Thursday, October 21, 2010

Connecticut Innovations has launched the Connecticut Innovations Pre-Seed Fun

$4 million of new funding now available

Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, has launched the Connecticut Innovations Pre-Seed Fund. The objective of the fund is to support the formation of new technology companies and jobs.

“This new fund enables CI to broaden its reach and impact,” said Peter Longo, CI president and executive director. “It enhances CI’s ability to support very early-stage technology ventures. By providing both guidance and funding at the earliest stages, CI will be helping to build brand new technology companies and local jobs, as well as cultivate candidates for funding under CI’s Seed Investment Fund and Eli Whitney Fund.”

The Pre-Seed Fund provides direct financial assistance in the form of loans to Connecticut-based startup and early-stage technology companies. The fund, created pursuant to Public Act 10-75, “An Act Concerning the Recommendations of the Majority Leaders’ Job Growth Roundtable,” replaces CI’s Pre-Seed Support Services Program. To date, $4 million has been allocated to the fund. Companies can apply for loans of up to $150,000, and funding may be used for a wide range of startup expenses such as accounting; legal; intellectual property development; prototype development; business plan assistance and development; technology reviews, assessment or development; market analysis; market entry strategy development; and hiring resources, consultants or employees. Flexible repayment terms are offered.

Applications will be assessed for uniqueness, value and innovativeness of the technology, the problem the technology solves, commercialization potential, market potential, management expertise, and evidence of private matching funds equal to 50% of the financial assistance requested.

CI is now accepting applications under the new Pre-Seed Fund. Interested parties can find information, terms and conditions, and the application online at:

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, technology transfer, and clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission.

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