Colorado Leads the Way for Advanced Industries in US
Not only are advanced industries (AIs) key drivers of the US economy, they are also the prime economic drivers for the state of Colorado. Comprising engineering and R&D-intensive companies, they deliver products and services in a wide range of markets, from aerospace to medical devices.
To ensure the progression of this vital aspect of Colorado’s economy, the AI Accelerator Programme was created in 2013. This initiative promotes growth and sustainability in these industries by driving innovation, commercialisation and public-private partnerships, while also increasing access to early-stage capital and creating a strong infrastructure that enhances the state’s capacity to be globally competitive.
Colorado’s AIs include aerospace, advanced manufacturing, bioscience, electronics, energy and natural resources (including cleantech), infrastructure engineering, and technology and information. Together, they account for nearly 30 percent of the state’s total wage earnings, around 30 percent of total sales revenue, and almost 35 percent of the state’s total exports.
“Together, they account for nearly 30 percent of the state’s total wage earnings, around 30 percent of total sales revenue, and almost 35 percent of the state’s total exports.”
As part of a statewide strategy to support these critical industries in their various phases of growth, four types of grants and two global business programmes have been made available. The four targeted grant types are proof of concept, early-stage capital and retention, infrastructure funding, and AI exports. A network of consultants and an export training programme are also available as part of the AI global business programme, to support these industries as they strive to reach worldwide markets.
Written by Liz Cahill, Chief Marketing Officer at the Colorado Office of Economic Development and International Trade, the rest of this story can be found at worldfinance.com.