Eastern Kentucky University announces the opening of the Eastern Innovation Region Office, part of the Commonwealth Office for the New Economy. This office is responsible for overseeing and coordinating all O.N.E. activities in the Eastern Region. The office serves 46 counties in Eastern Kentucky, stretching from Wayne to Mercer and Boyd to Harlan.

According to Cheryl Stone, executive director of the New Economy Eastern Innovation Region, "The development of the New Economy in Eastern Kentucky is critical for the health of our economy and therefore the welfare of our citizens. Increasingly, the fuels for the national economy are technology industries and, just as importantly, the application of technology to existing businesses."

Under the agreement with the O.N.E., Eastern is charged with: 1) increasing the number of high-tech jobs and businesses in the eastern region, 2) helping existing businesses grow through the application of New Economy technologies and/or business practices, and 3) developing new business opportunities through University technology transfer - the use of the University's significant knowledge resources to meet the practical needs of businesses.

To accomplish this mission, several programs have already started. An Innovation and Commercialization Center, directed by Mel White, recently opened on campus. The center, part of a statewide network, will provide technical and business assistance to qualified entrepreneurs and scientists whose ideas have significant market potential. In addition, the state has developed a series of investment-like funds aimed at promoting and capitalizing early-stage technology commercialization.

In six key cities - Ashland, Corbin, Monticello, Pikeville, Somerset, and West Liberty - satellite centers will be established. The centers, with help from Ron Lawson, assistant director of the Eastern Innovation Region, will provide will offer comprehensive entrepreneurial services, including mentoring and a business acceleration program." These satellite centers will address economic weaknesses that hinder Kentucky's competitiveness in the creation of New Economy jobs. Satellites will make all O.N.E. programs available to existing businesses and direct them to the ICC.

A business incubator is also planned to foster the development of high-tech businesses related to Safety and Security, a statewide focus of the Office for the New Economy that is headquartered in EKU's College of Justice and Safety.

Developing New Economy businesses in the Eastern Innovation Region will face special challenges. The Appalachian region of Kentucky lags behind the Commonwealth overall, as well as the nation, in some key economic indicators, including personal income, poverty, and
employment. To address these problems, the Eastern Innovation Region will address the area's economic challenges by targeting entrepreneurs and offering a comprehensive array of programs and services.

To ensure that our region is able to compete, new-business development programs must address the five key characteristics of the New Economy: First, the foundation of new economy businesses is knowledge and ideas. Second, the new economy is dependent upon science, technology, and innovation. Third, competition is based on a global marketplace. Fourth, success depends upon rapid speed to market. And last, but most certainly not least, an educated, trained, and motivated workforce is essential.

Accord ing to Dr. William Brundage, commissioner of the Office for the New Economy, "I believe that we have developed in the state of Kentucky is the most advanced innovation commercialization system and network in the country. It's going to make us very competitive."

"What worked 30 years ago, 20 years ago, 10 years ago, isn't necessarily what's going to work today," said Brundage. "We in Kentucky are on the cutting edge. We're changing the rules, in order to compete in the economy of the 21st century."

For more information, contact Cheryl Moorhead Stone, CEDET executive director, at 859-622-2334.