Connecticut’s Incubator Program: Is Your Startup Missing Out?
August 23, 2010 at 11:00 am | Posted in Entrepreneurship, General Interest Connecticut, Venture Funding | 1 CommentTags: CBIN, Connecticut based startup, connecticut business incubator network, startup grant, startup resources
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
CTech Bridgeport Opening Up for Applications
August 11, 2010 at 1:00 am | Posted in Entrepreneurship, General Interest Connecticut | Leave a CommentTags: business incubator, ci, connecticut innovations, ctech, ctech business incubator, university of bridgeport
A couple weeks ago, we did a post on the establishment of third CTech Business Incubator at UConn Health Center in Farmington. Another rumbling among the Connecticut startup community was that the first incubator, located in the Science Park in New Haven, may be relocating in order to accommodate more entrepreneurs in need of office space and resources.
Now there’s news that the third CTech location, at University of Bridgeport, is opening up for applications. Together with the Jobs Bill announced earlier this year, this is another sign that the State of Connecticut is attempting to become more startup friendly. Because incubators supply resources both physically and intellectually, they are popular destinations for startups. Moreover, Connecticut Innovations (CI), Connecticut quasi-governmental investment entity funds the incubator (and also administers some of the programs in the Jobs Bill). So a presence at the incubator may help financially as well.
If you are looking for a home in Connecticut for your venture, you may want to check out the CTech Business Incubator at University of Bridgeport.
CTech Opens Third Connecticut Incubator
July 21, 2010 at 3:00 pm | Posted in General Interest Connecticut, Gov 2.0, New Haven Tech and Start-Up Events, Venture Funding | Leave a CommentTags: Business Incubation, connecticut innovations, Jodi Rell, Science Park at Yale, UConn Health Center
On July 18, 2010, Governor Jodi Rell announced the opening of the thirdCTech Business Incubator at UConn Health Center in Farmington, Connecticut. This is a joint initiative between Connecticut Innovations (CI) and Connecticut’s Office of Technology Commercialization. The incubator is intended to support startup activity in Connecticut, giving entrepreneurs resources and office space to help them get started. Incubators also generally support the exchange of ideas among a community of start ups.
The extension of the incubator is an indication of the State’s ongoing efforts to “spur the development of high-tech start ups, foster additional economic development, and stimulate job creation.” Given the current state of the economy,it is an important recognition of the importance of the start up community to the State’s future. According to the official press release, “The UConn Health Center incubator will focus on attracting participants from several key industry sectors – bioscience, medical devices and bio materials – as well as other science-, technology-, engineering- and math-based ventures.” Although the funding priority would go towards UConn student or faculty ventures, the Incubator is also interested in potential ventures that are of interest to both UConn and CI.
This incubator will add to CTech’s existing locations in Connecticut. The first was established in Science Park (of which Independent Software is an alumni), and the second at University of Bridgeport. Recently, there have been reports among the start up communities of New Haven that the existing incubator at the Science Park is looking to expand to accommodate more entrepreneurs. The expansion will allow the incubator to provide more room and resources to the New Haven start up community.
For all you entrepreneurs and aspiring business owners interested in finding a home for your dream, you should visit http://otc.uconn.edu/tip/how-to-apply/. Or contact:
· Rita Zangari, Executive Program Director, Technology Incubation, UConn, (860)486-3010 or rita.zangari@uconn.edu.
· Charles Moret, Managing Director, Business Development, CI, (860)257-2333 or charlie.moret@ctinnovations.com.
Update: Angel Tax Credit/CT Jobs Bill
July 13, 2010 at 1:17 pm | Posted in General Interest Connecticut, Venture Funding | Leave a CommentTags: connecticut, ct, jobs bill, angel tax credit, bill 10-75
As you may know from prior posts, the Connecticut legislature recently announced good news for entrepreneurs in the form of a bill to help increase Connecticut’s competitiveness and address the growth agenda, especially in the area of small business and start-ups. Debt and equity financing measures are included in the “jobs” bill, but specific policy and administration is being handled by specific agencies.
The first of the programs now has some new flesh around it – Connecticut Innovations announced yesterday the launch of the Angel Tax Credit portion of the bill which is designed to incent angel investors to fund Connecticut businesses.
“Under the Angel Investor Tax Credit Program eligible angel investors may take a credit against Connecticut state income tax for certain investments made in qualifying businesses. Investments must be at least $100,000 in order to be considered under the program and the tax credit equals 25% of the cash investment, up to $ 250,000.”
Whether you are an entrepreneur who wants to apply to become a qualified business, or you are an angel interested in the credit, you can learn more at www.ctangeltaxcredit.com.
Technology Startups: New CT Funding Avenues
July 9, 2010 at 4:50 pm | Posted in General Interest Connecticut, New Haven Tech and Start-Up Events, Venture Funding | 1 CommentTags: ct jobs bill, ct venture financing, public act 10-75
Thinking of starting a technology business, but don’t know where to establish the “next big thing?”
Well, Connecticut may just be the place for you. Responding to both the overall US economy’s sluggishness, but also Connecticut’s current competitiveness problems, the legislature has passed Public Act 10-75, also known as the “Jobs Bill.” With this act, Connecticut is trying to improve its support for startup activity, which it hopes will increase job creation and growth.
Some key points to be aware of if you are seeking funding:
- Pre-Seed Funding: The bill provides new pre-seed funding resources for Connecticut Innovations, Inc. (CII) (or an organization it chooses) to invest in majority Connecticut businesses. This part of the act provides up to $150,000 in funding for businesses who meet the criteria.
- Angel Investor Tax Credit: A major source of early funding for ventures is individuals (aka “Angel” investors), and the act creates an incentive for Angel Investors through a personal income tax credit, to be administered by the DECD.
- Loan Program: A final item of interest is in the area of debt financing – for startups seeking debt financing, the bill provides up to $500,000 in direct loans and lines of credit for business who qualify.
Important questions remain about how to apply for these funds, what the exact criteria and guidelines for application will be, but representatives of the assembly have reported that websites with details and application forms are in the works and will be available in the coming weeks. Those details will be posted here when available. Should you have questions in the interim, please contact the EDC New Haven.
About Us
Free Your Concept
Build Your Team
Blog at WordPress.com. | Theme: Pool by Borja Fernandez.
Entries and comments feeds.
