Entrepreneurial Support
In this Section
Venture Capital
Higher Education & Networks
Venture Capital
Connecticut Innovations | top
Connecticut Innovation’s (CI) mission is to stimulate high-tech growth in Connecticut—making CI a different sort of investor. Patient. Supportive. Open-minded. Sometimes even willing to consider a slightly greater risk if it will benefit the state's economy. CI focuses more on our portfolio companies' ultimate success than on turning a quick profit. CI goes beyond dollars and cents, providing the non-financial support and guidance young companies need to thrive.
The Eli Whitney Fund | top
is Connecticut Innovations' primary investment fund, aimed at strengthening the state's high-technology environment by providing entrepreneurs with the capital and strategic guidance they need to start and build successful Connecticut businesses. The Eli Whitney Fund focuses primarily on technology sectors that present the greatest potential for economic growth - information technology, bioscience, photonics (applied optics), and energy and environmental systems. Investments, which typically range from $500,000 to $2 million on the initial round, are made in early-stage Connecticut companies that meet established criteria. Contact: Eli Whitney Fund, please use the "Contact Us" option or send e-mail to investments@ctinnovations.com
Connecticut BioSeed Fund | top
was established to help accelerate the growth of early-stage biotech enterprises in Connecticut. Connecticut Innovations (CI) manages this $5 million fund, which expands the resources available to start-up bioscience companies in the state. The fund provides seed capital to address the initial financial needs of young Connecticut companies, sustaining them until they are able to attract a lead institutional biotech investor. Initial investments will range up to $500,000 and are based on criteria that include the strength and depth of the intellectual property, track record of the company's scientific and business leaders, and the potential of the business opportunity. Contact: Biotechnology firms seeking financing through the Connecticut BioSeed Fund can call the fund manager at 860-563-5851 or send e-mail to:Bioseedfund@ctinnovations.com
The Connecticut Clean Energy Fund | top
Connecticut Innovations manages this investment fund, which the Legislature created to promote the production and use of clean energy in Connecticut. Projects in which we invest may be based anywhere in the world, but must benefit Connecticut ratepayers.Contact: For more information, visit www.ctcleanenergy com
Yankee Ingenuity Technology Competition | top
In 2005, we encourage proposals for (1) renewable energy technology projects such as solar, wind, wave, fuel cells and (2) high technology projects in fields such as bioscience, information technology, advanced materials and microelectronics. The purpose of this competition is to encourage Connecticut businesses to collaborate with Connecticut colleges and universities to develop and commercialize products or processes with high potential to contribute to long-term, sustainable economic growth.
Contact: For more information about the annual competition, please send email inquiries to:
yankeeingenuity@ctinnovations.com
Technology Test Bed Program | top
Demonstrating a product's effectiveness in the field is a major step toward bringing it to market. The Technology Test Bed Program, created by legislation in 1999, may help some Connecticut Innovations portfolio companies in this effort. Under this program, a state agency or facility can serve as a demonstration site for a CI portfolio company's product or service. CI may assist the state facility with funding to defray costs related to acquiring and implementing the product. This funding represents a further investment by CI in the portfolio company, and further equity is usually the consideration for the investment. Contact: Connecticut Innovations' Technology Test Bed Program, please
Email to investments@ctinnovations.com
Next Generation Ventures LLC | top
NextGen is a unique joint venture between The Phoenix Companies, Inc., and Connecticut Innovations. NextGen offers seed-stage venture capital and professional management support to entrepreneurial, high-tech companies in Connecticut. The $15 million fund addresses a void in the state's financing community, since traditional venture capital institutions generally focus on later-stage, proven commercial concepts. For more information, visit NextGen's site at www.nextgenven.com
Angel Investor Forum | top
The Angel Investor Forum was founded in 2004 in response to a growing need for an organized “angel” effort in Connecticut. Due to the widening gap in capital markets, there is a shortage of funding available at the seed stage ($250K-$5M). This funding gap represents a great opportunity for investment in companies with substantial growth potential, but an inability to attract venture capital. AIF members invest their time, talent, and money in supporting companies with solid business models and their efforts to grow successfully. Angel financing is the lifeblood of growing companies. Connecticut has more potential angels per capita than any other state. The Angel Investor Forum organizes the resources of the angels by streamlining the deal flow. The fund presents monthly reviews of two targeted, pre-screened companies that are matched to investors' interests. Materials are summarized and distributed prior to each meeting. The AIF will help to reshape this landscape, keep entrepreneurs here, attract entrepreneurs from outside of Connecticut and help Connecticut's economic development. The Angel Investor Forum is a charter member of the Angel Capital Association, an organization, sponsored by the Kauffman Foundation that is focused on developing best practices for the operation of angel organizations across North America. Companies seeking financing and individuals interested in investing should visit www.angelinvestorforum.com or contact Reg Babcock at rbabcock@angelinvestorforum.com
Connecticut Venture Group | top
The Connecticut Venture Group (CVG) is a voluntary professional organization that is committed to assisting the development of these high growth enterprises through the promotion of capital formation in Connecticut. CVG was founded in 1974 by some of this country's pioneer venture capitalists for the purpose of creating a forum for business-venturing opportunities and soon became a significant catalyst for funding Connecticut-based entrepreneurial companies as well as promoting venturing activity in the state. CVG is funded through individual and corporate memberships and sponsorships. Chapters in Stamford, Hartford and New Haven conduct monthly informational and networking events. Each May, CVG also produces Crossroads, the largest venture fair in the eastern United States; TechComm, an annual tech transfer and commercialization conference and exposition held in December; and in January the Venture Capital Showcase, an opportunity for entrepreneurs to meet the leading VC firms in the region; plus a variety of conferences focusing on new technologies and investment trends.
CVG has also recently developed services tailored to angel investors and start-ups as well as late stage enterprises in M&A, buy or IPO mode.
If you’re an entrepreneur seeking growth capital or an investor looking to meet CEOs from promising companies in the region, call the Connecticut Venture Group at (203) 256-5955 or visit their website at
www.CVG.org
Young Connecticut Venture Group | top
The Young Connecticut Venture Group (YCVG) is an active organization within CVG that sponsors educational and networking events for young professionals interested in the private equity industry. YCVG event participants typically include vice presidents, associates, and analysts from venture capital, buyout, investment banking, accounting, and law firms, as well as MBA students and entrepreneurs. YCVG was founded in 2001 by young professionals working in the private equity industry in Connecticut. Our first event was held in Hartford, CT on January 15, 2002 and drew over 30 young professionals. YCVG, as a sub-organization of CVG, is funded through our individual and corporate memberships, as well as various sponsorships. YCVG is managed by a Board of Directors that sets policy and organizes 4-5 events across the state per year. With over 150 members and many exciting events a year, YCVG is a great venue to meet other young professionals working in the private equity industry in Connecticut and the Northeast region including New York and Boston.
Community Economic Development Fund | top
CEDF was created to revitalize Connecticut's distressed neighborhoods by providing greater access to capital, technical assistance to small businesses, and support for community economic development. Joining forces with the state, leading lenders and representatives from low and moderate income communities, CEDF is bringing help to Connecticut's small businesses and neighborhoods. The mission of the Community Economic Development Fund is to strengthen neighborhood economies by providing flexible financial and technical support to small businesses, community organizations, and initiatives in targeted communities and to low and moderate-income individuals throughout Connecticut.
Contact: Phone: (860) 249-3800
Email: info@cedf.com
For other venture capital opportunities,
please visit www.gaebler.com & www.ct.org/ctservices/venturecapital.asp
Higher Education & Networks | top
The Hartford Region has a long tradition of cultivating entrepreneurs including the likes of Sam Colt, Mark Twain, and Frederick Rentschler. Many inventions and products were either born or flourished in the region including the Pope automobile, Columbia bicycle, Underwood and Royal typewriters and the insurance industry. Current day entrepreneurs produce world renowned products including Pratt and Whitney jet engines, Hamilton Sundstrand spaceflight and aircraft systems, Otis elevators, Carrier air conditioners, Stanley tools, Loctite adhesives, and UTC fuel cells. In addition to these larger manufacturers, entrepreneurs are flourishing in Metro Hartford, establishing growing new companies in industries including insurance, advanced information systems, translational medicine, biomedical engineering, and next generation manufacturing. Respectively these burgeoning companies include Evolution Health and Guilford Specialty Group, Insurity and Open Solutions, Genomas, Eastern Plastics, and Nufern. Metro Hartford has a wealthy infrastructure to support entrepreneurs from world-class talent to supportive colleges and universities, from engaging networks to both public and private sources of venture capital.
Technology Incubation Program | top
The University of Connecticut Technology Incubation Program (TIP) aims to accelerate the success and viability of entrepreneurial companies by leveraging university technologies and facilities, and providing cost-effective business and research services as well as access to the diverse and unique resources of a world-class university. Contact: Rita Zangari, Executive Program Director, Phone: (860) 486-3010
Email: rita.zangari@uconn.edu
Center for Science and Technology Commercialization | top
The Center for Science and Technology Commercialization (CSTC) harnesses the intellectual power of the university to support commercialization of new technological advances discovered at UConn. The CSTC is responsible for identification, protection, market, and licensing of the UConn Health Center inventions. The center provides the processes and technically minded faculty that researches the need to safe guard intellectual property while pursuing commercialization. The staff of the CSTC is made up of a team of PhD scientists schooled in life and physical sciences as well as a certified U.S. Patent Officer. Contact: Margaret Genest, Program Director, Phone: (860) 679-8800
Email: mgenest@adp.uchc.edu
Research and Development Corporation | top
The UConn Research and Development Corporation is a for profit organization that creates new business start ups based on innovative technologies developed by UConn faculty. Its staff identifies and matches commercial opportunities with the business planning resources, leadership, and investors necessary to form a company. Key projects underway include: SMP Technologies, a company utilizing shape memory technology for dental applications; Venomix, which uses spider venom as a source of natural insect toxins; and Renzulli Learning, a software applications company which is aimed at assessing students’ talents. Contact: R. Mark Van Allen, President, Phone: (860) 676-7788
Email: markva@uconnrd.com
Central Connecticut State University | top
The Institute of Technology and Business Development (ITBD) provides support for Connecticut businesses and business related organizations by offering the following:
The School of Business Entrepreneurship Program | top
prepares graduates for advanced graduate studies and for entrepreneurial careers in new venture creation or for managing family owned or other small business enterprises. The program provides a foundation in the knowledge necessary to search for and evaluate new venture opportunities, as well as financing, operating, and managing new or growing businesses. The program consists of: entrepreneurship and new venture creation, financing entrepreneurial ventures, managing a growing business, and field studies in entrepreneurship. Contact: Dr. William Tracey, Chair of Management Program, Phone: (860) 832-3281
Email: traceyw@ccsu.edu
University of Hartford | top
The Entrepreneurial Center is a program of The Career Counseling Center, the community outreach division of the University of Hartford and it provides the following services:
Contact: Jean Blake-Jackson, Director, Phone: (860) 768-5681; Email: blakejack@hartford.edu
The Connecticut Economic Gardening Group | top
(CT-EGG) was created to provide a wide variety of business services to small- and medium-sized companies in Connecticut (with revenues less than $500 million). The concept is designed to leverage a collaborative group of private, public and academic resources to provide these services in support of Connecticut business development initiatives, realizing that sustaining a robust and vibrant state economy is largely dependent on job growth and an ability to compete in the global market environment. Contact: Dr. David Desplaces, Phone: (860) 768-4270
Email: displaces@hartford.edu
Capital Community College | top
The Entrepreneurial Certificate Program starting in spring 2006 will include a small business management course, in which a business plan will be created, and an Internship class, where students work 120 hours at a business while attending a class on interpersonal skills. Capital has also partnered with The National Alliance for Teaching Entrepreneurship and offers their high school students a pass/fail exam for the Small Business Management course. If a student passes, s/he receives three credits to be used at any community college in the Connecticut system. Capital is hoping to create an academic pathway for high school students interested in their Entrepreneurial Certificate Program, making it very easy for them to get involved.
Networks
The M.I.T. Enterprise Forum of CT is part of an 18-chapter international network of MIT forums that promote technology industries in local economies. Their primary focus is on helping entrepreneurial business develop and refine strategic plans through participation in a monthly Enterprise Forum. Contact: Marina Cunningham, Phone: (860) 549-5290
Email: Cunningham@ip-lawyers.com
The Connecticut Technology Council (CTC) | top
is the largest and most broad based business association expressly serving the needs of enterprises involved in areas related to technology, innovation, and the commercialization of the sciences. Representing almost 400 members and a community of some 2,500 companies and several hundred thousand employees, CTC strives to serve its members and the general interests of the State of Connecticut as they relate to the growth and success of technology-based development. The CTC works to address the specific needs of its members and to provide policy and advocacy for its mission in whatever settings are most productive. The following are current CTC programs:
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