By Luther Turmelle, North Bureau Chief
lturmelle@nhregister.com / @lutherturmelle

The state’s quasi-public technology investment agency unveiled a $250 million investment plan Wednesday to create new businesses in Connecticut and recruit them from out of state.

Connecticut Innovations will invest $50 million a year in each of the next five years to nurture and recruit promising high-tech companies, agency officials said.

Half the money each year will come from the state, with the other half coming from CI’s coffers, which includes money it has received from previous investments.

The state money will come from a $125 million pool that was created as part of the jobs bills that Gov. Dannel P. Malloy signed into law in October.

“Connecticut Innovations has a proven ability to accurately assess the needs of entrepreneurs, and to respond to those needs with programs that reflect today’s economic challenges and opportunities. CI’s capabilities are essential to the success of the technology sector in Connecticut,” Malloy said.

“Adding to their tool kit and providing more funding will allow the organization to accelerate its success in creating jobs and growing Connecticut’s economy,” he said.

The key details to the investment plan include:

‰Spending $4 million per year to aid Connecticut companies’ efforts to bring in more federal Small Business Innovation Research funds.

‰Spending $22 million per year helping companies get started, as well as providing money to help entrepreneurs expand businesses.

‰Using $7 million a year to find companies around the United States and the world that would be willing to do business in Connecticut. This part of the plan would be structured similar to Malloy’s “First Five” economic initiative. Continued...

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‰Creating three technology business hubs using $4.8 million each year, including one to provide support services to start-up companies, and another to test the commercial viability of new technology concepts.

Catherine Smith, CI’s chairwoman and the commissioner of the state Department of Economic and Community Development, said the new funding will allow the technology investment agency “to continue to spur new innovation and start-up business in the state, as well as step up our recruitment of out-of-state companies to Connecticut.”

Call Luther Turmelle at 203-789-5706. Follow him on Twitter @LutherTurmelle. To receive breaking news first, text the word NHNEWS to 22700. *Msg+data rates may apply. Text HELP for help. Text STOP to cancel.

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