KRS 164.6029: Kentucky Rural Innovation Program -- Purposes.

(1) There is created and established in the Council on Postsecondary Education a

Kentucky Rural Innovation Program to provide awards to rural Kentucky -based,

small companies to undertake research, development, and entrepreneurial

innovation work in partnership with Kentucky postsecondary institutions, the Small

Business Development Center Network in Kentucky, and other entities engaged in

research and development work.

(2) The purpose of the Kentucky Rural Innovation Program is to:

(a) Accelerate knowledge tran sfer and technological innovation that improve

economic competitiveness and spur economic growth in rural, Kentucky -

based, small companies;

(b) Support entrepreneurial activities that have clear potential to lead to

commercially successful products, proces ses, or services within a reasonable

period of time;

(c) Stimulate growth-oriented enterprises within the Commonwealth;

(d) Encourage partnerships and collaborative projects between private enterprises,

Kentucky's postsecondary institutions, research organ izations, and the Small

Business Development Center Network in Kentucky; and

(e) Promote research, development, and entrepreneurial activities that are driven

by private sector requirements.