Lexington, KY is synonymous with thoroughbred horse racing, top quality bourbon, and world class college basketball. In a town that many equate with old money and established traditions, one thing that runs completely counter to that is a budding industry beginning to emerge in the city: tech.
The culture, the mentality, and the possibilities that come along with a true tech company are still unknown by many in the Bluegrass. And that’s normal. Here at Fooji, we’re pushing the idea of tech in Lexington to the next level 🙌
The Ingredients for Growth
While we’re making efforts to push the idea of technology, companies are popping up all over the city following the startup trend that began out west many years ago. It has taken over both coasts, and is now settling into the Midwest. Here are 4 reasons why Lexington is moving towards a more successful tech community:
- Lexington’s tech history began in 1956 when IBM arrived to build a 386,000-square foot typewriter plant off New Circle Road and employ 1,800 people. The company did wonders for the growth of the city and as the operation scaled and employed more people it slowly evolved into laser printing. In 1990 a private equity firm scooped up the division and Lexmark, a company that still employees 2,000 people locally, was born.
- Higher education has also played a big role in the growth of tech in Lexington. In addition to being the top employer in the Bluegrass, the University of Kentucky pumps out thousands of graduates each year across 200+ majors including those from the College of Engineering which ranks in the Top 100 nationally according to U.S. News & World Report. UK is the defining institution in the region, so it’s no surprise that it has an impact on the burgeoning industries surrounding it.
- VC firms are popping up all over the midwest. The top 50 VC firms in midwest states represent over 42,000 investments with Chicago being the regional leader. Smaller urban hubs like Cleveland, Indianapolis, Cincinnati and more, are pulling their own weight as well. The money is spreading inland for multiple reasons including cheaper labor and operational costs as well as the midwest’s expertise in manufacturing, agriculture, and healthcare: three industries just beginning to be disrupted by tech.
- Government support is also having an impact on growth. In 2013 the Lexington-Fayette Urban County Government started the Jobs Fund under Mayor Jim Gray, a $1 million allocation to provide grants and loans to businesses (especially those headquartered in Lexington) with a priority to fund advanced manufacturing and technology endeavors. Of course businesses that apply to the Jobs Fund must prove viability and meet certain criteria, but with such relatively easy capital available it’s clear to see how opportunities begin to grow. Mayor Gray’s support of startups and technology goes beyond the financial sector as he just announced a strategic partnership with MetroNet to lay up to $100 million of fiber optic cables across the entirety of Lexington’s urban service area, making it the nation’s largest “Gigabit City.”
With fast data speeds, available money, and a skilled talent pool coupled with Lexington’s low cost of living, the local tech sector is sure to keep growing 😎
Here at Fooji, we’re excited to be a part of a growing trend in the Midwest. We started up in 2015 as a B2C product that allowed fans to tweet a food emoji and, for a flat fee of $15, that food would show up at your door in under an hour.
Well, things have changed a little since then.
We now work with some of the biggest brands in the world, helping them deliver experiences to fans around the nation!
We’ve built some great relationships with some awesome partners, including Refinery Ventures, Dundee Venture Capital, and KGC Capital. Partnering with these groups means so much, and it shows that as long as someone believes in your vision, it doesn’t matter where you’re headquartered.
Being based in Lexington allows our team to have a much lower cost of living. The city is small, but it has everything you need to be successful. At Fooji, we’ve made sure that we’re involved in the city through philanthropy efforts as well. Being able to make an impact both personally and professionally in the city is awesome, and we can’t wait to extend our efforts on both sides very soon 👏
We’ve loved getting to know the other tech related companies in Lexington. Companies like MakeTime, Big Ass Solutions, and Awesome Inc. are working hard everyday to make the city proud 💯
We’re just getting started, and we’re looking forward to having more of an impact on the growth of tech in the Midwest 🔥
With love,
Fooji HQ 😍
