Invest 606 Demo Day

All the finalist with Geoff on the left and the Program Manager, Cole, on the bottom right

All the finalist with Geoff on the left and the Program Manager, Cole, on the bottom right

This past Saturday, the Finalist for the inaugural cohort of Invest 606 gathered in Pikeville for “Demo Day.” Each business gave a 3 to 4 minute presentation to give the public an overview of their businesses and how they would use prize money to deepen their impact or expand. I have had many shining moments since we returned to Eastern Kentucky in 2015, but this one was the single event that made me the most hopeful about the future of our region and the economic turnaround. I can’t wait to tell you more about this day, and the bigger program it represents.

There is a lot you might need catching up on, including what even is Invest 606. The short of it is that Invest 606 is a Business Accelerator Geoff founded to support promising businesses in Eastern Kentucky. Geoff has long believed that the best way to spur the economic growth of the Kentucky coal communities was to make investments in the people on the ground already having traction leading businesses in growth sectors. To make this vision a reality, he partnered with the University of the Cumberlands and the Foundation for Appalachian Kentucky, then submitted a grant to the James Graham Brown Foundation. In February of 2019 he was awarded $500,000 over three years to create Invest 606. The accelerator requires participants to attain professional development in a flexible manner that fits a rural area, mixed with opportunities for the business owners to gather and learn from each other. The experience then culminates in a pitch competition with actual cash-prizes, including a $10,000 grand prize. Geoff has also connected with local organizations such as Chambers of Commerce to create additional local cash prizes and in-kind services, as well as the potential for low-interest loans supported by the Appalachian Impact Fund.

Classic Geoff getting everything just right before the Demonstrations began

Classic Geoff getting everything just right before the Demonstrations began

It might sound simple, or obvious, except that this is not how economic development programs typically work. Either they are working with companies that can create 50+ jobs all at once (which often means manufacturing, creating shovel-ready work sites, telecommunications, or other such industries), or they provide salaries to technical assistance providers that are often located in Lexington or Berea. Very little of this impacts the small businesses that are transforming their communities and making them more livable. The work of reclaiming Main Street is truly in the hands of the local people. When you run a small business, you quickly learn that there are lots of fees for permits and licenses, not to mention plenty of taxes for everything from payroll taxes to county occupational tax. What I have yet to experience is someone coming to my door and finding a way to relieve the burden of expenses, offer me money to continue or grow proven methods, or provide the specific supports that I request.

There was a great crowd at Dueling Barrels in Pikeville

There was a great crowd at Dueling Barrels in Pikeville

Geoff would never say this, but to have a grassroots program that puts the business owners of Appalachia in the role of expert, then offer them targeted support and actual monetary support is pretty radical. The Accelerator launched this past fall when Geoff solicited applications, and an independent panel selected the 12 finalists. They are an impressive group, employing over 65 people and generating more than a million dollars combined in revenue each year. Not only that, they represent the parts of our economy that are growing quickly – the industries that meet new societal preferences and technologies, and that represent the direction that our country is headed.

Here I am with some of the great women who provide us with products for Moonbow Mercantile in Corbin

Here I am with some of the great women who provide us with products for Moonbow Mercantile in Corbin

The “Demo Day” served as a midway point, a time to see how this new program is working. We got to hear from each Finalist, and it quickly became very apparent that the folks involved in this contest are far more than business owners. It began with Jen Kopecky, owner of City Perk coffee shop in Prestonsburg, sharing a vision of how her business could become the place of transition for people recovering from addiction, including the personal testimonial of one of her employees. It ended with Megan Brannon of Sprinkles of Hope sharing how her bakery in Maysville is providing employment and a future for adults with disabilities. And between these great presentations were businesses that provide so much ingenuity, heart, and hope, the entire audience was at the verge of tears. Right away it became apparent that these are more than just businesses—these are people who are taking on all of the burdens of owning and running a business while also addressing critical needs in their communities and beyond. You can click through the slideshow below to learn more about each business.

So often we talk about the resilience of mountain people. Nobody knows the problems of Appalachia better than the ones who live there, and nobody can better sniff out flash-in-the-pan ideas that make big splashes but don’t live up to promises. Yet, so many anti-poverty programs are built on the premise that the expertise that is needed is far outside the region and must be brought in. That big ideas and big promises are somehow more important than the folks grinding it out every day. To be in the audience at Demo Day on Saturday was to see the real affirmation that all of the talent and hard work we need is already in place. These businesses are amazing, and these business owners are the unsung heroes of Appalachia.

I walked away incredibly proud. Proud of the business owners, and proud of the work they do. And very, very proud to be from Eastern Kentucky. I have been in the audience at many pitch competitions in the Boston area, listening to the ideas of entrepreneurs at Harvard and MIT. It is no exaggeration to say that this was the most exciting group that I have heard from. And with them, I saw a whole new future for not just myself, but my children and the generations ahead.

We all better be ready. When others realize just how special our gifts are, it is going to be hard to keep them away. Now I just can’t wait for the final pitch competition to be hosted at the University of the Cumberlands in Williamsburg on April 18.