Senate Passes Colorado Entrepreneur Act Today
Bill by Rollie Heath will attract new venture capital resources to Colorado
DENVER – Today, the Senate approved SB 58, the Colorado Entrepreneur Act sponsored by Senator Rollie Heath (D-Boulder). This legislation works to help Colorado increase the availability of venture capital to generate new businesses and jobs at existing businesses. Venture capital is essential in attracting innovative industry to promote job growth.
Senator Heath offered the following comment on the passage of The Colorado Entrepreneur Act today:
"Venture capital investment will be essential to our future economic prosperity. It is imperative that we begin focusing our resources now on making Colorado attractive to investors to promote innovative economic growth."
The Colorado Entrepreneur Act will address the state’s current shortage of venture capital by establishing the Venture Capitol Advisory Board. Many of Colorado’s neighbors have state venture capital fund programs including Utah, Arizona, New Mexico, Kansas, and Oklahoma, but Colorado does not. This board will examine current obstacles facing our state and develop strategic methods for increasing the availability of capital in Colorado. The board will develop a report for state leaders detailing current levels of venture capital, similar programs in other states and will indentify measures that can be taken to support investment in Colorado.
Senator Heath has served as president and vice president of several multinational corporations, and was the first chair of the Rocky Mountain World Trade Center. As a state lawmaker he has been a tireless advocate of business, bioscience, alternative energy, and other groundbreaking industries.
This bill now heads to the House of Representatives.