Late this morning, Connecticut Innovations hosted a press conference at the Legislative Office Building in Hartford, where we unveiled a study that assesses the economic impact of CI’s investments in its portfolio companies from fiscal years 1995 through 2008. Members of the media listened to remarks from CI’s chair, Joan McDonald; long-time legal adviser to high-tech companies, Frank Marco, partner at Wiggin and Dana LLP; the CEO of CI portfolio company Continuity Engine, Andrew Greenawalt; and me.

It was a pleasure to convey uplifting news about CI’s long-term performance. Despite two serious economic downturns during the 14-year period covered by the study, CI made significant contributions to Connecticut’s economy. Our investments in early-stage companies – our portfolio companies – enabled many of these firms to grow and provide employment opportunities and tax revenues that would otherwise not have existed.

Here are a few of the key findings of the study:

• CI Creates Jobs – CI’s investments grew Connecticut employment by an average of 1,610 jobs each year during the study.
• CI Contributes to State Tax Revenues – The cumulative, net state revenue generated exclusively by CI’s investment activity exceeds $209 million. This represents an average increase of $14.9 million in net state revenue every year.
• CI Brings Additional Outside Investment into Connecticut – Connecticut’s cumulative investment in CI of $106 million leveraged an additional $1 billion from CI’s investment partners over the period studied.

We are proud of these accomplishments and intend to continue to be a leader in the technology community – identifying promising entrepreneurial businesses, providing the right support and leveraging capital from other sources.

Here is a link to our press release about the study, “The Economic Impact of Connecticut Innovations’ Portfolio on the Connecticut Economy.”

Peter Longo
President and Executive Director

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Posted under Message from the President