More Startup Funding for Tech Companies
Technology startups with lots of ideas but few resources to launch them will be able to get critically needed support from Connecticut Innovations Inc. (CI) The Jobs Bill provides five more years of capital for CI that includes $15 million designated for “pre-seed” funding.
CI is the state’s quasi-public authority responsible for driving Connecticut’s entrepreneurial and technology-based economy. Its pre-seed financing program provides funding and guidance to businesses that are in the vulnerable stages of developing new concepts.
Pre-seed funding is available to technology companies with fewer than 25 employees, have been in operation less than seven years and have revenues from non-grant sources of less than $2 million.
Businesses applying for these funds must provide evidence that they have gained buy-in from one or more other investors by securing matching funds equal to 50 percent of the financial assistance requested from CI.
The funding may be used for a wide range of startup expenses, including accounting, legal expenses, intellectual property development, prototype development, business plan development, hiring employees, and more.
According to CI, 17 startup tech businesses have already benefited from its pre-seed fund that was launched in September 2010.
“Based on the level of demand we're seeing for the pre-seed funding, entrepreneurial activity is clearly robust in Connecticut,” said Peter Longo, CI president and executive director.
For more information about the Pre-Seed Fund, as well as application instructions, visit CI's website, ctinnovations.com. You may also contact the DECD’s Patricia Paesani, at 860.270.8215 or email@example.com.
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