Press Release Archive

June 2005

Connecticut Technology Council Announces Entrepreneurs
For Second Year of Edwards & Angell FastTrack Program

Business Development Program Matches Startup
Technology Companies with Mentor Network

Hartford, CT – June 28, 2005 -- The Edwards & Angell FastTrack Program, the Connecticut Technology Council's innovation business accelerator and developed in conjunction with the Connecticut Department of Community and Economic Development, announces the following 2005-2006 FastTrack portfolio companies have been named:

2005-2006 CTC
FastTrack Portfolio Companies
____________________________

Acuity Software - Hartford
Chili Systems, Inc. - Norwalk
Communication Fitness - Westport
HoloTouch, Inc. - Darien
IndustrySmarts - Glastonbury
InsiTech, Inc. - Cheshire
NEOS Software, Inc. - Manchester
Precision Combustion - Danbury
Prescients, LLC - Norwalk
Strategy Engine, Inc. - Westport

These ten firms are selected to be matched with the program’s network of industry, finance and business start-up expert mentors. The FastTrack firms will be given access to advice from and connections to volunteers for help with business development, funding and growth management as their needs are identified.

The Edwards & Angell FastTrack program seeks to discover start-up firms and would-be entrepreneurs possessing innovative ideas that have the potential for rapid growth and market potential. FastTrack's mission is to create and then mobilize an expert network of investors, advisors, professional services providers and industry contacts – all volunteering to help the best qualified start-up companies position themselves for success and to create new jobs in Connecticut.

Once selected, companies are pushed quickly to gain the combination of seed-stage capital, business planning and relationships needed to grow.

In its second year, the program has worked for the last year with eight companies. Last year's portfolio companies included: e-Onehundred Group, IPxray LLC, Akademos, Inc., MScript, Inc., Phaon, Inc., Advanced Fuel Research, Inc., Self Propelled Research & Development, LLC and Premise Development Corporation. About 30 mentors and advisors were spread across these eight companies in some type of support capacity.

"Giving entrepreneurs access to mentors and other resources can give them the boost they need to take their business to the next level," said the program's Director, Keith R. Reynolds, who also works with entrepreneurial companies in his role with the Connecticut Venture Group.

In addition to private introductions, entrepreneurial firms get to participate in events and meetings around the state to help them build their business network. Based on the feedback from last year's participants, it is clear that those firms which actively took advantage of the programs reaped the biggest dividends, concluded Reynolds.

ABOUT THE EDWARDS & ANGEL FASTTRACK PROGRAM – Modeled after the best-of-breed examples from innovation centers, angel groups and incubators worldwide, the FastTrack program assists any Connecticut technology company with the potential to rapidly scale into market and secure customers. FastTrack is funded by a grant from the Department of Economic and Community Development and sponsored by the law firm of Edwards & Angell, LLP with offices in Stamford and Hartford. The program was established under the aegis of the state’s Software Cluster, which is run for the state by the CTC, but membership is not limited to software or IT. More information can be found at: www.ctipa.org.

ABOUT CTC – The Connecticut Technology Council is the State’s industry association for the technology sector. CTC’s mission is to “connect people, ideas and opportunities to the global technology and innovation community.” CTC provides members with business assistance and specialized programs, in addition to promoting and supporting public policies that position Connecticut to have a globally recognized “culture of innovation” that helps attract great ideas and entrepreneurs to in turn develop new jobs and wealth for the state.