Connecticut’s economic strategic plan was recently unveiled by Governor Rell, and we should all be pleased to see that seed and early stage funding is given some considerable attention.
Increase Angel and Seed Capital – The state should make available funding for a preseed/seed capital fund, that is managed and matched by private sector funds, and should consider restoring Connecticut Innovations funding. In addition, funding should be made vailable to develop angel capital networks, specifically through an angel investor tax credit program.
Create a new CTech Fund for the 21st Century. This new fund would be a $60-$100 million public/private venture capital fund to accelerate the growth of the technology sector here and position the state as a high-technology center. The fund would be seeded with $20 million in public dollars with the goal of leveraging an additional $40-$80 million in private funds. The new fund would be a subsidiary of CI [Connecticut Innovations], but with board members composed of those members who contribute to the fund. Potential funding partners include companies who are headquartered here (e.g., GE, UTC, Pitney Bowes, Boehringer Ingelheim); public utilities; Connecticut-chartered banks; insurance companies; tribal nations and private colleges and universities. Ohio, Kentucky and Pennsylvania have similar programs.
This is certainly a step in the right direction. Further, it’s nice to see the state recognize the importance of CT Innovations in the process (read more about CI and the strategic plan here.)
-Gregg J. Lallier
includes a number of recommendations that would expand Connecticut Innovations’ role, initiatives and resources, allowing us to further support the growth of the state’s technology community. This is good news for CI and the emerging companies we serve.
