Dissertation Research — University of Kentucky Help Us Track These Companies →

The Economics of Angel Investing in Kentucky

Tracking the performance of startups that participated in the Kentucky Angel Investment Tax Credit program from 2015 to 2018.

Companies
73
2015–2018 (Original Cohort)
Investors
287
Total Invested
$30,588,003
Tax Credits
$11,996,620
Avg. per Company
$419,014
About this data: Investment amounts, counties, and activity types are drawn from public KAITC administrative records. Company performance data (status, subsequent funding, exits) is gathered through primary research and community contributions. Fields marked "unknown" have not yet been verified — you can help.
Period:
All Years 2015–2018 2021–2025
2015–2018 (Original Cohort)

Company Outcomes

Active
39 companies
Inactive
15 companies
Acquired
13 companies
Bankrupt
2 companies
Unknown
2 companies
Dissolved
2 companies

Investment by Year

Year Companies Investors Total Invested Tax Credits Effective Rate
2015 28 105 $7,521,359 $3,000,000 39.9%
2016 20 99 $7,368,412 $2,998,684 40.7%
2017 29 80 $8,203,301 $3,000,000 36.6%
2018 26 69 $7,494,931 $2,997,936 40.0%

Investment by County

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County Companies Total Invested Avg. per Company Tax Credits Share
Jefferson 29 $13,342,111 $460,073 $5,288,008 43.6%
Fayette 17 $5,087,719 $299,278 $2,020,544 16.6%
Kenton 12 $4,238,111 $353,176 $1,455,244 13.9%
Hardin 2 $1,432,668 $716,334 $573,067 4.7%
Oldham 3 $1,424,784 $474,928 $569,913 4.7%
Laurel 1 $1,303,000 $1,303,000 $588,000 4.3%
Warren 1 $1,175,000 $1,175,000 $470,000 3.8%
Jessamine 2 $924,990 $462,495 $367,996 3.0%
Boone 1 $900,000 $900,000 $360,000 2.9%
Scott 1 $250,000 $250,000 $100,000 0.8%
Clark 1 $250,000 $250,000 $100,000 0.8%
Daviess 1 $137,120 $137,120 $54,848 0.4%
Simpson 1 $80,000 $80,000 $32,000 0.3%
Gallatin 1 $42,500 $42,500 $17,000 0.1%

By Qualified Activity

technology sector
Information Technology & Communications
$8,503,799
Health & Human Development
$7,634,000
Materials Science & Advanced Manufacturing
$5,033,396
Other New Economy Knowledge Based Activity
$4,625,389
Bioscience
$3,694,299
Environmental & Energy Technology
$1,097,120

Investment Distribution

73 companies
< $25K
3 companies
$25K–$50K
6 companies
$50K–$100K
8 companies
$100K–$250K
24 companies
$250K–$500K
13 companies
$500K–$1M
10 companies
$1M+
9 companies

Portfolio Concentration

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287 participants · all years
1 company
235 people
2 companies
31 people
3 companies
12 people
4 companies
4 people
6 companies
3 people
7 companies
1 person
12 companies
1 person