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News & Press: Colorado Technology Industry

Governor Ritter Announces Plan to Encourage Venture Capital Investment in IT and 3 Other Industries

Thursday, May 27, 2010   (0 Comments)
Posted by: Su Hawk
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Governor Ritter issues executive orders to encourage venture capital investment
Denver Business Journal - by Greg Avery

Colorado Gov. Bill Ritter signed a pair of executive orders Thursday designed to encourage venture capital investment in the state’s bioscience, clean energy, aerospace and information communication technology startups.

The two orders were signed at a Colorado BioScience Association gathering at the state Capitol. One creates a 17-member committee to explore stoking investment in the industries and meet quarterly with the governor (click here to download). The other directs the state's economic development website to include profiles of industry companies that are open to investment (click here to download).
The Colorado Advisory Committee on Venture Capital Investment will include three representatives each from the bioscience, renewable energy, information technology and aerospace industries; three venture capitalists and a pair of finance experts from outside the industries. Committee members will not be paid.

The strengthened partnership between the industries and government should yield new approaches to funding local companies amid a changing investment market, said Denise Brown, acting executive director of the bioscience association, in a press release.

"We strongly believe Colorado offers unparalleled investment and partnership opportunities to companies, and the newly signed initiatives will further ensure our innovation-driven industries in Colorado continue to grow and thrive,” Brown said.

Ritter said the orders build upon four years of building up a pro-business environment in the state, especially for bioscience and clean technologies.

"Our economic development strategy is focused on the industries that are leading in innovation – industries like new energy, bioscience, aerospace and technology,” Ritter said. "For Colorado to build on these strengths and continue our success, we have to find new and creative ways to increase access to capital for our businesses. That’s what these executive orders are all about.”
Correction:An earlier version of this story referenced three industries that a draft executive order covered instead of the four included in the final order Ritter signed.

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