Holden’s Legislation to Expand Opportunities for Start-up Technology Approved in Assembly

Thursday, May 30, 2013

AB 250 iHub

Sacramento – Assemblymember Chris Holden (D-Pasadena) hopes to expand on the state’s iHub innovation network with a new plan to create economic opportunities for pioneering start-up companies. It’s part of his legislation (AB 250) that was approved with bi-partisan support today in the Assembly on a vote of 63 to 2.

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

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.

CONTACT: Wendy Gordon, 626.351-1917