The Advanced Industries Proof of Concept Grant aims to provide funding to Colorado research institutions to expedite applied research in advanced industries and facilitate the commercialization of products and services in collaboration with the private sector. Projects can receive up to $150,000 in grant money, with the possibility of lifting the award cap for joint proposals or projects impacting multiple advanced industries. The grant is designed to support milestones such as proof of principle, intellectual property protection, prototypes, market assessment, and start-up costs. Funding cannot be used for basic research and must focus on accelerating commercialization through pre-commercial research.

Eligible applicants include research institutions in Colorado that create disruptive technologies impacting at least one advanced industry. The application periods are from January to March and July to September, with the next application opening on January 1, 2025. The grant requires a matching contribution of $1 for every $3 of state funding, and priority is given to projects involving multiple research institutions or those sponsored by Colorado-based advanced industry businesses.