Connecticut Innovations has initiated a $200 million fund that will promote bioscience research over the next 10 years throughout the state. Connecticut Governor Daniel P. Malloy proposed the idea to state legislature, which recently approved the fund. Connecticut Innovations will provide the capital for bioscience-related research in its developing stages in the form of grants, loans, equity investments, and loan guarantees.
Much of the funding will reach the hands of university faculty, students, or companies that are spawning new discoveries and need the financial resources to begin their research. This should help fill a funding gap that may spark more commercialization of bioscience research, fostering the birth of new products, businesses, and services.
Generally, startup companies need venture capital to grow and develop new ideas, but many investors are reluctant to provide the funding due to the inherent risk that comes with starting a new business. This bioscience fund will give new research initiatives the funding they need to get started, and Connecticut Innovations will lead the way. CI has a history of helping startups get off the ground, which makes it a good fit for this state-sponsored program.
Companies that excel in bioscience industries can save lives. An example of this is Meriden, Connecticut based
Read more about their success in Hartford County Business Journal:
The key to achieving this type of success is to find innovators who are making major discoveries at universities and other research facilities and nourish their research in the early stages, while also providing diligent oversight and peer review. The long-term results could be great for Connecticut in particular and the economy at large.
And of course we recommend that future biotech entrepreneurs
By Anya Ciecierski, CAL Business Solutions, Connecticut Microsoft Dynamics GP Partner,