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
121
All Years
Investors
478
Total Invested
$59,360,303
Tax Credits
$19,690,140
Avg. per Company
$490,581
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
All Years

Company Outcomes

Active
75 companies
Inactive
15 companies
Acquired
14 companies
Unknown
13 companies
Bankrupt
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%
2021 17 80 $5,718,614 $1,460,940 25.5%
2022 16 57 $6,122,208 $1,480,549 24.2%
2023 18 54 $5,133,364 $1,365,814 26.6%
2024 16 41 $4,928,417 $1,324,595 26.9%
2025 17 42 $6,869,697 $2,061,622 30.0%

Investment by County

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County Companies Total Invested Avg. per Company Tax Credits Share
Jefferson 59 $21,306,506 $361,127 $7,266,514 35.9%
Fayette 26 $14,101,296 $542,358 $4,272,676 23.8%
Kenton 14 $10,404,939 $743,210 $2,946,126 17.5%
Rowan 1 $2,800,000 $2,800,000 $1,000,000 4.7%
Oldham 3 $1,684,784 $561,595 $634,913 2.8%
Hardin 2 $1,432,668 $716,334 $573,067 2.4%
Laurel 1 $1,303,000 $1,303,000 $588,000 2.2%
Warren 2 $1,275,000 $637,500 $510,000 2.1%
Jessamine 2 $924,990 $462,495 $367,996 1.6%
Boone 1 $900,000 $900,000 $360,000 1.5%
Campbell 1 $800,000 $800,000 $200,000 1.3%
McCracken 3 $617,500 $205,833 $247,000 1.0%
Bath 1 $550,000 $550,000 $220,000 0.9%
Logan 1 $500,000 $500,000 $200,000 0.8%
Clark 1 $250,000 $250,000 $100,000 0.4%
Scott 1 $250,000 $250,000 $100,000 0.4%
Daviess 1 $137,120 $137,120 $54,848 0.2%
Simpson 1 $80,000 $80,000 $32,000 0.1%
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

121 companies
< $25K
7 companies
$25K–$50K
13 companies
$50K–$100K
13 companies
$100K–$250K
34 companies
$250K–$500K
20 companies
$500K–$1M
19 companies
$1M+
15 companies

Portfolio Concentration

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478 participants · all years
1 company
403 people
2 companies
36 people
3 companies
17 people
4 companies
11 people
6 companies
5 people
7 companies
3 people
8 companies
1 person
12 companies
1 person
13 companies
1 person