Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Fayette | Henderson | Lakes | McCracken | Warren | 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 2014 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.

3/12 - 718 switched from reg 2 to hopkins only

Stock Report

1 DOW 17,083.80
-2.83 (-0.02%)    
2 S&P 1,987.98
+0.97 (0.05%)    
3 NASDAQ 4,472.11
-1.59 (-0.04%)    
3/12 - 718 switched from reg 2 to hopkins only
3/12 - 718 switched from reg 2 to hopkins only

In Other News...

Powderly Man Injured in Apparent Gun Accident

POWDERLY, Ky. (7/24/14) — Police, fire and Muhlenberg EMS units responded to a Hawkins Street residence in Powderly… Read More

Muhlenberg to Have State's Only Honey Kitchen

POWDERLY, Ky. (7/24/14) — The parking lot was full Monday night at the Muhlenberg County Agricultural Center. The… Read More
3/12 - 718 switched from reg 2 to hopkins only

Most Read This Week (Site-Wide)

July 22, 2014 3958

Madisonville Woman Charged With…

in Top Stories by Madisonville Police Department
July 21, 2014 2778

Five Sent to Hospital After Two-Vehicle…

in Top Stories by Rita Dukes Smith, SurfKY News Director
July 24, 2014 2361

Powderly Man Injured in Apparent Gun…

in Top Stories by Charles W. Riley II, SurfKY News
July 21, 2014 2193

Business Spotlight - Painted Window Aims…

in Top Stories by Charles W. Riley II, SurfKY News
July 21, 2014 2114

Madisonville Police Arrest Reports - July…

in News by Madisonville Police Department

Most Read Stories from Hopkins County

July 22, 2014 3958

Madisonville Woman Charged With…

in Top Stories by Madisonville Police Department
July 23, 2014 1874

Crime Stoppers Top Most Wanted - July 23,…

in Top Stories by Crime Stoppers
July 24, 2014 1509

Madisonville Man Charged for Drugs,…

in Top Stories by Trooper Stu Recke
July 21, 2014 1213

Madisonville Fire Chief Announces…

in Top Stories by Rita Dukes Smith, SurfKY News Director
July 21, 2014 1162

Three Injured in Three-Vehicle Collision…

in Top Stories by Rita Dukes Smith, SurfKY News Director

Most Read Stories from Owensboro

July 21, 2014 1397

Portion of Southeastern Parkway Closed…

in News by Beth Cecil
July 22, 2014 1093

Alliance for a Drug Free Owensboro and…

in News by Carla Shelton
July 23, 2014 1036

Owensboro Neighborhood Alliance Meeting…

in News by Sherry Girten
July 22, 2014 1032

Daviess County Traffic Advisory

in News by Keith Todd
July 23, 2014 868

Fall Baseball League Registrations

in News by Brittni Bunn

Most Read Stories from Muhlenberg County

July 21, 2014 2778

Five Sent to Hospital After Two-Vehicle…

in Top Stories by Rita Dukes Smith, SurfKY News Director
July 24, 2014 2361

Powderly Man Injured in Apparent Gun…

in Top Stories by Charles W. Riley II, SurfKY News
July 21, 2014 2193

Business Spotlight - Painted Window Aims…

in Top Stories by Charles W. Riley II, SurfKY News
July 23, 2014 1623

Greenville Family Loses Home, Possessions…

in Top Stories by Charles W. Riley II, SurfKY News
July 23, 2014 1239

Swinging for Sadie Raises $6,000 for…

in Top Stories by Paul McRee, SurfKY News

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 06social 21social 22social 04social 03