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.