Title
2024 Sacramento Innovation Grant Award Recommendations
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FileID
File ID: 2024-01979
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Location
Location: Citywide
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Recommendation
Recommendation: Pass a Motion authorizing the City Manager or City Manager's designee to award Alchemist Kitchen, CDC, AMW Design, Atrium 916, Carlsen Center for Innovation & Entrepreneurship at Sacramento State, Clean Start, and StartupSac with a Sacramento Innovation grant for a total amount not to exceed $452,870.
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Contact
Contact: Michael K. Young, Development Project Manager, (916) 808-5298, mkyoung@cityofsacramento.org; Aubree J. Taylor, Development Project Manager, (916) 808-7191, ajtaylor@cityofsacramento.org; Denise Malvetti, Deputy Director, (916) 808-7064, dmalvetti@cityofsacramento.org; City Manager's Office of Innovation and Economic Development
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Presenter
Presenter: None
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Attachments
Attachments:
1-Description/Analysis
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Description/Analysis
IssueDetail
Issue Detail: On June 21, 2016, Council amended the Innovation and Growth Fund Policy to authorize the creation of new programs to expand the startup pipeline and engage the innovation ecosystem (Resolution 2016-0240). In doing so, Council unanimously approved a framework for the Sacramento Innovation Grant Program, which included that total program grant awards should not exceed $1 million annually.
Awarded projects in the four cohorts of the Sacramento Innovation Grant program (formerly known as RAILS Grant Program and SUTL Innovation Grant Program) have included support for incubators, accelerators, co-working spaces, makerspaces, training programs, events, and marketing activities that serve and foster Sacramento's innovation ecosystem.
For the 2024 grant program, $500,000 was allocated to fund incubator and accelerator programs focused on nurturing cohorts of early-stage businesses that show high growth potential and offer innovative solutions to industry-focused needs.
The end goal is to have entrepreneu...
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