CII Goes Big-Game Hunting

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ROCKY HILL — Connecticut is on the hunt for technology companies.

Connecticut Innovations Inc. (CII) will dole out $250 million over five years to recruit early-stage companies from other states while attracting outside investments to expand and bolster the state’s technology sector.

The plan is to give $50 million per year, half coming from CII, with the other half coming from the state. Gov. Dannell Malloy’s October 2011 jobs bill included $125 million in tech funding, which CII plans to match each year for the next five years both from its own reserves and from investment returns.

The new state funding includes:

• $4 million per year for CII’s pre-seed program for investing in new tech companies;

• $22 million annually for seed stage Series A investments to help entrepreneurs grow existing businesses;

• A $6.5 million annual loan program;

• $7 million per year for recruiting emerging tech companies nationally and internationally;

• $4 million per year to help state companies capture more Small Business Innovation Research (SBIR) funds, and increase industry partnerships; and

• $4.8 million per year to: 1) establish three technology business accelerator hubs to provide support to startups; 2) launch a university-based proof-of-concept center; 3) create a corporate technology-transfer initiative.
 
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