Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has launched a new pre-seed fund to support the formation of new technology companies.
The $4 million fund, which was enacted by the state legislature earlier this year, Â will provide direct financial assistance in the form of loans to Connecticut-based startup and early-stage technology companies.
Companies can apply for loans of up to $150,000, and funding may be used for a wide range of startup expenses including accounting, intellectual property development, prototype development, business plan assistance, market analysis.
“This new fund enables CI to broaden its reach and impact,” said Peter Longo, CI president and executive director. “It enhances CI’s ability to support very early-stage technology ventures.”
Applications will be assessed for uniqueness, value and innovativeness of the technology, the problem the technology solves, commercialization potential, market potential, management expertise, and evidence of private matching funds equal to 50 percent of the financial assistance requested.
