Colorado Wants Tech So Bad, It's Setting Up Its Own $100+ Million VC Fund
But the state has one big problem: There aren't enough venture funds there.
Governor Hickenlooper is trying to change that with a unique plan. He's gathered the state's richest tech leaders and asked them to create a new venture fund, which will be used only for startups in Colorado, he said a private press conference today at the VCIR venture capital show in Beaver Creek, Colo.
They'll be asked to become limited partners, kicking in their own cash, and/or making investments with funds from their companies. The state will be a limited partner, kicking in money from its retirement program.
The fund will be run by this consortium of business leaders, such as Ken Tuchman, founder of call center company TeleTech and "a billionaire before he was 40," Hickenlooper describes.
Hickenlooper expects the initial fund to be small $100 million to $150 million but hopes it will accomplish two goals: encourage more VCs to fund Colorado tech companies, and act as a role model for other states looking for public/private government initiatives.