Connecticut’s Incubator Program: Is Your Startup Missing Out?

The State of Connecticut is working to become a more appealing state for startups looking for a home.  Its programs, directed through various groups, target those who are seeking resources, from seed capital to physical space to intellectual capital.  Part of that supporting structure is the Connecticut Business Incubator Network (CBIN), with seven participating incubator programs and total of ten facilities throughout the state.  About 45 businesses call these incubators home.

The appeal of locating in an incubator, beyond satisfying the need for a physical location other than your home office or a local coffee shop (where plenty of great startups begin), is access to other resources the state provides, some only to incubator residents.

For example, technology-related startups located in a qualified incubator may apply to receive a grant of up to $50,000, a significant amount of non-dilutive seed capital to help a startup blossom.  We’ve recently heard that the funding cap for that grant may be reduced to about 50% – but even at that reduced level, capital in the form of grant funding can be really helpful.  Our staff recently was made aware the grant program, which had been stalled out for almost one year, is now being restarted.

Incubators provide lots of intangible benefits to residents, like camaraderie and access to advice, but access to grant funding may just be a must-have.

If you have any further questions regarding grant program and CBIN in general, you can contact Paul Striebel at pstriebel@ccat.us