September 05, 2013

City News Service

 

Assemblymember Chris Holden’s (D-Pasadena) bill to expand on the state’s iHub innovation network by creating economic opportunities for pioneering start-up companies has been approved by the state Legislature and now goes to the governor for signature.

 “We want to put California in a position to cultivate and incubate young companies that are developing new technologies that will promote conservation and other public policy goals,” explained Holden.

“Establishing the iHub Accelerator Fund will allow the state to compete for grant funding from the federal government, private sector and foundations to encourage innovation.”

AB 250:

• Establishes the California Innovation Hub (iHub) Program into law.

• Creates the iHub Accelerator Fund in the state treasury to accept private sector funding to operate the program.

• AB 250 will expand the development of iHubs across California and develop more economic opportunities for start-up companies, promoting greater collaboration between innovators and venture capital investment within the state.

• AB 250 was passed with overwhelming, bi-partisan support in both the Senate and Assembly. Governor Brown now has 30 days to sign the measure.

Category: Business

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