Teams to receive total of $225,000 to help create and launch new technology businesses
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based economic development, today announced that it has selected nine entrepreneurial teams to receive $25,000 each in financial assistance from the TechStart Fund and participate in the fund’s 10-week accelerator pilot program. The winning teams were selected from a pool of 33 applicants. Five of the winning teams involve current students or recent graduates of Connecticut universities including Quinnipiac, UConn and Yale. One team includes a 14-year-old entrepreneur and two are licensing technologies from universities (Columbia and Yale).
Teams Selected:
Applivate (New Haven) Dealizio (Niantic) eBrevia (Stamford) MeritBooster (New Haven) My Luck Club (New Canaan) Red Ox Technologies (New Haven) Scaled Liquid Systems (New Haven) Seldera (New Haven)Snippet (Hamden)
Launched in January, CI’s TechStart Fund was created to spur technology innovation and business formation by providing initial capital of $25,000 to entrepreneurial teams. The intent of the funding is to allow startups to pursue the viability of a technology concept or business and determine whether additional funding might be obtained to launch a business.
The initial nine teams selected for funding will participate in a 10-week TechStart accelerator pilot program commencing March 5. The program will provide the teams with mentors, professional resources and guidance in launching a new business. At the conclusion of the program, each team should be ready to launch a company and will be provided with the opportunity, in mid-May, to make a pitch to a group of investors.
“The interest in our new TechStart Fund has been overwhelming,” said Claire Leonardi, chief executive officer and executive director of CI. “We are excited that so many entrepreneurial teams applied to the fund and are pleased to support such a diverse group of new ventures. By combining funding with concentrated and focused guidance, we will ensure that these teams have the best chance to turn their new business concepts into successful tech-based companies – Connecticut’s companies of the future.”
About Connecticut Innovations Inc. Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.