Understanding the CI/CTNext Proof of Concept Initiative
Connecticut is committed to supporting entrepreneurs at the early stage to improve their chances of bringing their ideas to market. In this joint initiative, CTNext and CI will invest $50–100K per company, selecting the most promising entrepreneurs that meet the investment criteria. In this highly competitive selection process, CI and CTNext will invest in 15 to 25 companies per year out of the several hundred we will review. Companies selected for investment will gain access to mentors, bootcamps and other resources to help accelerate growth.
Snapshot of Common Characteristics
CI and CTNext seek technology-based companies based in Connecticut that are at the proof-of-concept stage of development. Preference will be given to information technology, advanced manufacturing, engineering and bioscience/biotech companies. As part of our commitment to equity and diversity, we will also look to invest in business enterprises owned and controlled by socially and economically disadvantaged individuals through this initiative.
Other criteria for investment will include:
Companies at the early stage looking to accelerate growth, test innovations, build minimum viable products and run customer pilots. First-time founders are welcome.
The ability to raise additional capital is vital to the success of early-stage companies. As such, friends and family, angel investor, accelerator and/or institutional co-investment is viewed favorably.
Focus on Innovation
Companies currently developing a technology that is unique and difficult to copy due to patents, design or go-to-market strategy.
A cash match is not required for this initiative, but is preferred.
Office headquarters and at least 50 percent of employees located in Connecticut.
Up to $100,000 in the form of CI’s standard convertible note.
Proof of Concept Initiative Form
If you think your company meets the qualifications above, please fill out the brief form here and a member of the CI/CTNext team will follow up with you regarding next steps.
Proof of Concept Initiative FAQ
Still have questions? Click here to access some frequently asked questions. If you have additional questions, reach out to Tamyra Davis, contact info below.
CI administers the state’s Angel Investor Tax Credit Program, which gives angels a credit against Connecticut’s state income tax when they invest at least $25,000 in qualifying businesses. If you qualify, your business will be listed on CI’s website so that angels looking to invest can find your startup.
For assistance with Proof of Concept information, contact Tamyra Davis