The California Senate and Assembly have both approved a bill by Assemblymember Chris Holden (D-Pasadena) aimed at creating greater opportunities for pioneering technology startup companies.
The bill, AB 250, was approved with overwhelming, bipartisan support this past week, according to a news statement from Holden’s office Tuesday.
Gov. Jerry Brown now has 30 days to sign the measure, which establishes the California Innovation Hub Program (iHub) into law. The program is aimed at creating the so-called iHub Accelerator Fund designed to accept private sector funding for the program through the state treasury.
“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,” Holden was quoted as saying in the communiqué. “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.”
Besides encouraging the development of iHubs across the state, AB 250 will expand economic opportunities for startups and helping promote greater collaboration between innovators and venture capital investment within California.