Tank / Business Plan” Competition to foster a spirit of innovation through a competition among potential entrepreneurs within Hopkins County, the competition will be held in the Spring of 2015.
  • 1 Million Cups (1MC) is a simple way to engage entrepreneurs. Each week, the 1MC program offers two local entrepreneurs an opportunity to present their startups to a diverse audience of mentors, advisors and entrepreneurs. Presenters prepare a six-minute educational presentation and engage in 20 minutes of feedback and questioning after they present.
  • Who Owns the Icehouse is a facilitator training program that will be offered at the Madisonville Community College.
  • Develop Entrepreneur Week in Hopkins County-Entrepreneur Week will take place the week before Thanksgiving in 2014.
  • Host an Innovation luncheon to recognize outstanding Hopkins County entrepreneurs.
  • Develop awards that recognize individual or companies who have been instrumental in furthering entrepreneur growth and entrepreneurial spirit in Hopkins County.
  • Create a mentoring program for entrepreneurs-Match seasoned entrepreneurs with new entrepreneurs for the purpose of sharing their knowledge, experience and expertise.
  • Regional network for entrepreneur specialists-Provide an environment for entrepreneur specialists to share resources, training opportunities, legislative updates and collaboration.

Given the impediments to business survival in Kentucky and Hopkins County and Madisonville, it will be a big job.

Kentucky is not ranked as a top place to operate a business. The insurance premium tax and occupational taxes in addition to all other taxes, fees and regulations give pause to selecting Madisonville and Hopkins County as the best place to start a business.

Hopkins County Ventures 300

Ron Sanders
SurfKY News

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

3/13 - 16
button coupons

Stock Report

1 DOW 17,654.30
-18.30 (-0.10%)    
2 S&P 2,049.62
-2.20 (-0.11%)    
3 NASDAQ 4,752.73
-5.15 (-0.11%)    
3/13 - 16
3/13 - 16
button classifieds

In Other News...

MJCC Honoring Staff for Serving Youth for over Three Decades

MUHLENBERG COUNTY, Ky. (1/26/15) — The Muhlenberg Job Corps Center would like to take this opportunity to recognize… Read More

Short-Handed Mustangs Upend Ohio County

HARTFORD, Ky. (1/26/15) — Even without leading player Hunter Noffsinger in the lineup, Muhlenberg County flourished on… Read More
3/13 - 16

Most Read This Week

January 23, 2015 8034

Local Church's Faith Restored; 71 Souls Saved…

in Video by Gary Gates, SurfKY News
January 20, 2015 6934

Bridal, Prom, Pageant Expo Planned for February…

in Hopkins News by Dana Brown
January 22, 2015 6909

Nortonville Man Accused of Selling Drugs near…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 21, 2015 5557

KYDOT Pre-Treating Roads Thursday in Antipation…

in Top News For All Sites by Keith Todd
January 23, 2015 5514

Parents Face Charges after Marijuana Joint Falls…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 22, 2015 5099

MCEA Head: Further School Mergers Might Ease…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
January 21, 2015 4763

Man Arrested after Allegedly Nodding off on Baby…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 23, 2015 4287

Nortonville Woman Charged for Meth Possession

in Local (Hopkins) Top News by Hopkins County Sheriff's Office/Hopkins County Detention Center
January 25, 2015 3675

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs
January 22, 2015 3611

Local Family Business Changes Hands

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News

Stories Trending Today

January 25, 2015 3675

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs
January 25, 2015 1966

UPDATE: Two Die, Two Injured in Two-Vehicle…

in Local (Owensboro) Top News by Dispatcher Dustin Staves
January 25, 2015 1318

Juvenile Hit by Vehicle at McDonald's

in Local (Muhlenberg) Top News by GPD Officer Wes Miller
January 25, 2015 1184

Kynect Enrollment Climbs as Countdown to Feb. 15…

in General News For All Sites by Office of the Governor
January 25, 2015 1048

Market Commentary - Jan. 25, 2015

in Top News For All Sites by Randall L. Franklin
January 25, 2015 1009

Dave Says - Jan. 25, 2015

in General News For All Sites by Dave Ramsey
January 25, 2015 929

March 20-22 Women's Retreat: 'Holiness in Family…

in Owensboro News by Jennifer Kaminski
January 25, 2015 853

Outdoor Truths - Jan. 25, 2015

in General News For All Sites by Gary Miller
January 25, 2015 824

Legislator's Log - Week of Jan. 25, 2015

in General News For All Sites by Brent Yonts
January 26, 2015 508

Henderson County Traffic Advisory

in Local (Henderson) Top News by Keith Todd

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2015 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flr subscribevideoitunessocial rss