Bluegrass AgTech Development Corp Challenge Grant

The Bluegrass AgTech Development Corp is dedicated to shaping the future of agriculture in Kentucky by fostering an innovation ecosystem for farmers, entrepreneurs, and investors. The organization's core mission is to expand economic opportunities for ag-tech entrepreneurs and startups by providing funding and resources that will help them develop and market their technologies to investors and customers. The organization’s flagship initiative is the Challenge Grant Program, which is designed to attract ag-tech businesses to Kentucky. This program will help advance technologies, products, or services that could significantly impact the food and agricultural industries both within Kentucky and beyond. The Challenge Grant Program offers grant funding of up to $100,000 for selected applicants. In addition to financial support, awardees will be provided with valuable resources including mentorship, connections to local growers and research teams, referrals to professional services, and other business development assistance. The program’s primary aim is to help early-stage ag-tech businesses grow, improve their products, and bring innovations to market. Applicants to the Challenge Grant Program are required to match their grant funding on a dollar-for-dollar basis. This matching requirement can be met through cash contributions or the in-kind application of salary or wages that are specifically related to the proposed project. This ensures that applicants are invested in their own success and have a stake in the outcome of the project. The program's application process is structured with a clear timeline. Applications will open on November 22, 2024, and all finished applications, along with any supporting materials, must be submitted by March 1, 2025. Following the submission period, a panel of judges will review all applications. Selected finalists may be asked to provide additional information such as financial statements, records, and projections. The final selection of grant recipients will be announced no later than a date yet to be determined. To be eligible for the Challenge Grant Program, applicants must be registered, for-profit businesses that are either currently located in Kentucky or willing to establish a presence there. Special consideration is given to startups and early-stage businesses. A portion of the grant funding is specifically allocated to businesses located in Lexington-Fayette County, Kentucky. It is also important to note that awardees from the immediate past grant round will not be eligible for the next round, although they may apply in future cycles. The Challenge Grant Program encourages innovation in five primary focus areas: solutions for mid-sized farming, sustainable food systems, food as health, future-proof animal protein, and Kentucky traditions. Applicants must propose projects that align with at least one of these areas. The program emphasizes the importance of addressing challenges that can improve the profitability, sustainability, and resiliency of Kentucky’s agricultural and food economy. The judging process for the program will evaluate applicants based on several criteria, including the relevance and potential impact of their project, the viability of their commercialization and business model, and the potential for growth and job creation. This ensures that selected projects not only have significant potential for success but also align with the strategic goals of Kentucky's agricultural and food economy.