Needs/Benefits

Needs/ Benefits possibilities for the Franklin Center for Innovation/Innovative Minds Academy

Needs (Financial) for on-going operations and initial funding for the Innovative Minds Academy

(August 1, 2023 – July 31, 2024)

Overhead

12 months  x  $5,100 per month $61,200

Education Materials

70 students  X  $2,200 per student $154,000

Faculty

Director/Faculty $30,000

Six part – time faculty

        6  X $8,000 each $48,000 $78,000

Total       $293,200

Benefits:  The benefits to Frankfort, Franklin County and the Commonwealth of Kentucky that can be attributed to the Franklin Center for Innovation activity are felt in many different ways. Much of the expenses this coming year will be to the formation of the Innovative Minds Academy, which will have very measurable outcomes. However, there will be dozens of additional benefits, some benefits that we have been producing for the past three years, as well as others that are mentioned below.

1. The Franklin Center for Innovation will positively impact 70 or more students in the first year through Innovative Minds Academy

2. Offer programs for Kentucky State University students to create and develop their business ideas

3. Offer a space for many residents of Franklin County and surrounding area to develop and build items and services for themselves as well as for others.

4. Meeting space for regional groups 

5. Offer a marketplace for regional crafters/business owners

6. Offer a garden space for community residents to have access to a community garden and learn best practices in gardening

7. Offer learning programs for the community beyond the 70 students we will serve during the first year.