news release
Colorado Governor Jared Polis
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DENVER – At the Mountain West Elevate Quantum Summit, Governor Polis, Economic Development and International Trade Executive Director Eve Lieberman, and partners will maximize Colorado’s competitiveness as a technology hub and strengthen the state’s economy. announced a new bipartisan bill to do so. This bill would help save Colorado money for quantum businesses, help Colorado compete for up to $70 million in federal funding, and create 10,000 new high-paying jobs for Coloradans. This will accelerate the development of industry while creating new products.
“Colorado is a world leader in quantum companies, quantum jobs, and quantum innovation. By helping establish this important growth industry, including this new law, Colorado will succeed as a center for quantum technology.” and create more than 10,000 new, high-paying jobs for Coloradans,” said Governor Jared Polis.
In October 2023, Colorado and the TechHubNow! Initiative will be recognized by the federal government as a Regional Technology Innovation Hub (TechHub) focused on advances in quantum technology, including quantum computing, sensing, networking, and hardware enablement. You have secured one of the two specified. Quantum technology is widely seen as transformative. Quantum computing alone is predicted to drive $3.5 trillion in economic growth, and applications such as finance, artificial intelligence, and materials analysis are already gaining traction.
Elevate Quantum Tech Hub and the state of Colorado are currently competing with other states for up to $70 million in federal funding to develop a quantum technology ecosystem. By establishing Colorado as a global hub for quantum computing, this effort alone is projected to generate more than $1 billion in economic impact and create more than 10,000 jobs across the state. Measures like the one announced today will boost the ecosystem and encourage further investment from the world’s largest companies and the federal government, including the U.S. Economic Development Administration.
“The initiatives announced today are historic. They not only represent the state’s 20-year pioneering support of advanced industries, they also represent Colorado’s commitment to this region and America, our century. It represents once again answering the call to remain the global epicenter of defining technology,” said Zachary Elsalmi, CEO of Regional Innovation. Officer in charge of Elevate Quantum.
“Thanks to our partnership with the state, the University of Colorado Boulder and other research institutions will be able to bring cutting-edge quantum research in our labs to positively impact Colorado’s people and economy.” said Massimo Luzenne, Vice-Rector of the University. For research and innovation. “Together, we are supporting the ecosystem by transforming research into a quantum workforce engine.”
The legislation announced today will leverage Colorado’s strengths and demonstrate to the federal government that Colorado is the best opportunity for the federal government’s efforts to create a U.S.-based quantum industry hub. This bill would make meaningful investments through a multi-year refundable tax credit program to develop:
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A quantum business lab space that fosters collaboration and innovation. A 100% refundable state income tax credit for qualified capital expenditures on real estate and business personal property to develop collaborative laboratory space and procure specialized laboratory equipment for a quantum company in Colorado.
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The Quantum Industry Loan Loss Reserve Fund will expand access to capital for small and medium-sized quantum computing companies in Colorado that have previously had limited access to capital.A refundable 15% state income tax credit available to lenders or fund managers who lend to scale quantum companies expanding their operations in Colorado.
Elevate Quantum Tech Hub is a Colorado-led nonprofit organization of more than 75 organizations across Colorado, New Mexico, and Wyoming that aims to maintain the Mountain West as the nation’s premier quantum ecosystem. The consortium was born out of his TechHubNow!, a public-private partnership established by Governor Polis in April 2023 to address a once-in-a-generation opportunity to grow the nation’s advanced and emerging technology industries. Ta. Under the CHIPS and Science Act, EDA will oversee a competitive process to select 31 federally designated tech hubs across the country, with $500 million in allocated funding available in 2023 and $10 billion over five years. became.
The current funding bid is being led by Elevate Quantum, with filings expected at the end of February.
Almost half of Quantum’s jobs do not require an advanced degree, and the proportion of technician positions is expected to double in five years as the industry’s need for skilled skills such as welding, pipe fitting, and machining increases. I am. The average quantum job pays more than $125,000 per year.
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