By Brittany Romano
On May 28th, Governor Jared Polis signed HB24-1325 into law at CU Boulder’s JILA Research Institute, marking a significant step forward for Colorado’s quantum industry. This landmark legislation has the potential to activate $74 million in tax credits, contingent on Colorado’s designation as a tech hub. This could unlock up to $70 million in federal funding, generate $1 billion in economic activity, and create over 10,000 jobs in the next decade. Read the press release here.
For many in Rural Colorado, the direct impact of such a bill might not be immediately clear. However, the implications have the potential to be vast and transformative. Startup Colorado supported the Tech Hub Now Designation application to ensure rural communities are included in this groundbreaking initiative. Let’s explore why this is a game-changer for rural-based tech organizations, entrepreneurs, and workers.
Infrastructure and Influence: Catalysts for Rural Growth
Infrastructure: With 73% of Colorado’s lands being classified as rural, the expansion of deep tech infrastructure and energy needs into these areas is not just likely but necessary. This bill could direct substantial investment towards solving existing challenges, fostering a fertile ground for innovation.
Influence: At Startup Colorado, we value a balanced approach to economic development, supporting businesses across verticals, including tech. Tech entrepreneurs in rural areas are already contributing to vibrant local economies, and this bill could amplify their impact.
I want to draw a parallel to yet another celebrated and controversial rural entrepreneur: Enzo Ferrari, who revolutionized the automotive industry with pioneering technology, leaving a legacy that continues to inspire millions. Ferrari’s advancements didn’t just transform cars; the Ferrari brand set new standards, redefined an industry and created lasting economic benefits. Similarly, this quantum bill aims to position Colorado as
a trailblazer in quantum technology. We could see this lead to groundbreaking developments in quantum technology, benefiting Colorado’s economy for years to come.
(If you’re wondering why I referenced Enzo Ferrari, it’s because I once pedaled through his hometown while bike touring around Northern Italy. I saw the very first Ferrari factory in Maranello, a rural community that was transformed by Ferrari’s innovation. I’ve been enamored by his story ever since.)
Rural Tech: One of Many Tools in Our Kit
Let me assure you that Startup Colorado isn’t mindlessly gulping the deep tech kool-aid. In fact, you might hear our team say that “you can’t eat tech for breakfast;” because there is no silver bullet—or industry—for rural economic development. Success is the result of diverse business launches, community building efforts, and strategic collaborations.
If you’ve visited Emergent Campus recently, you’ll find lots of tech entrepreneurs frequenting a robust restaurant scene in downtown Florence. You will quickly see that the tech sector is made up of highly relatable and lively humans that share common values such as wanting to live, work and play in Colorado’s most treasured places. You might also find that they (organizations and individuals alike) are committed to seeing Rural rise to its full potential. There is an
interconnectivity where tech dollars spent on rural innovation and wages tend to stay in rural communities and that’s a win-win for everyone.
This quantum bill is a catalyst for innovation and economic growth. It promises to create new opportunities, particularly in rural areas, fostering an interconnected ecosystem where both urban and rural communities thrive. At Startup Colorado, we’re excited about the potential for a ‘quantum leap’ in rural innovation. We invite you to join the conversation, share your thoughts, and explore how this initiative can benefit all Coloradans. Reach out to us with your questions, concerns, and ideas—we’re here to listen and engage.
