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Sacramento’s Tech Scene Growing With $10 Million Innovation Fund

Rich Foreman 2016-07-11T16:00:00+00:00

On June 21st, the Sacramento City Council unanimously approved a $10 million Innovation and Growth Fund. The purpose of the fund is to promote innovation and entrepreneurship within the City of Sacramento.

As Mayor Kevin Johnson states: “A more diverse, more entrepreneurial economy means a stronger Sacramento - more jobs, more innovation, and mostly a better quality of life for all of us.” The fund is one of the largest of its kind in California. In comparison, the Los Angeles’ Innovation Fund has only $1 million.

This money has been designated for the RAILS (Rapid Acceleration, Innovation, and Leadership in Sacramento) with grants ranging from $10,000 to $25,000, investing in three main categories:

- Acceleration Grants: Given to accelerators and incubators supporting Sacramento startups

- Innovations Grants: Civic tech companies and organizations that foster the innovation community

- Leadership Grants: Educational programs that help train entrepreneurs in technology and leadership

Furthermore, $500,000 has been given to the Economic Development Department to attract technology companies to move or expand in the area. Ash Roughani, Program Manager for the Mayor's Office, says that “Sacramento is also exploring venture capital investments to increase access to funds for startups in the area to put Sacramento on the map."

The city's support to the tech community is a step forward to fueling the entrepreneurial efforts in Sacramento. 

Sacramento startups, if you are interested in applying for a grant, you can do it here. The deadline to apply is July 22nd.

About the Author

Rich Foreman

Rich Foreman is the founder of KidneyLuv which develops solutions for patients with Chronic Kidney Disease. He is also the COO of IGH Naturals. Previously, as founding CTO, Rich led the team that developed the CordicoShield / CordicoFire Wellness App. Cordico was honored with the Sacramento Innovation Award in 2021. After achieving a 7 digit ARR, Cordico was acquired by Lexipol in 2020. Rich has a BS in Industrial Engineering from the University of Washington, an MPA from Troy State University and was an officer in the U.S. Navy. Rich co-authored his book, "Tap into the Mobile Economy." Rich's blog was listed in Top 20 Marketing Mobile Blogs of 2014. He has been featured on KCRA3, NEWS10, 1170 Tech AM PowerDrive, Business Radio Money 105.5, SiliconIndia, the Sacramento Business Journal, and the Sacramento Bee. Rich is also the Founding Director of the Sacramento Chapter of Startup Grind and served a term as Utility Commissioner for the City of Folsom. Rich is a regular contributor to TechWire.net and StartupSac.com. Rich was the Co-founder of Apptology which was named Small Business of the Year in 2014 by the Sacramento Asian Pacific Chamber.