Torch Grants FAQ

Our mission is to advance economic development in Colorado Springs and the surrounding region by attracting and retaining innovative entrepreneurs in the following industry clusters: Sports & Outdoors, Health Innovation, and Human Performance. Our return on investment is the creation of jobs and revenue generated by Torch Grants companies that contribute significantly to our region’s economic development.

Directors, industry experts, and participating judges will review the following:

• Innovation aspects of the product, technology or service
• A sound and scalable business model
• The team’s experience and capability to execute on the business initiatives in the near-term
• The company’s interest and ability to contribute to the Colorado Springs, CO ecosystem
• All decisions of the judges will be considered as final.

Ventures receiving a Torch Grant have four obligations they must agree to in order to receive the grant:

1. Locate or relocate the business with significant operations or headquarters in Colorado Springs, CO for at least one year.
2. Commit at least 51% of full-time founding team or one full-time founder and 51% of full-time staff to Colorado Springs for at least one year.
3. Establish operation in Colorado Springs or secure a membership to a co-working space in Colorado Springs for one year.
4. Provide the Colorado Springs Venture Attractor with data regarding jobs created, revenue generated and follow-on capital attracted. We will collect this information biannually as long as the business is in operation.

Yes, Torch Grants awarded companies must be based in Colorado Springs, CO for a minimum of one year after receiving a Torch Grant, and 51% of the Founding Team (or 1 Founder and 51% of the Team) need to reside in the area full-time. To ensure the funds are used for their intended purpose, we require you to sign a Comprehensive Grant Agreement before formally receiving Torch Grants funds.

Startups will need to provide proof of their business location in Colorado Springs in the form of a lease agreement, co-working membership or other business license prior to receiving Torch Grant funds.

Yes, we help ventures relocate to Colorado Springs. All companies moving from outside of Colorado (and from more than 150 miles from the Colorado Springs region) are eligible for a relocation grant in addition to the $50,000 Torch Grant. While the Colorado Springs Venture Attractor does not provide housing, it can recommend locations, companies and services to help with the transition.

Absolutely. Ventures that are awarded a Torch Grant by the Colorado Springs Venture Attractor review board receive:

• Pro bono and discounted professional services
• Access to venture capital and angel investment networks
• Professional and high-level business mentorship
• Personal introductions to strategic business leaders
• Social support and community integration services
• Inclusion as part of a community of innovative entrepreneurs