🔒Amid launch of CT’s $100M clean energy startup fund, VentureClash pitch fest returns with green focus

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For the first time since 2019, Connecticut Innovations’ pitch competition VentureClash is returning this October and bringing a renewed focus on clean and green energy technologies.

The state’s global venture series for early-stage companies, thematically named VentureClash Climate Edition, will take place in New Haven on Oct. 27, with a full day of panels, networking and presentations from companies hoping to bring their climate-related technologies or business ideas to the state.

This year’s program will coincide with the launch of CI’s new $100 million ClimateTech Fund, which Gov. Ned Lamont announced in July.

That fund is earmarked for early-stage businesses that have a focus on clean energy, environmentally safe manufacturing, and climate resiliency, with a goal of making Connecticut a leader in the green tech industry.

The application window to present VentureClash business ideas closes Aug. 20, and six to eight companies will pitch at the event, organizers said.

“Getting people together, we’ve found, is an important way to build out the startup ecosystem,” said Connecticut Innovations CEO Matt McCooe. “To build a community, you’ve got to find ways to get people out of their offices and out of their houses — you can’t build a community that’s lasting and meaningful online.”

VentureClash Climate Edition is being hosted collaboratively by CI, Connecticut Green Bank, the state Department of Energy and Environmental Protection (DEEP), and Public Utilities Regulatory Authority (PURA).

Green focus

CI Chief Marketing Officer Lauren Carmody said VentureClash is looking for international and domestic companies working to solve climate-related issues across the board, but particularly related to the power grid, water, waste and mobility.

Carmody said the goal is to find the top “green” companies looking for investments and bring them to the state, hopefully to establish a U.S. headquarters in Connecticut or relocate domestically. She said CI already has a portfolio of clean and green technology companies but wants to grow it.

“It’s really a way for us to see more companies and see what other companies are doing internationally, and trying to move them to Connecticut,” Carmody said. “And we’re also looking at other domestic companies that might make sense in Connecticut.”

Partnering with CT Green Bank, DEEP and PURA made for natural collaborations, Carmody said.

“I think what’s really exciting about VentureClash is it’s saying that the state of Connecticut is open to new ideas, we are open for business on clean energy technology, and we really want to spur things going forward,” said Connecticut Green Bank Associate Director of Innovation Sara Harari.

PURA Supervisor of Strategy & Operations Julia Dumaine said the competition provides a great opportunity to do some outreach.

PURA is the state’s regulatory agency that oversees the rates and services of electricity, natural gas and water companies. Dumaine said PURA has expanded its focus in recent years to include modernizing Connecticut’s electricity grid through supporting the growth of the state’s green economy, decarbonizing, enhancing access to utilities, and making sure they remain affordable.

“We’re trying to remove any barriers to green energy in Connecticut,” Dumaine said.

As part of its efforts to modernize Connecticut’s grid, PURA has a $25 million program to encourage development of new clean energy technologies, products and services. VentureClash could give PURA some examples of green technologies that can be “deployed at scale across the state,” Dumaine said.

Changes this year

While VentureClash hasn’t occurred in Connecticut since 2019, CI did host a similar competition in Israel earlier this year during the governor’s trip to the country, and business connections made there have already been fruitful.

In May, Or Haviv, a partner and head of global ventures at Israel-based Arieli Capital, collaborated with The Bridge Healing Arts Center CEO Yisroel Rabinowitz to host a startup business incubator program in Farmington. It was Arieli Capital’s first startup program in the United States, and Haviv got the idea after networking with business leaders during Lamont’s recent trip.

“The connections that happen at these events are really important,” McCooe said. “Those interactions when you get a bunch of people that are like-minded in a room together are incredibly important, and we’ve seen a lot of good things come from them.”

And CI officials said they’ve had international interest in the past. Carmody said Canada and Israel have been identified as potential hot spots for companies.

“We know that Israel and Canada have a strong background and they’re a hotbed of innovation in the areas of clean tech and green tech,” Carmody said.

This year’s VentureClash will be a mix between the old model and what CI organized in Israel, Carmody said, with less of a focus on competition and more of a pitch showcase event including the host organizations and other outside investors.

Eligible companies have to have been in business for at least one year and raised some early-stage capital. Companies selected to present will receive a $5,000 stipend to travel to New Haven. Each company will pitch for about 10 minutes to a room of potential customers, advisors and investors at The District in New Haven.

The competition model used to be a $5 million investment challenge, but Carmody said there’s no obligation to invest this year.

The goal is to find companies with great potential that can grow jobs in Connecticut.

“If we’re investing and the company starts to grow, the jobs start to follow,” Carmody said.