Amount: Up to $250,000
Grants to Colorado business development programs for activities that benefit emerging companies. Funding is intended for initiatives that support and encourage early-stage businesses in the advanced industries. The goal of the grant is to accelerate the commercialization and innovation of advanced industries technologies and companies through education, resources, and mentorship.
The grant can be used to fund the development of a new accelerator program and fund scholarships for advanced industries early-stage companies to participate in an existing accelerator program. Colorado’s seven advanced industries are:
- Advanced manufacturing
- Energy and natural resources
- Infrastructure engineering
- Technology and information.
Funding to develop a new accelerator program: Funding can be used for start-up operational costs of new accelerator programs that are delivering specialized services that do not currently exist in the market for advanced industries early-stage companies. Applications must explain:
- The market opportunity and need
- Service offerings
- Plan for continuing the program after the grant funding has run out
Funding to offset tuition for an existing accelerator program: Funding can be used to offset the cost of tuition of existing accelerator programs for advanced industries early-stage companies. Applications must explain:
- The competitiveness and impact of the accelerator program
- Service offerings
- Plan for continuing the program after the grant funding has run out.
- Have a significant influence on multiple advanced industries
- Focus on supply chain gaps and supports capability growth within the identified industry or industries
- Directly assist with the state’s recruitment or retention efforts
- Are not duplicative of existing programs or initiatives
- Have secured the required match when applying for funding
Businesses cannot apply for funds to attend an accelerator program. Only accelerators can apply for these funds and grant scholarships to businesses.
To be eligible, the applicant must:
– Be an accelerator based in Colorado
– Be registered and in good standing with the Colorado Secretary of State
– Serve Colorado early-stage companies in one or more advanced industries – companies are considered early-stage in Colorado if they:
a. Have their headquarters or 50% of their employees in Colorado
b. Have received less than $20 million in third-party capital since the inception of the company
c. Have less than $10 million in annual revenue
d. Have matching $2-to-$1 non-state funding to state funding
– Have a management team with experience in developing or managing this type of programming
– Have a viable plan for keeping the program running after the grant funds have run out
– Be able to report on the short-term and long-term impacts accelerator participants experience as a result of participating in the accelerator.
Advanced industries technology: A disruptive technology is defined as a significant departure from the currently available technology in the industry. The use of an industry’s currently available technology does not constitute a significant impact. For example, the use of currently available electronics components does not constitute an impact on the electronics industry.
Rama Harris, Advanced Industries Senior Manager