Friday March 8, 2013 0 commentsDENVER - Gov. John Hickenlooper reportedly revealed this week at the Venture Capital of the Rockies event in Beaver Creek that his administration is planning to help set up a $150 million venture capital fund aimed at investment in technology companies.
According to reporters and bloggers attending the event, Hickenlooper said he has asked business leaders, including TeleTech founder Ken Tuchman, to invest in the fund.
Hickenlooper, who noted that a lack of venture capital funding is one of the main obstacles for Colorado startups, said $100 million of the $150 million has already been raised and is reserved for Colorado-based startups.
The governor said the state will also be a limited partner in the fund with money from its retirement program.
The Hickenlooper administration has placed a high value on encouraging entrepreneurship and innovation in the state.
Hickenlooper reportedly said the fund will be formally announced this summer.