The main objective of this study was to investigate the effects of a low cost minimal medium, developed by the UL Bioprocessing Lab, on the cultivation of Lipomyces starkeyi NRRL Y-11557 using repeated fed-batch and continuous fermentation strategies. The highest cell and lipid concentrations obtained were 22.7 g L-1 and 11.67 g L-1 under repeated fed-batch cultivation, respectively. Continuous cultivation with the dilution rate of 0.06 h-1 presented the highest cell (0.401 g g-1) and lipid yields (0.177g g-1). Exopolysaccharide production was observed when L. starkeyi was cultivated in the minimal media supplemented with 90 g L-1 glucose under repeated fed-batch fermentation. The produced exopolysaccharide is likely composed of 4-5 repeating sugar units, incorporating mannose and galactose and their respective uronic acids.