State launches innovation challenge

Start your competitive engines. Colorado is seeking technology start-ups with less than $1 million in annual revenue to compete in an innovation challenge.

Start-ups in seven targeted industries are sought. The industries are: Information and Technology, Aerospace, Energy and Natural Resources, Infrastructure Engineering, Advanced Manufacturing, Bioscience and Electronics.

The challenge is sponsored by the Colorado Innovation Network (COIN) and seeks to foster economic growth through innovation. Colorado entrepreneurs who compete get a chance to win approximately $100,000 in cash and in-kind donations to accelerate their business venture. First place will receive $50,000 in cash, as well as $25,000 in-kind business services. Second place will receive $13,500 in-kind services, and the third place winner will receive $11,750 in-kind services.
 
“Research and development-focused companies in advanced industries are an important economic market for Colorado,” Governor Hickenlooper said in a statement. “This workforce currently drives 30 percent of the state’s economy. We want to encourage and grow these important industries, which provide quality, high-paying jobs for the people of this great state.”

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Entries for Glorious Failure: In Search of Success Innovation Challenge can be submitted through the COIN website (www.coloradoinnovationnetwork.com) and will be accepted through July 3, 2013.