Press Release Archive

March 2005

Connecticut Technology Council Seeks Connecticut’s Promising Start-Up Entrepreneurs For Second Year of FastTrack Program

Technology Business Development Program Seeks leading "Next Generation" Technology Companies to Match with Network of Mentors and Advisors

The “Edwards & Angell FastTrack” Program, the Connecticut Technology Council's innovation acceleration program, developed in conjunction with the Connecticut Department of Community and Economic Development, is looking for applications from the most promising entrepreneurs and innovators representing Connecticut’s “next generation” of technology companies.

Ten firms will be selected for the “class of 2005” and they will be matched with its network of industry and business start-up expert mentors and advisors. The FastTrack firms will also be given advice and connections for funding as their needs are identified.

FastTrack's mission is to create and then mobilize an expert network of investors, advisors, professional services providers and industry contacts to help the best ideas and start-up companies position themselves for success and to create new jobs in Connecticut.

The program is sponsored primarily in 2005 by Edwards and Angell, LLP and the State of Connecticut. Fast Track seeks to discover start-up firms and would-be entrepreneurs possessing innovative ideas that have the potential for rapid growth and market potential.

Once selected, companies are helped and pushed to quickly gain the combination of seed-stage capital, business planning and relationships needed to grow or combine with other existing efforts.

Entering its second year, the program, which received over 60 applications in 2004, has worked for the last year with eight companies that were selected. Last year's portfolio of 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 is 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 new director Keith R. Reynolds, who also works with entrepreneurial companies in his role with the Connecticut Venture Group.

"Using our combined resources FastTrack entrepreneurial firms get to participate in CT Venture Group programs at no charge including, the Crossroads Venture Fair," Reynolds added.

Based on the feedback from last year's participants, it is clear that those firms which actively take advantage of the programs can reap big dividends. "Though FastTrack portfolio slots are limited, I encourage any early and seed stage technology companies doing business in Connecticut who do not have all of their management and funding in place to apply."

Interested companies can apply at: www.ctcfasttrack.org. The deadline for applications is March 31st, 2005. Applications will then be reviewed by the FastTrack Advisory Panel and companies for the 2005 program will be selected and announced at the Crossroads Venture Fair April 26 and 27.

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About the Edwards & Angell 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 financial leadership. FastTrack is funded by a grant from the Department of Economic and Community Development and sponsored by the law firm of Edwards and Angell. 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 info can be found at: www.ctcfasttrack.org.

About The Connecticut Technology Council (CTC) - The CTC is the only statewide industry association for the technology and innovation sector. The Council’s mission is to "connect people, ideas and opportunities to the global technology and innovation community." It 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.

CONTACT:
Keith R. Reynolds
CT Technology Council
111 Founders Plaza
East Hartford, CT 06108
www.ctipa.org

phone 203.978.1141
fax 860.289.0326
KeithRey@ctcfasttrack.org