Connecticut Bioscience Innovation Fund (CBIF)

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Connecticut Bioscience Innovation Fund (CBIF)

About the Connecticut Bioscience Innovation Fund (CBIF)

The Connecticut Bioscience Innovation Fund (CBIF) seeks to drive innovation in the biosciences throughout Connecticut by providing focused financial assistance to startups, early stage businesses, non-profits and accredited colleges and universities.

Connecticut Innovations will manage the $200 million fund, which will make investments over the next 10 years in the form of grants, equity investments, loans and loan guarantees to foster innovation. The fund will provide the means to speed commercializable bioscience breakthroughs toward the market.

Investment Level:

  • Up to $500,000 in project funding

Eligibility:

Connecticut-based nonprofit corporations, accredited colleges and universities, and for-profit startup or early-stage businesses working in bioscience, biomedical engineering, health information management, medical care, medical devices, medical diagnostics, pharmaceuticals, personalized medicine or other related disciplines are eligible to apply.

  • Early-stage businesses are defined as those that have been operating for no more than three years AND:
  • are developing or testing a product or service that is not yet available for commercial release or is available only in a limited manner, including clinical trials or market testing of prototypes;
  • fulfill Connecticut presence requirements.

Criteria:

Projects must be:

  • aligned with funding priorities as determined by CBIF: bioscience, biomedical engineering, health information management, medical care, medical devices, medical diagnostics, pharmaceuticals, personalized medicine, and other related disciplines; and the
  • output must be readily commercializable and lead to products or services that will improve healthcare coordination, quality or efficiency; reduce healthcare costs; and increase job growth.

Applications must demonstrate a quantifiable commercial return on investment to the evergreen fund via loan, equity, royalty or other mechanism.

Priority will be given to applications showing strong collaboration across disciplines/industries and collaboration between academia and the for-profit sector. Applications that leverage CBIF investment dollars with external funds (e.g., NIH funding, founders investment, angels, strategic partners, other co-investors) are strongly preferred.

The CBIF application instructions for non-profit corporations and accredited colleges and universities can be found here.

The CBIF application instructions for for-profit startups and early stage businesses can be found here.

Frequently asked questions can be found here

The fund’s resources dovetail with other technology startup resources in Connecticut, such as the CTech business incubators, the Connecticut Angel Investor Tax Credit (which stimulates private investments in early-stage companies) CI’s equity programs and private capital resources.

More information on the CBIF:

  • Jeremy Crisp on FoxCT’s “The Real Story” – Dr. Jeremy Crisp, Executive Vice President and Chief Innovation Officer at Connecticut Innovations, recently sat down with Laurie Perez on FoxCT’s “The Real Story” to talk about the Connecticut Bioscience Innovation Fund. Click to watch the video here.

Bioscience Advisory Committee

Click here for member bios

2014 Schedule

(Wednesday) January 15th – 10:00 a.m. Cancelled
(Wednesday) March 5th – 10:00 a.m. Agenda Minutes
(Wednesday) April 16th – 10:00 a.m. Cancelled
(Wednesday) June 4th – 10:00 a.m. Agenda Minutes
(Wednesday) July 16th – 10:00 a.m. Agenda Minutes
(Wednesday) September 3rd – 10:00 a.m. Agenda Minutes
(Wednesday) October 30th – 10:00 a.m. Agenda Minutes
(Wednesday) December 3rd – 10:00 a.m. Agenda Minutes

2013 Schedule

(Wednesday) September 25th – 10:00 a.m. Agenda   
Minutes
(Thursday) December 5th – 10:00 a.m. Agenda Minutes

Resources:

For more helpful information, visit our resources section.