164.6021 Kentucky Enterprise Fund Program. (1) There is created and established in the Council on Postsecondary Education a Kentucky Enterprise Fund Program to provide capital to small and medium-size, Kentucky-based companies to undertake feasibility, concept development, research and development, or commercialization work in partnership with colleges and universities in the Commonwealth. (2) The purpose of the Kentucky Enterprise Fund Program is to: (a) Accelerate knowledge improve economic competitiveness, and spur economic growth in Kentucky-based companies; technological transfer and innovation, (b) Support feasibility, concept development, research and development, or commercialization activities that have clear potential to lead to commercially successful products, processes, or services within a reasonable period of time; (c) Stimulate growth-oriented enterprises within the Commonwealth; (d) Encourage partnerships and collaborative projects between private enterprises, Kentucky's colleges and universities, and research organizations; (e) Promote research and development and commercialization activities that are market-oriented; and (f) Support small and medium-sized companies. (3) The Kentucky Enterprise Fund Program shall make financial assistance available to qualified companies in accordance with this section as follows: (a) Grants of up to thirty thousand dollars ($30,000) for companies exploring the feasibility of technology commercialization; (b) Funding of up to two hundred fifty thousand dollars ($250,000) for companies in the concept development phase of technology commercialization; (c) Funding of up to five hundred thousand dollars ($500,000) for companies in post-initialization but before full commercialization; and (d) Funding of up to seven hundred fifty thousand dollars ($750,000) for companies with high growth potential and a clear path to commercialization. (4) Notwithstanding any other provision of law to the contrary, if the science and technology organization determines that, despite all best efforts, it is not practicable for a qualified company to partner with a college or university on a project for which all other requirements are met, then the requirement to partner with a college or university may be waived. Effective: July 15, 2008 History: Amended 2008 Ky. Acts ch. 98, sec. 3, effective July 15, 2008. -- Created 2000 Ky. Acts ch. 522, sec. 6, effective July 14, 2000. 2018-2020 Budget Reference. See 2018 Ky. Acts ch. 203, Sec. 1 at 1741.