Bioscience Discovery Evaluation Grant Program
The Bioscience Discovery Evaluation Grant Program (BDEGP) was created in 2006 by the Colorado General Assembly to grow the bioscience industry in the state. The BDEGP provides gap funding to advance promising research from Colorado’s outstanding research institutions into the market place. The bioscience industry in Colorado is strengthened by such efforts, resulting in long-term job creation and company formation.
The BDEGP has been praised for its effectiveness in leveraging a limited state investment to move promising commercial technologies to market and supporting the biotechnology industry in Colorado. Since the first grants were made in mid-to-late 2007 through calendar year 2011 the program has awarded 130 grants to researchers at Colorado research institutions to bring their cutting-edge technologies closer to market. Forty-four grants have helped companies further these technologies as they complete studies, secure intellectual property, and develop their approach to bring their products to market. In addition, the program has supported four new bioscience technology organizations, under the commercialization infrastructure program, that identify and manage technologies, and support collaboration to bring necessary expertise together to advance novel Colorado biotechnologies to commercialization.
The State leverages this investment in the industry by requiring a one-to-one match for both Proof of Concept and Early-Stage Company grants. The economic benefit is realized near-term in the strengthening of our research institutions, the jobs required to fulfill the grant work, and the products and services purchased to complete grant work. Longer-run payouts come in the form of additional capital investment into the technologies and companies, the creation of new companies, and growing businesses adding high quality jobs. Approximately $22.1 million from the BDEGP Cash Fund has been granted and will garner at least an equal amount in matching funds (excluding Commercialization Infrastructure grants). Of 184 grants made or approved under the program by the end of 2011, 96 have completed work while the others are in process. To date, the program successes include the creation of 34 new Colorado companies and the direct creation of 302 jobs. Additionally, these funds have helped the technologies acquire an additional $95 million dollars in grants and investments to further commercialize these bioscience technologies.
- 34 new companies
- 302 direct jobs
- 1,063 indirect jobs (302 x 3.52)
- Average bioscience sector salary: $74,161
- Total payroll for all jobs (direct and indirect): $78.8 million ($74,161 × 1,063)
- Additional investment: $108.7 million (matching $13.7 million & follow-on capital $95 million)
- Leverage of 5 x state investment: ($22.1 million to $108.7 million)
FY 2012 Grant Report Return on Investment Report 2012
For information contact:
Sonya Guram, Program Manager
Colorado Office of Economic Development & International Trade
1625 Broadway, Suite 2700
Denver, Colorado 80202
(T) (303) 892-3840
(F) (303) 892-3848
1 (800) 659-2656 TDD