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U of L Foundation invests to help start-up businesses

There is no script available but here are the details of the fund set up to help health care start-up companies.

The multi-million dollar Kentucky Seed Capital Fund will provide capital to help early-stage businesses that specialize in biomedical and health care services, medical device development, and health care information technology. Companies in Kentucky or within the Louisville metropolitan area of southern Indiana are eligible for seed funding.

U of L Foundation, the states' Commonwealth Seed Capital Fund and Humana Inc. have invested $1 million each to the fund. Other investors include Baptist Hospital Systems, Jewish Hospital Healthcare Services, Kosair Charities and the James Graham Brown Foundation.

Health care researchers and entrepreneurs often receive grant money for the initial stages of research, such as devising equipment to overcome a specific health problem or developing a drug, but sufficient money is not available to commercialize those innovations. Money from the Kentucky Seed Capital Fund will enable entrepreneurs to test the stability of a drug, hire a business manager to license a new technology or rent laboratories to move their businesses forward.

The Louisville Medical Center Development Corporation helps support and recruit businesses to the Louisville Medical Center and helps ensure that the research makes the successful leap from the lab to the marketplace. It is a public-private partnership that helps support life-science businesses, operating three facilities that house life-science and information-technology start-ups.

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