for Colorado startup efforts
Local industry leaders and state legislators are hoping to stimulate new business investment following the passage of a bill offering grants to fund tech startup activities in Colorado.
The bill, called the Colorado Advanced Industries Acceleration Act, was signed into law last May. It targets key high-tech industry sectors, including aerospace, bioscience, electronics, energy and natural resources, infrastructure engineering, and information technologies. Lawmakers say those sectors make up about 30% of Colorado’s economy.
The new law provides the targeted industries with up to $15 million a year in grant funding for up to 10 years. The grants are intended to foster commercialization of new technologies and growth of startups.
Colorado-based enterprises are eligible for proof-of-concept grants of up to $150,000, early-stage capital and retention grants up to $250,000 and infrastructure grants up to $500,000.
The bill was sponsored by State Representatives Dave Young (D-Greeley) and Cheri Gerou (R-Evergreen), and State Senators Rollie Heath (D-Boulder) and Pat Steadman (D-Denver). The program will be administered by the Colorado Office of Economic Development and International Trade (OEDIT).
Proponents of the legislation believe that the grant program will make Colorado more competitive with emerging tech industry centers like Seattle and Austin, TX.