AB 250 iHub Accelerator Fund
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 overwhelmingly approved with bi-partisan support today in the Assembly Jobs, Economic Development and the Economy Committee.
AB 250 would allow emerging technology companies an opportunity to partner with the state to demonstrate new innovative technologies on underutilized state properties.
“We want to put the state in a position to cultivate and incubate young companies that are developing new technologies,” explained Assemblymember Holden. “Our goal is to foster greater collaboration between innovators and investment opportunities within the state.”
There are three parts to AB 250:
- Establishes the California Innovation Hub (iHub) Program into law.
- Authorizes the Director of the Department of General Services to authorize the use of vacant or underused state property for full-scale demonstration programs to benefit start-up technology companies,
- And 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 throughout the state. They are anchored by at least one major university or research center which provides access to new inventions and cutting edge thinking.
CONTACT: Wendy Gordon, 626.720-3409