$1 Million TechStart Fund Launched to Spur Technology Innovation and Business Formation
Rocky Hill, Conn., January 26, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based economic development, today announced that it has launched the TechStart Fund, which was created to spur technology innovation and business formation at an early stage. The TechStart Fund is one of several new initiatives slated to be launched under CI’s recently announced plan to deploy $250 million over the next five years.
The TechStart Fund provides initial capital so that startup teams can determine the viability of a technology business and whether funding would be available to launch the new business. Supporting the TechStart Fund is a 10-week pilot program during which teams approved for funding will be provided with mentors and professional resources offering strategic guidance in launching a new business.
“We look forward to working with a wide range of high-tech entrepreneurs under the TechStart Fund,” said Peter Longo, president and executive director of CI. “We’ve had great success in supporting student-led ventures in recent years and hope to encourage more students, as well as other entrepreneurs, to test the waters with new business concepts through TechStart.”
The pilot program supporting the TechStart-funded teams will be directed by CTech@Science Park at Yale in New Haven and begin in March 2012. The application deadline for that initiative is February 22, 2012.
At the conclusion of the program, participating teams should be ready to make a pitch to investors and launch a company.
Longo added, “The TechStart Fund will complement and support programs to be offered under the state’s exciting, new Innovation Ecosystem initiative. Entrepreneurial teams participating in any technology business accelerators started within the ecosystem’s innovation hubs will have the opportunity to obtain critical startup funding through the TechStart Fund. In many cases, this will be the very first funding received by these emerging ventures.”
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.