Springtime is a season for green-shoots: new life, fresh beginnings, renewed optimism. This spring, the same might be said for the economy in Eastern Kentucky. That’s because spring has brought plenty of signs that a new economy may be growing in the region.
It started in late March, not long after the historic snow had melted. That was the month the Kentucky Innovation Network held “IdeaFestival Aerospace.” Kentucky has long been known for its annual IdeaFestival, a weeklong celebration of innovation, high-tech and out-of-the-box thinking. In the past, this annual innovation pilgrimage has largely taken place in Lexington and Louisville. This year, however, the Innovation Network sponsored three regional IdeaFest events around the state, including one in Morehead. The topic: aerospace.
You’ve probably seen reports that aerospace has stealthily become one of Kentucky’s biggest industries. In fact, Kentucky exports more aerospace products, dollar-wise, than it does cars, car parts and bourbon… combined! All well and good, but what does that have to do with Eastern Kentucky? Eastern Kentucky- specifically Morehead- is becoming a focal point for space innovation and space research. Three big moments at IF Aerospace really brought this home.
To kick-off IdeaFest, Dr. Ben Malphrus, dean of the Morehead State University Space Science Center, announced that MSU would join a consortium that will send a multimillion dollar satellite to the moon to look for water. The satellite will ultimately be built at MSU – in large part, by Eastern Kentucky students. Next, Kris Kimmel, of the Kentucky Science and Technology Corp. called for the creation of the world’s first “exomedicine institute” in Morehead. In other words, Morehead will serve as the hub to prepare medical research for space missions, largely on small satellites, a particular specialty of MSU’s.
Later in the day, Majority Leader Rocky Adkins spoke in detail about Kentucky’s growing aerospace industry and the role it is already playing in Morehead. Much of his presentation focused on the previous day’s job announcement, when Gov. Steve Beshear and Congressman Hal Rogers announced a new company, Rajant, was locating a branch in Morehead and creating 28 new, high-tech jobs in the process. The company chose Morehead to be close to the space science center.
In April, the news was more low-key but no less significant. While we strive to build new industries in the region, we can’t lose sight of some of our greatest job-creating potential: tourism and retail (both online and bricks and mortar) businesses built around our natural and cultural heritage. That’s why the Kentucky Innovation Network helped two companies – Pennington Farm Meats in Sharkey, and Dinner Bell Country Market in Flemingsburg- take their companies global, by helping them build websites with the help of college students from MSU. Now, thanks to the power of the web, TheDinnerBellCountryMarket.com and PenningtonFarmMeats.com will market to a far larger audience than the traditional country store could have ever hoped to reach.
The Dinner Bell Country Market is thriving in Flemingsburg. (Photo from Facebook)
This is part of a growing trend better known as agritourism and our hope is that by helping companies access the web, we will in the process create a growing trend of tourists willing to drive to their areas and purchase their amazing lines of country foods and beverages.
Finally, in May, the Innovation Network Office in Morehead hosted a forum on the Rogersville Shale and Berea Sandstone oil and gas deposits. The event, held in West Liberty, highlighted the economic potential inherent in these traditionally hard-to-access minerals. Dave Witter, the chief geologist for Cimarex Energy, a company traded on the New York Stock Exchange, talked about the Denver-based company’s big bet on shale. Mineral owners, drillers, and gas and oil service-based entrepreneurs listened intently as the geologist described the technology that could be used to bring the shale revolution that’s swept states like Pennsylvania and West Virginia to Kentucky.
Through the SOAR Initiative, we continue to talk about diversifying eastern Kentucky’s economy. In the past three months, we’ve made gains in agritourism, space-science and shale oil and gas extraction. And while all three topics are vastly different, there’s a common thread: entrepreneurship. Whether you’re creating a company in the space-science field, oil and gas exploration or agritourism, certain fundamentals remain the same: company formation, marketing/positioning, business management, investment, legal affairs, regulations/mitigating risk, etc.
At the Kentucky Innovation Network, our role is to serve as business consultants to entrepreneurs across the state that are starting businesses, growing businesses, and making valuable connections for existing businesses. By focusing our efforts in a wide variety of industries, the Innovation Network continues to focus on entrepreneurship, the greatest tool in our efforts to grow this area’s economy.
Johnathan Gay is an attorney and the director of the Kentucky Innovation Network office at Morehead State University. To learn more about the Kentucky Innovation Network or to get involved in entrepreneurial project, please visit Johnathan at the Kentucky Innovation Network offices located in the newly opened business incubator in Morehead, InnovationLaunchpad.Rocks. The Innovation Network can be found here.
Johnathan Gay is an attorney and the director of the Kentucky Innovation Network office at Morehead State University. To learn more about the Kentucky Innovation Network or to get involved in entrepreneurial projects, click here.
To read more of Johnathan Gay, click here.
