A bicycle components manufacturer in Grand Junction is among the latest recipients of grants awarded through a program designed to promote advanced industries in Colorado.
Mountain Racing Products was awarded $250,000 through the Advanced Industries Accelerator Program, one of 18 companies to receive a total of $2.9 million in grants that were approved by the Colorado Economic Development Commission.
“Colorado is a national leader in innovation and business startups. The Advanced Industries Accelerator Program is a key initiative in encouraging such activity within the state, and we are thrilled to fund so many innovative organizations.” said Stephanie Copeland, executive director of the Colorado Office of Economic Development and International Trade.
Mountain Racing Products manufactures a variety of bicycle components marketed under different brands. The company plans to launch a suspension fork line aimed at a new hub standard.
The Advanced Industries Accelerator Program was created in 2013 to promote advanced industries in the state by increasing access to capital, accelerating commercialization, encouraging public-private partnerships and creating strong infrastructure.
Proof-of-concept grants are awarded to research universities, federal laboratories in Colorado and other labs with valid technology transfer offices to turn research into commercial products and services. Early stage capital and retention grants offer funding to companies creating products that can be manufactured in Colorado and exported globally.
Nearly $41 million has been granted since the program was launched, in the process creating 492 jobs and retaining another 591 jobs.
Mountain Racing Products is the second Grand Junction company to receive a grant through the Advanced Industries Accelerator Program in as many years. ProStar Geocorp received a $250,000 grant in 2016. ProStar Geocorp combines geographic information systems and data to offer computer software and services to the pipeline and utility industries. The software and services help customers manage infrastructure whether it’s displaying, collecting, storing or using information about the location of pipelines, fiber optic cables or other facilities.