Agency to Deploy $250 Million in New Funding for Tech Companies
Connecticut Innovations announces plan to expand programs
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based economic development, has announced a plan to deploy $50 million per year over five years to invigorate Connecticut’s emerging technology sector. The money will consist of $25 million per year from the state and a matching $25 million per year from CI. The state’s portion was part of the bipartisan jobs bill passed last October.
The plan includes:
- $4 million per year for CI’s pre-seed program, which offers loans to support the formation of new Connecticut technology companies
- $22 million per year for follow-on investments in CI portfolio companies and for seed state and Series A investments, which help entrepreneurs grow existing businesses
- $6.5 million per year for a new loan program, which provides growth and working capital for tech companies
- $7 million per year for the aggressive recruitment of emerging tech companies nationally and internationally. CI plans to work with the Department of Economic and Community Development and other state agencies to design a relocation incentive package, similar to the governor’s First Five initiative.
- $4 million per year to help Connecticut companies capture more federal Small Business Innovation Research (SBIR) funds each year
- $4.8 million per year to create a corporate tech transfer initiative and to establish technology business accelerator hubs, which will provide support services to startups
For more information about funding opportunities, contact CI at 860.563.5851.
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