Published: July 28, 2008 09:27 am            

Energy boot camp

Ky. Highlands accepting applications from entrepreneurs of alternative, renewable energy companies

Special to The Times-Tribune

LONDON — The Kentucky Highlands Energy Business Boot Camp is accepting applications through Aug. 25 for the second round of its intensive, performance-based entrepreneurial training and mentoring program.

The boot camp focuses on helping energy-related researchers, inventors and entrepreneurs create a fundable, sustainable and profitable business model that will help create jobs in the region. It is being conducted by Technology 2020’s Center for Entrepreneurial Growth, which has offices in Oak Ridge, Tenn., and London.

“This project will capitalize on Kentucky’s strengths, but utilize them in a way that supports businesses in the 21st century economy,” said Kentucky Highlands Investment Corporation President & CEO Jerry Rickett.

The $225,000 two-year program is being funded through the Appalachian Regional Commission, the Governor’s Office of Energy Policy and KHIC. The first boot camp culminated earlier this month with an energy symposium, which facilitated partnership opportunities by connecting investors, innovators and entrepreneurs of new energy-based enterprises.

Kentucky Energy Secretary Dr. Len Peters, Kentucky House Majority Leader Rep. Rocky Adkins, representatives of the Kentucky-based investment capital markets, entrepreneurs and various agencies with an interest in supporting energy businesses participated in the event.

“We had a good grasp of the technical side but had limited knowledge of the business side,” said Nuform Vice President Brock Marrs, who participated in the first training program.

“This is our first venture, and we learned how to define our market; the ins and outs of how to communicate with the general public and potential investors; and insight into developing financial models and business plans.”

Bob Wilson, director of the Center for Entrepreneurial Growth and a KHIC consultant, and training partner Todd Fisher, are leading the program.

Wilson and his CEG Team are running two other successful business incubators – one at ORNL in Oak Ridge, Tenn., and one in Knoxville at the University of Tennessee campus.  

 “This unique opportunity will allow Kentucky to utilize its regional assets and core strengths from the ‘old’ economy and turn them into opportunities in a fast-growing energy space that is driving a global, high-tech market,” Wilson said.

The boot camp will include:

• A screening process that will select the four to six businesses, which will receive stipends of  up to $7,500 to offset costs associated with class participation, ongoing strategic planning, field exercises, marketing execution, travel and time away from their businesses during the nine-month session. In addition, up to two individual entrepreneurs per session will be invited to participate but will receive a limited stipend amount;

• Participants will attend four classroom-style training sessions that will last four hours each. Work will be assigned between classes to prepare the entrepreneurs for their own strategic execution plan. This will include:

• A market research project to define and develop a target market;

• Creation of a marketing plan to reach their defined market and to identify partners or channels to deliver on their business model;

• Development of a fundable and sustainable business model and financial plan ; and

• Development and execution of a capitalization strategy.

• Individualized coaching, which sets this program apart from other business training opportunities; and

• (2) Energy-focused networking events and an energy symposium.

To learn more and to apply for the program, visit the KHIC website at www.khic.org  or contact Wilson or Fisher at 606-864-5175 or bwilson@khic.org .

Kentucky Highlands Investment Corporation, founded in 1968 to stimulate economic growth in nine counties in Southern and Eastern Kentucky, now serves 22 counties in the region and has created more than 9,600 jobs.

For more information, contact Carla Blanton Consulting at 859-608-4850 or carla.blanton@insightbb.com.

        

• Click to discuss this story with other readers on our forums.