Pennyrile Area Development District
A Regional Planning & Development Agency
Murray State University and Partners Lead Region's Innovation Efforts
Posted on November 29th, 2018

​Governor Matt Bevin announced on November 27 that the KY Innovation Office has selected Murray State University and its partners to establish a regional hub to serve, attract and cultivate more innovative entrepreneurs and startup businesses in west Kentucky.  Partners throughout the region will collaborate on initiatives to launch a Regional Innovation for Startups and Entrepreneurs (RISE) hub.  RISE hubs are part of KY Innovation’s 120-county effort to modernize Kentucky’s support for high-tech, high-growth-potential businesses.  West Kentucky’s consortium will build on successes of area tech startups, focus on regional collaboration to support early stage businesses through capitalization and commercialization, and develop the region’s culture for supporting entrepreneurs and innovative startups.  The west Kentucky innovation hub will receive $428,684 in state funding, representing a nearly threefold increase in annual funding over the prior Kentucky Innovation Network office model. 
 
Support organizations for west Kentucky’s RISE hub are located in Paducah, Hopkinsville, Madisonville, Henderson and Murray.  In addition to Murray State University CTSM and SBDC and the Technology Council of West Kentucky, the Pennyrile and Purchase Area Development Districts will also act as lead partners.  Partners will provide businesses and entrepreneurs a full range of services including business planning, investor-financing readiness evaluations, software development vetting, and advising on the incorporation process, tax and permitting obligations, IP protections and partnership agreements.


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