Sheltowee Foundation Booklet
The Sheltowee Foundation has developed a strategic plan for the state of Kentucky.
2 Email: email@example.com Web: www.sheltowee.com Sheltowee Business Network LLC 7605 Woodridge Road, Louisville, KY 40056 Phone: 502-299-5079
TABLE OF CONTENTS From the Founder Get to Know Us Alex Day Background Five Objectives for 2023 Challenges with Historic Efforts in Kentucky Study Reviewing the Past 20 Years of Entrepreneurial Ecosystem Support
4 6 8
10 1 1 12 14 15 16 17 18 19 20
Proposed Outline of Retrospective Study Conduct State Wide Bench Marking Survey
Develop a 20-Year Strategic Plan Introduce 2024 Legislative Session Community Assessment Tool What We Did-Ask the Enterpreneurs Results of the 2017 Study
From the FOUNDER
It is time entrepreneurs take a leadership role in charting our strategy for helping entrepreneurs in Kentucky.
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
have been an entrepre neur in Kentucky for the past 30 years. I have watched as our bordering states have developed strong programs for
to help guide our state and local governments, on the programs and strategy that is needed. I founded the Sheltowee Founda tion to provide leadership in Ken tucky 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.
he Sheltowee Founda tion is a non-profit that supports entrepreneur ial ecosystem building through entrepreneur and investor education. T
The Sheltowee Foundation pro motes the core values of the Sheltowee ecosystem and pro vides 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.
BRAD FELD, Techstars Founder
• Help others • Conduct yourself in a kind, ethical and transparent fashion • Honor those who assume the risk • Expect a financial return on your interactions
Provide entrepreneurial leadership to help grow entrepreneurial ecosystems through education, provision of resources and support for entrepreneurs and startup investors
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
Challenges with HISTORIC EFFORTS IN KENTUCKY
Efforts not led by entrepreneurs
Entrepreneurs have not engaged to lead
Major changes in administrations Dependent on government funding Small business entrepreneurs feel left out and alienated
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.
To know where we are going, we need to understand where we have been.
Review how the funds were deployed
Review what agencies have
List the results from the individual companies
Review what legislation was passed
made those investments List all companies which received investment
List the results of the entities that placed the investments Compare Indiana, Tennessee, and Ohio results
Review what investments have been made
Review what funds were allocated
1. 2. 3.
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
8. 9. 10.
RETROSPECTIVE STUDY Proposed Outline of
BENCH MARKING SURVEY Conduct State Wide
Survey six stakeholder groups
Establish a Bi-Annual Survey to track progress
Entrepreneurs Risk Capital Corporates Government Entities Universities Service Providers
Utilize surveys in other states for benchmarking
STRATEGIC PLAN Develop a 20-Year
Develop a plan based on
• Results of study • Results of survey
Suggested plans for growth
2024 LEGISLATIVE SESSION Introduce Legislation for
Keep legislators informed
Develop recommendations from strategic plan
Draft legislation to implement changes
3. ASSESSMENT TOOL
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.
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
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?
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
Research Legislation Strategy Support
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