Colorado Governor John Hickenlooper announced yesterday that Colorado will be partnering with local CEOs and technology companies to create a $150 million VC fund, according to TechCrunch.
“We don’t need more patents, we need more entrepreneurs,” Hickenlooper said at the Venture Capital In The Rockies event.
The fund is readying for a summer launch, with a number of technology CEOs investing an average of $10 million. Colorado will contribute money from state pension funds, and investments will be made across all stages of startups.
Unlike other pension-fund supported state VC organizations – like in California – Colorado’s will focus solely on tech.
We’re not certain how the citizens of Colorado will feel about their retirement money is going towards risky tech ventures – especially if Fred Wilson’s analysis that VC firms rarely beat stock indexes holds true. Better hope Colorado entrepreneurs have more up their sleeves than apps and social networks, folks!