Kentucky Completes S&T Strategic Plan

The Kentucky Science and Technology Corp. (KSTC) has released Kentucky's Science and Technology Strategy, a plan outlining ten specific recommendations in four strategic areas to guide the Commonwealth's future R&D investments. If implemented, the recommendations are expected to have significant impact in just a few years.

The four key strategic areas include enterprise development, manufacturing modernization, technological infrastructure, and people. The recommendations and their estimated annual costs are listed below. Most will require passage of new legislation by the Kentucky General Assembly in their next session.

The recommendations are:

• Authorize use of two percent of state pension funds for business investments (up to $432 million)
• Increase compensation for K-12 math & science teachers who hold math & science degrees ($35 million estimated)
• Increase state investments in dedicated S&T higher education trust funds ($3 million)
• Create a Kentucky Science & Engineering Foundation to expand and replace KY EPSCOR ($2.5 million new money plus existing state EPSCOR matching funds of $2.5 million)
• Establish a Strategic Technology Capacity Initiative to support formation, recruitment and location of industry R&D consortia and anchor businesses in Kentucky ($2 million)
• Create R&D vouchers for small and medium-sized businesses to use for R&D partnerships with Kentucky institutions of higher education ($1 million annually)
• Establish the Kentucky Commercialization Fund to develop promising academic R&D ($750,000)
• Establish a statewide manufacturing modernization system ($650,000 increase over current funding of $350,000)
• Establish regional technology service corporations to support rural S&T-based economic development ($500,000)
• Conduct an entrepreneurial policy audit for Kentucky ($250,000 one-time cost).

To support the recommendations, KSTC is to undertake several studies, including an industry cluster analysis for the state, a study of the supplier chains for the clusters, and a survey of the financial needs of technology-driven firms. These additional analyses are estimated to have a total one-time cost of $150,000.

The plan was developed with steering committee participation from nearly 100 people from across educational, economic development, government and business sectors of the economy. Additionally, several focus group meetings involving 85 people were held to solicit input from businesses on developing and utilizing technology and publicly supported organizations, including higher education, on their needs, priorities, and resources.

More information can be found on KSTC's website: http://www.kstc.org/index.cfm or by contacting the KSTC offices by email at kstc@kstc.org or by phone at (606) 233-3502, ext. 221.