Connecticut Investing $100M in Cutting-Edge Industries

Connecticut is investing $100 million over the next five years to accelerate innovation and grow cutting-edge industries. 

Gov. Ned Lamont announced the Connecticut Innovation Clusters Program May 29.

Lamont said the program will support next-generation technologies like AI and quantum computing in key sectors, including biotechnology, financial technology, insurance technology, and advanced manufacturing.

“We are the home of innovation, and through this new program we can support the growth of the sectors that are driving job creation and advancements in technology,” he said.

Accelerating Innovation

The Connecticut Department of Economic and Community Development will administer the program.

Officials plan to leverage private and public investment to spur economic development and accelerate innovation in high-growth clusters.

The program will prioritize funding for capital projects that complement the state’s existing transit-oriented investment. 

“Leveraging and expanding that talent pool to grow these industries is an important step.”

CBIA’s Chris DiPentima

There will also be a focus on workforce training, economic development, neighborhood vibrancy and regional stakeholder collaboration.

“From bioscience and advanced manufacturing to insurance and fintech, Connecticut is home to some of the most innovative minds and the most highly-skilled workforce in the country,” said CBIA president and CEO Chris DiPentima.

“Leveraging and expanding that talent pool to grow these industries is an important step toward growing the state’s economy.”

Supporting Growth

DECD commissioner Dan O’Keefe said projects should lead to the “rapid creation of jobs and facilities” to support the growth of innovative industries.

“This program will help accelerate the adoption of new technologies, improving competitiveness, training the workforce of our future, and boosting vibrancy in host communities and surrounding regions,” O’Keefe said.

Other criteria for funding include:

• Leveraging partnerships with local businesses, universities, and not-for-profit institutions to maximize investment
• Attracting and developing talent
• Supporting diversity, equity, and inclusion efforts
• Ensuring local improvements through community benefit agreements

Focus on the Future

The Lamont administration said the Innovation Clusters Program and the launch of QuantumCT will help position the state to capitalize on emerging new technologies.

Led by Yale and the University of Connecticut, QuantumCT is a public-private collaboration designed to establish the state as a hub for quantum technologies, research, and jobs.

“Local development of cutting-edge technologies can help shape the future.”

DECD’s Dan O’Keefe

“Connecticut has a rich history of innovation, and the launch of QuantumCT and the Innovation Clusters Program clearly show we are focused on the future and how local development of cutting-edge technologies can help shape the future of our strategically important industries,” O’Keefe said

DECD will issue a request for information for the Innovation Clusters Program on June 3, 2024.

The agency expects to issue awards on a rolling basis.