The Colorado Economic Development Commission (EDC) approved $2.9 million in Advanced Industries Accelerator (AIA) grants today for 18 Colorado companies with technologies that will positively impact key industries from health to manufacturing. The program has awarded over $40 million since its inception in 2013.
“Colorado is a national leader in innovation and business startups,” said Office of Economic Development and International Trade executive director Stephanie Copeland. “The Advanced Industries Accelerator program is a key initiative in encouraging such activity within the State and we are thrilled to fund so many innovative organizations.”
The Colorado EDC approved 15 Colorado companies to receive Proof-of-Concept and Early Stage Capital grants for a total of $2,696,489. Additionally, three Colorado companies – Arthroventions, Optienz Sensors, LLC, and IM Therapeutics -were approved for second round or “transition” funding for $203,511.
Proof-of-Concept grants are open to Colorado research universities, federal labs located in Colorado and other labs with valid technology transfer offices for pre-commercialization research and commercialization preparation. Early Stage Capital and Retention grants fund companies commercializing innovative technologies to create viable products that meet a market need and can be created or manufactured in Colorado and exported globally.
The Advanced Industries Accelerator Grant program received 124 applications this grant cycle. Applications were reviewed by committees of business, technical and financial experts, as well as by an industry-specific reviewer. Of the applicants, 24 companies were invited to participate in a pitch session in April with the full AIA committee. Final recommendations were approved by the Colorado EDC on May 18.
The next application cycle for Proof-of-Concept and Early Stage Capital and Retention Grants will open on July 3, 2017 and applications will be due August 31, 2017. Infrastructure grant cycle will open Feb. 1, 2018 and close on April 2, 2018.
Approximately $40,773,560.79 from the Advanced Industry Fund has been granted since the inception of the program in 2013. To date, the program successes include the creation of 492 new jobs and approximately 593 jobs retained. Additionally, these funds have helped the technologies acquire an additional $200,353,734.29 dollars in grants and investments to further commercialize these advanced technologies.
The Advanced Industries Accelerator Program (AIA) was created in 2013 to promote growth and sustainability in Colorados advanced industries by driving innovation, accelerating commercialization, encouraging public-private partnerships, increasing access to early stage capital and creating a strong infrastructure that increases the states capacity to be globally competitive. AIA encompasses three distinct grant programs: Proof of Concept, Early Stage Capital and Retention, and Commercialization Infrastructure.