City Reveals State’s Status as Technology Hub

ANNOUNCEMENT
COLORADO GOVERNOR JARED POLIS
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DENVER – Governor Polis, along with Eve Lieberman, Executive Director of the Office of Economic Development and International Trade, and collaborators, unveiled new bipartisan legislation aimed at enhancing Colorado’s standing as a tech center and bolstering the state’s economy at The Mountain West Elevate Quantum Summit. The proposed law will assist in cost savings for quantum businesses in Colorado, and position the state to vie for up to $70 million in federal funding while expediting the growth of the industry and generating 10,000 new, well-paying jobs for Coloradans.

“Colorado is a global leader in quantum companies, quantum jobs, and quantum innovation. By aiding in the development of this pivotal growth sector, including through this new legislation, Colorado can thrive as the focal point of quantum technology and produce over 10,000 well-paying opportunities for Coloradans,” stated Gov. Jared Polis. 

In October 2023, Colorado and the TechHubNow! Initiative secured one of two federal designations as a Regional Technology and Innovation Hub (Tech Hub) focused on advancing quantum technology, including quantum computing, sensing, networking, and enabling hardware. Quantum technology is widely acknowledged as revolutionary. Quantum computing alone is estimated to drive $3.5 trillion in economic expansion, with applications in finance, artificial intelligence, and materials analysis already gaining traction. 

The Elevate Quantum Tech Hub and Colorado are now contending with other states for up to $70 million in federal funding to cultivate a quantum technology ecosystem. The establishment of Colorado as the global hub for quantum computing is projected to create more than $1 billion in economic impact statewide and over 10,000 jobs from this initiative alone. Measures such as those announced today will act as a catalyst for the ecosystem and stimulate further investments from the world’s largest companies and the federal government, including the U.S. Economic Development Administration. 

“The initiatives unveiled today are unprecedented. They signify not only the State’s two decades of trailblazing support to advanced industries, but of Colorado once again responding to the call to maintain the region and America as the global focal point for a technology that will define our century,” remarked Zachary Yerushalmi, CEO and Regional Innovation Officer for Elevate Quantum.’

“Thanks to our partnership with the state, University of Colorado Boulder and our fellow research institutions will be able to translate cutting-edge quantum research from the lab into a positive impact on Colorado’s people and economy,” said Massimo Ruzzene, CU Boulder Vice Chancellor for Research and Innovation.  “Together, we are supporting the ecosystem through translating research into a quantum workforce engine.”

The legislation announced today will capitalize on Colorado’s strengths and show the federal government that Colorado offers the best opportunity for the federal government’s efforts to establish a U.S.-based quantum industry hub. The bill will make significant investments through a multi-year refundable tax credit program to develop: 

  • Laboratory Space for Quantum Businesses to foster collaboration and innovation. A 100% refundable state income tax credit on eligible capital expenditures on real and business personal property, to develop collaborative laboratory space and procure professional laboratory equipment for Colorado quantum companies. 

  • Quantum Industry Loan Loss Reserve to create greater access to capital for small and medium Colorado quantum computing companies that would otherwise have limited access to capital. A refundable 15% state income tax credit earned by lenders or fund managers making loans to scale up quantum companies expanding operations in Colorado

The Elevate Quantum Tech Hub is a Colorado-led nonprofit of over 75 organizations across Colorado, New Mexico, and Wyoming aiming to maintain the Mountain West as the nation’s leading quantum ecosystem. The consortium grew out of TechHubNow!, a public-private partnership established by Gov. Polis in April 2023 to respond to a once-in-a-generation opportunity to grow the nation’s advanced and emerging technology industries. Under the CHIPS and Science Act, the EDA oversaw a competitive process to select 31 federally designated Tech Hubs across the country, with $500 million in appropriated funding available in 2023 and $10 billion over five years.

The current bid for funding is led by Elevate Quantum, and the application is due at the end of February. 

Nearly half of Quantum jobs do not require an advanced degree, and the share of technician positions is projected to double in five years as the industry’s need for skilled trades like welding, pipe fitting and machining grows. The average quantum job pays over $125,000 per year.

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