Colorado Gov. John Hickenlooper today announced that the state will join local tech companies and CEOs to put together a venture capital fund in the amount of $150 million, according to a report in TechCrunch.
Talking to reporters at the Venture Capital in The Rockies event in Beaver Creek, Colo., Hickenlooper said the goal is to launch the fund in summer 2013. The largest contributor will be the state, using pension funds. Tech executives will make an approximately $10 million contribution to the venture.
Aiming to encourage technology-related entrepreneurship in Colorado, investments from the venture capital fund would be awarded to entrepreneurs at all stages of development. TechCrunch notes that venture capital funds with states at the helm also exist in many other states, including California, Vermont, Georgia and Maryland.
Gov. Hickenlooper image courtesy of World Economic Forum/flickr CC