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
3/13 - 16
447 on Feb 15th (Val ad ended) switched to kid books
CHANGED TO SIMPLE AD ON 2/19 619 HITS

Stock Report

1 DOW 16,408.54
-16.31 (-0.10%)    
2 S&P 1,864.85
+2.54 (0.14%)    
3 NASDAQ 4,095.52
+9.29 (0.23%)    
3/12 - 718 switched from reg 2 to hopkins only
3/13 - 16
447 on Feb 15th (Val ad ended) switched to kid books
CHANGED TO SIMPLE AD ON 2/19 619 HITS
3/12 - 718 switched from reg 2 to hopkins only
3/13 - 16
447 on Feb 15th (Val ad ended) switched to kid books
CHANGED TO SIMPLE AD ON 2/19 619 HITS

In Other News...

Muhlenberg Job Corps Employee of the Month

MUHLENBERG, Ky. (4/18/14) — Miranda Hope is Student Counselor at the Muhlenberg Job Corps. She is a very dedicated and… Read More

Friends of Lake Malone Busy Hiding 1,500 Easter Eggs

DUNMOR, Ky. (4/18/14) — The Friends of Lake Malone State Park are hosting an Easter Egg Hunt Saturday, April 19, at the… Read More
3/12 - 718 switched from reg 2 to hopkins only
3/13 - 16
447 on Feb 15th (Val ad ended) switched to kid books
CHANGED TO SIMPLE AD ON 2/19 619 HITS

Most Read This Week (Site-Wide)

April 16, 2014 19272

UPDATE- Sheriff's Office Following Leads…

in Top Stories by Taylor Riley, SurfKY News Reporter
April 17, 2014 4241

KSP Nabs St. Charles Man Wanted by U.S.…

in Top Stories by Trooper Stu Recke
April 15, 2014 3138

Police Searching for Sureway's 'Baby…

in Top Stories by Taylor Riley, SurfKY News Reporter
April 16, 2014 3063

Sheriff's Deputies Nab Central City…

in Top Stories by Sheriff Curtis McGehee
April 15, 2014 2779

Multi-Agency Investigation Leads to Drug…

in Top Stories by Lori Blakeley

Most Read Stories from Hopkins County

April 17, 2014 4241

KSP Nabs St. Charles Man Wanted by U.S.…

in Top Stories by Trooper Stu Recke
April 15, 2014 3138

Police Searching for Sureway's 'Baby…

in Top Stories by Taylor Riley, SurfKY News Reporter
April 15, 2014 2779

Multi-Agency Investigation Leads to Drug…

in Top Stories by Lori Blakeley
April 15, 2014 1076

State Approves $500K for Hopkins Archery…

in Top Stories by Rebecca Hanchett
April 18, 2014 968

Talking Teen Trashed Telephone Pole,…

in Top Stories by MPD

Most Read Stories from Owensboro

April 15, 2014 1719

Owensboro Police Investigate Auto Accident

in News by Michael Hathaway
April 15, 2014 1366

Owensboro Parks Offers Tennis Lessons

in News by Britni Bunn
April 15, 2014 1027

Happenings and Meetings Owensboro

in News by Dennis Beard, SurfKY News
April 16, 2014 838

New Home Health Care Opens in Owensboro

in News by Dennis Beard, SurfKY News
April 15, 2014 766

OPD’s Annual 5K Run and Police Awareness…

in News by Owensboro Police Department

Most Read Stories from Muhlenberg County

April 16, 2014 3063

Sheriff's Deputies Nab Central City…

in Top Stories by Sheriff Curtis McGehee
April 15, 2014 2037

'Walk Right Back' An Everly Brother's…

in Top Stories by Paul McRee, SurfKY News Reporter
April 15, 2014 1873

Local MCHS Students Train at Job Corps

in Top Stories by Karen Robinson
April 15, 2014 1525

Thumbpickers Unite at Mose Rager Day

in Top Stories by Paul McRee, SurfKY News Reporter
April 16, 2014 1162

South Carrollton Woman Injured in Head-on…

in Top Stories by Trooper Stu Recke

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