Kentucky expands program to create more entrepreneurial coaches

A program that encourages entrepreneurial activity in Kentucky counties once dependent on tobacco is expanding as it looks to train more community leaders to help spark small business in these areas. The Kentucky Entrepreneurial Coaches Institute, began in 19 northeastern Kentucky counties three years ago, and 22 counties in south central Kentucky will join the network next year. Its director is Ronald Hustedde, above, of the University of Kentucky's College of Agriculture.

The program's expansion is funded by a grant from the Kentucky Agricultural Development Board, which doles out the half of the state's tobacco-settlement money that was earmarked for developing the state's agricultural economy. It works in cooperation with the Center for Rural Development in Somerset, Ky. So far, 60 community leaders, from a variety of fields, have completed the program.

“We know that 50 percent of jobs come from small business in this state and in the nation,” Hustedde said in a news release. “We also know that 75 percent of new wealth creation comes from entrepreneurs, from innovators. They find new markets or new services, new products, new niches, and that leads to wealth creation. . . . Entrepreneurs tend to stay in their community. They share, not only their wealth – they spend more locally – but they also employ local people. And in terms of philanthropy, they tend to give more to the local community.”

In northeastern Kentucky, graduates from the first two classes play influential roles in policy at the local level, Hustedde said. They have helped to initiate high school entrepreneurial programs, worked with counties to create a balanced economic portfolio, and helped spotlight innovative farmers. Some even started a six-county initiative to move agri-tourism forward.
To apply, go here.