Technology Incentives
The fund supports the formation of new Connecticut technology companies. Pre-seed funding helps entrepreneurs gain access to third-party business resources that can assist with following: development of proof concepts; prototype development; hiring new employees, intellectual property development; business plan development; technology assessments; market analyses; market entry strategy development; and accounting, legal and other business advisory services. Businesses must meet the definition of a “pre-seed” business, be principally located in Connecticut and have not less than 75% of their employees working in Connecticut. Loan funding can be in an amount up to $150,000 for pre-seed expenses. A private match of 50% is required.
Seed Investment Fund
The fund supports the needs of entrepreneurs as they seek to grow Connecticut-based emerging technology companies. Seed investments can be made in an amount of up to $500,000 for qualified companies in Connecticut. Investments are structured as equity (preferred stock), convertible debt, or debt with warrants depending on individual circumstances of the deals.
Eli Whitney Fund
The fund provides early-stage funding to Connecticut-based companies with innovations and products in the following fields: Bioscience; Energy and Environmental Systems; Information Technology; Photonics/Applied Optics; Advanced Materials; and Engineering. The Eli Whitney Fund typically invests up to $1 million as a single investor or works with other qualified investors.
Clean Tech Fund
The fund makes investments in seed and early-stage companies focused on innovations which conserve energy and resources, protect the environment, or eliminate harmful waste. A company may receive investments of up to $1 million from the Clean Tech Fund. Follow-on investments may be available through CI’s Eli Whitney Fund. Clean technology includes wind power, solar power, biomass, hydropower, biofuels, information technology, green transportation, electric motors, lighting, and energy efficiency technologies. It may also be seen as a diverse range of products, services, and processes that harness renewable materials and energy sources, dramatically reduce or optimize the use of natural resources, and cut or eliminate emissions and wastes.
BioScience Facilities Fund
The fund helps qualified firms build out wet laboratory and related space to propel Connecticut’s bioscience industry. Since its inception, the program has committed more than $37M translating into over 350,000 square feet of lab and support space throughout the state.