Bluegrass AgTech Development Corp. awards inaugural matching grants to five Lexington- based companies
Originally published by WEKU.
Seven businesses were awarded grants totaling $625,000 from the first Bluegrass AgTech Development Corporation’s incentive program. At a news conference Tuesday morning at Alltech’s complex in downtown Lexington, Mayor Linda Gorton said one of her goals when running in 2018 was to make Lexington the Ag tech hub of business for the United States.
“The horse capital of the world is on its way to a second title, the ‘Ag Tech capital of the country.’”
According to a news release from the city, 29 businesses applied for the matching grants, which maxed out at 100-thousand dollars. Five of the winners are based in Lexington, including Red Leaf Biologics. Jordan Wood, the company’s CEO, said their successful pitch or $100,000 involved new uses for an old Kentucky staple – sorghum.
“We’re not very clever marketers. It’s Red Leaf because the plant turns red, that’s what we’re pulling out of there, and it’s in a unique source of a bioactive ingredient that can be used for natural colors, for functional food and beverage and even for topical cosmetics.”
The City of Lexington contributed $1 million towards the matching grants and to get the partnership started, as did the state’s Kentucky Agricultural Development Fund.
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Originally published by WEKU.
Republished with permission.
