Connecticut Innovations is taking a new investment approach as it prepares to launch a $200 million fund to spur bioscience research and development in the state.
The fund, originally pitched by Gov. Dannel P. Malloy and approved by lawmakers during the recent legislative session, will provide grants, equity investments, loans and loan guarantees to bioscience related initiatives over the next 10 years.
In addition to investing in early stage companies, however, CI will provide capital to researchers who are still only in the idea stage, meaning they’ve made a discovery in a lab but haven’t yet formed a viable business.
The goal, however, isn’t just about boosting Connecticut’s research capacities, officials said. The state wants to translate its research investments into viable businesses that add jobs and stir economic development.
Highlights of Bioscience Fund:
• $200 million investment over 10 years
• $10 million annually years one and two
• $15 million annually years three and four
• $25 million annually years five through 10
• Funding will fill gaps in the marketplace, not duplicate current public funding
• Investments will be subject to a rigorous vetting process
• Creation of Advisory Board to provide oversight and strategic guidance
The full text of Greg Bordonaro’s article from The Hartford Business Journal can be found online or in the print edition.