Fund created to encourage innovation in KY schools

FRANKFORT, Ky. (WDRB) -- When it comes to education, there are often more good ideas than money to pay for them.

Now there is help on the way. There's a new organization formed to fund innovative ways to help your child learn without using tax dollars.

You may have heard the term 'venture capital.' It's money invested to launch promising new business. Well, the same idea is being used to help launch innovation in Kentucky's public schools.

It's called the Fund for Transforming Education in Kentucky. The basic mission: raise private funds to encourage teachers and schools to come up with creative new ways to help kids learn.

"We all know that business must use research and development to develop better products and services. Education is no different. We cannot catch up with the rest of the world by doing what we've always done," said board chairman Billy Harper.

The fund will solicit contributions from corporations and individuals to help kick-start ideas that might never get off the ground because of tight budgets.

"Maybe it's hard to get it going, to go outside the normal channels to get support for it. What we'd like to do is an outside group is help provide a little support," said fund Executive Director Jim Wiseman.

These students from Emminence High School, known for it's innovative programs, say it takes more than the 3 "R"s to prepare for today's workplace.

"Absolutely, absolutely. It's a different world out there now. It's not paper and pencil. It's computers, it's laptops. It's just totally different, said sophomore Trevor Payton.

There are so many new and developing jobs you just never know what job is going to pop up next. So, with different types of education and different types of learning, you can be adapted to prepare for these jobs," said senior Becky Spreitzer.

The Fund has already received a $3 million grant from the Gates Foundation.

And supporters say the organization will benefit not just successful rural schools like Emminence, but also struggling urban schools like Jefferson Co.

"There's nothing happening in rural Kentucky that couldn't happen even greater in Louisville," said Education Commissioner Terry Holliday.

Kentucky is the second state to create such a fund. Colorado was the first, raising and spending millions since 2008 to spur innovation in education.