News
$3 million announced to expand Connecticut Innovations Inc. investments
By Governor Rell's office
Feb 20, 2008 - 11:25:30 AM

Governor M. Jodi Rell today announced $3 million in state bond funding to continue and expand the ability of Connecticut Innovations Inc. (CI) to assist new and developing high-tech industries in the state is expected to gain approval when the state Bond Commission meets February 29.

CI provides both capital investment and strategic know-how to companies in such high-tech fields as energy, biotechnology, information technology and photonics. Established in 1989, CI has helped more than 100 emerging companies research, develop and market new products and services. This activity has attracted over $1 billion dollars in additional investments from private equity providers.

“CI plays an important role in the encouragement of new and emerging companies that are vital to the economic health and growth of Connecticut in the 21ST century,” Governor Rell said. “We know that small- and medium-sized businesses are at the center of the state’s economic engine, and we know that these high-tech fields hold the greatest promise for new jobs and new vigor in our economy. It only makes sense to help CI provide more seed money to help bring or expand such businesses in Connecticut.

“Especially as we cast a wary eye over the national and global economies, we want to play to Connecticut’s strengths,” the Governor said. “One reason why our state is better positioned to deal with any current economic slowdown is because we have greatly diversified the kinds of business we do. Our exports also continue to grow – another bulwark against an economic downturn – and it is good, old-fashioned Yankee ingenuity that is driving that growth. CI is in the business of encouraging ingenuity.”

CI is estimated to have brought the State of Connecticut over $510 million in gross state profit and over 5,000 additional job-years. Through the Connecticut Clean Energy Fund, the quasi-public agency also encourages the use and development of alternative energy sources, a key element in Governor Rell’s Connecticut Energy Vision for a Cleaner, Greener State. The Governor’s energy blueprint was unveiled last fall to create measurable ways to reduce the cost of energy for consumers and businesses, strengthen state energy policy over the long and short term and reaffirm Connecticut’s position as a leader in renewable energy.

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