If you're a Connecticut entrepreneur or business owner and you haven't considered how Connecticut Innovations (CI) might assist your company, recent developments at CI make now an opportune time to investigate the agency as a potential source of funding and other support.
CI is a quasi-public entity serving innovative businesses of all sizes, from growing startups to established companies, by providing equity, loans, grants, and other resources to support business in the state. In the 2014-2015 fiscal year, CI provided financial assistance to 177 different companies, spending $33.2 million in total transaction dollars to promote innovative business across Connecticut. This assistance included $20.8 million in equity and risk capital investments, primarily in the IT and bioscience fields, and $3.2 million in funding for various state innovation programs like CTNext, the Small Business Innovation and Diversification Program, and the Connecticut Innovation Challenge.
CI also had a busy summer. In June, it announced the appointment of Matthew McCooe as its new CEO. McCooe formerly acted as a managing partner and fund manager for Chart Venture Partners and is experienced in both venture capital and technology transfer. And as of July 1, more startups in the bioscience, medical care, pharmaceutical, and other related sectors are eligible to apply for funding through the Connecticut Bioscience Innovation Fund, which is now open to early-stage for-profit businesses up to seven years old (as opposed to the former three year cut-off).
The VLD will continue to watch for further developments at CI as it continues in its efforts to attract and support business in the State of Connecticut.
To learn more about CI, visit www.ctinnovations.com.
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