On June 21st, the Sacramento City Council unanimously approved a $10 million Innovation and Growth Fund. The purpose of the fund is to promote innovation and entrepreneurship within the City of Sacramento. As Mayor Kevin Johnson states, “A more diverse, more entrepreneurial economy means a stronger Sacramento: more jobs, more innovation, and mostly a better quality of life for all of us.”
The fund is one of the largest of its kind. In comparison, Los Angeles’ Innovation Fund only has a $1 million. In addition, the fund will continually generate $2 million annually.
Currently, $1 million dollars has been earmarked for the RAILS (Rapid Acceleration, Innovation, and Leadership in Sacramento) with Grants (ranging from $10 k – $250 k) being given out in these three categories:
Acceleration Grants: Given to accelerators and incubators supporting Sacramento Startups
Innovations Grants: Civic Tech companies and organizations that foster the innovation community
Leadership Grants: Educational programs that help train entrepreneurs in technology and Leadership.
If you are interested in applying for a grant, you can do so here. The deadline is July 22nd.
$500 K has been earmarked for the Economic Development Department to attract technology companies to move or expand in the area. According to Ash Roughani, Program Manager, “Sacramento is also exploring venture fund investments to increase access to capital for area startups and put Sacramento on the map. “
“Sacramento is truly starting to become a hub of innovation, entrepreneurship and technology and it’s something I’m really, really proud of,” stated Mayor Johnson.
By Rich Foreman, CEO / Apptology and Director of Startup Grind Sacramento. Rich co-authored the book Tap into the Mobile Economy and his blog has been listed in the Top 20 Mobile Marketing Blogs of 2014. Follow Rich on Twitter at@ApptologyCEO or attend a Startup Grind Sacramento Event.