Colorado’s quantum ecosystem is set to receive a significant boost with an investment of $74 million announced by Governor Jared Polis. The aim of this investment is to enhance the state’s competitiveness as a tech hub and secure an additional $70 million in federal funding. This move comes after Colorado was designated as a Quantum Tech Hub through the U.S. Economic Development Administration Tech Hub proposal.
The investment will be channeled into a new refundable tax credit program, called the Quantum Tax Credit bill, which will incentivize quantum businesses to establish themselves in Colorado. This program will provide greater access to capital through a quantum industry loan loss reserve and allocate $44 million in refundable state income tax credits. The credits will be used to develop a shared quantum research facility that promotes collaboration between the private sector, academic institutions, and the quantum industry.
Furthermore, $29 million of the investment will be dedicated to the creation of a University Quantum Incubator, led by the University of Colorado Boulder in partnership with fellow research universities and industry partners. This incubator will be located alongside the Elevate Quantum Lab/Fab, fostering innovation, research collaboration, and commercialization of quantum technologies.
The state estimates that these investments will generate 10,000 high-paying jobs in the Colorado region. The bill aims to bridge the gap between quantum research institutions and businesses by creating a translational laboratory facility. Researchers will have direct access to industry partners, shared space, and cutting-edge equipment, facilitating the transfer of lab discoveries into the commercial sector.
Colorado’s focus on quantum technology is expected to have a significant impact on the state’s economy. With projections of over $1 billion in economic impact and the creation of thousands of jobs, Colorado aims to solidify its position as the Silicon Valley of quantum science and technology.
The University of Colorado Boulder, a key player in the Elevate Quantum consortium, will continue its pioneering work in the quantum sector and contribute to the development of the state’s quantum industry. With a rich history in quantum technology and numerous Nobel Prizes won by CU Boulder researchers, Colorado is well-positioned to lead the way in quantum advancements.
With the recent investment and the promise of additional federal funding, Colorado’s quantum ecosystem is set to thrive, creating a flourishing tech hub with a focus on groundbreaking quantum solutions for complex global challenges.
FAQ about Colorado’s Quantum Ecosystem Investment
What is the aim of the $74 million investment announced by Governor Jared Polis?
The aim of this investment is to enhance Colorado’s competitiveness as a tech hub and secure an additional $70 million in federal funding.
How was Colorado designated as a Quantum Tech Hub?
Colorado was designated as a Quantum Tech Hub through the U.S. Economic Development Administration Tech Hub proposal.
What is the Quantum Tax Credit bill?
The Quantum Tax Credit bill is a new refundable tax credit program that will incentivize quantum businesses to establish themselves in Colorado. It will provide greater access to capital and allocate $44 million in refundable state income tax credits.
What will the investment be used for?
The investment will be used to develop a shared quantum research facility that promotes collaboration between the private sector, academic institutions, and the quantum industry. It will also be dedicated to the creation of a University Quantum Incubator, fostering innovation, research collaboration, and commercialization of quantum technologies.
How many high-paying jobs are expected to be generated?
The state estimates that these investments will generate 10,000 high-paying jobs in the Colorado region.
What is the goal of the bill?
The goal of the bill is to bridge the gap between quantum research institutions and businesses by creating a translational laboratory facility. This will facilitate the transfer of lab discoveries into the commercial sector.
How will the investment impact Colorado’s economy?
With projections of over $1 billion in economic impact and thousands of job creations, Colorado aims to solidify its position as the Silicon Valley of quantum science and technology.
Who will be leading the University Quantum Incubator?
The University Quantum Incubator will be led by the University of Colorado Boulder in partnership with fellow research universities and industry partners.
What is the significance of the University of Colorado Boulder in Colorado’s quantum industry?
The University of Colorado Boulder has a rich history in quantum technology and has contributed significantly to the development of the state’s quantum industry. CU Boulder researchers have also won numerous Nobel Prizes in the field.
What can we expect from Colorado’s quantum ecosystem in the future?
With the recent investment and promise of additional federal funding, Colorado’s quantum ecosystem is set to thrive and become a flourishing tech hub with a focus on groundbreaking quantum solutions for complex global challenges.
Definitions:
Quantum Tech Hub: Colorado was designated as a Quantum Tech Hub, which refers to a region or area where quantum technologies and research are concentrated, fostering innovation and collaboration between various stakeholders.
Quantum Tax Credit bill: The Quantum Tax Credit bill is a refundable tax credit program that incentivizes quantum businesses to establish themselves in Colorado by providing access to capital and state income tax credits.
University Quantum Incubator: The University Quantum Incubator refers to a facility, led by the University of Colorado Boulder, that supports innovation, research collaboration, and commercialization of quantum technologies.
Related links:
Colorado official website
boulder.cu.edu (University of Colorado Boulder)
boulder.colorado.edu (University of Colorado Boulder – main campus)
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