Governor Rell Announces New Tech Business Incubation Initiative at UConn Health Center
FOR IMMEDIATE RELEASE
July 18, 2010
CONTACT: Rich Harris, 860-524-7313
Governor M. Jodi Rell today announced that a state initiative to spur the development of high-tech start-ups, foster additional economic development and stimulate job creation is expanding to a third location: the University of Connecticut Health Center campus in Farmington.
CTech at the UConn Technology Incubation Program is a joint initiative of Connecticut Innovations (CI), the state’s quasi-public authority for technology investing and innovation development, and the University of Connecticut’s Office of Technology Commercialization.
“New businesses will benefit from a full range of resources provided by CI and UConn,” Governor Rell said. “We are putting a major emphasis on speeding the start-up and commercialization of innovative technology-based companies. Small and mid-sized businesses create the vast majority of jobs in our state and our state is leading the way in a number of high-tech fields.
“The incubator’s services will build upon and expand the current offerings from the Technology Incubation Program at UConn,” the Governor said. “Companies will have access to business mentors, UConn research facilities and faculty, student interns and employees, business advisory services, environmental health and safety training and funding.”
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. Funding will be provided by CI and in certain instances will need to be matched by the companies or other co-investors. CI has made an initial commitment of $100,000 to this initiative through its Pre-Seed Support Services Program.
CTech at the UConn Technology Incubation Program offices will be located at the UConn Health Center Stem Cell Institute at 400 Farmington Avenue in Farmington.
“This expansion of the CTech incubator model to the University of Connecticut Health Center’s campus strengthens our long-standing partnership with CI and furthers our strong network of high-tech business start-up support services,” said acting UConn President Philip E. Austin. “I anticipate that with CI’s support there will be new industry–faculty collaborations with the potential to increase the transfer of UConn technology into the marketplace.”
During the first year, funding priority will be given to UConn faculty or student ventures. However, the incubator is also interested in supporting businesses that collaborate with UConn or are of joint interest to UConn and CI.
“We are delighted that CI will be bringing its expertise in cultivating entrepreneurial tech ventures to this latest CTech initiative,” said Department of Economic and Community Development Commissioner Joan McDonald, who chairs CI. “The CTech incubator model, combined with the unique capacity of a public research institution, provides a very powerful resource for tech-based entrepreneurs.”
Entrepreneurs or startup ventures interested in obtaining more information about the CTech incubator at UConn or applying to participate should visit http://otc.uconn.edu/tip/how-to-apply/. Interested parties can also contact Rita Zangari, UConn’s Executive Program Director, Technology Incubation, at (860) 486-3010 or firstname.lastname@example.org, or Charles Moret, CI’s Managing Director, Business Development, at (860) 257-2333 or email@example.com.
About the University of Connecticut’s Technology Incubation Program
The UConn Technology Incubation Program (TIP) provides incubation space and support services at three campuses to nurture companies formed around UConn technologies and to help other companies become successful through use of UConn services and collaboration with faculty. TIP offers access to unique equipment an expertise that is often unattainable to start-ups. In 2009, the program hosted 18 companies at three campuses with 65 full time employees, 33 part-time jobs and with revenue from sales and grants totaling $17.5 million. The 400 Farmington Avenue site is co-located with the UConn Health Center’s Stem Cell Core lab and was developed in part to accelerate commercialization of research supported through the state’s stem cell research program.
About Connecticut’s CTech Incubators
Connecticut Innovations, in partnership with Yale University, LaunchCapital and the United Illuminating Co., spearheaded the launch of the first CTech incubator in October 2008 as part of CI’s Pre-Seed Support Services Program. All tenants enjoy access to shared amenities as well as on-site accounting, legal and professional business services. The New Haven incubator is located at Science Park at Yale University; a second CTech incubator is expected to open on the University of Bridgeport campus in Fairfield County later this summer.
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