Connecticut has become a nucleus of bioscience advances—from groundbreaking research in personalized medicine to device manufacturing of the latest medical technology. Here are just a few of the reasons so many bioscience companies of all sizes are taking maximum advantage of the state’s dynamic intersection of intellectual capital and practical expertise.
Connecticut has clearly demonstrated its commitment to serving as a center for biomedical advances. Over the past decade alone, it has invested billions in supporting bioscience companies grow and succeed through a variety of programs and initiatives.
The Connecticut Bioscience Innovation Fund is a $204 million, 10-year fund established in 2013 that provides up to $500,000 to speed bioscience breakthroughs toward the market. Investments include grants, equity, and loans. The goal of the fund is to help commercialize bioscience breakthroughs.
To encourage R&D, Connecticut also offers two tax credits related to research and experimental expenditures conducted in Connecticut.
This program provides a tax credit specifically for angel investors with a cash investment of $25,000 or more in a qualified Connecticut business. This credit will equal 25% of the investor’s cash investment — although the total tax credit cannot exceed $250,000 for any angel investor.
A 100% sales tax exemption is available for:
This zone is for eligible businesses that have had more than 300 employees at any time during the preceding 12 months and are engaged in bioscience, biotechnology, pharmaceutical or photonics research, development or production in the state.
This fund specializes in early stage investments in the biotechnology industry and provides financial solutions to biotechnology companies for the construction of wet laboratories and related space. Preference is given to businesses that are already located in Connecticut or are planning to move to the state. The fund typically invests between $0.5 million to $5 million.
The goal of the Small Business Innovation Research (SBIR) Acceleration and Commercialization program is to increase the participation of Connecticut-based firms in federal SBIR and STTR grant programs. These highly competitive federal programs improve your small business’s chance of advancing its technology and achieving commercialization, higher profits and job growth.
Connecticut’s Technology Talent Bridge Internship Program (TTB) is a grant opportunity for Connecticut small businesses to provide funding for the hire of student interns. The program’s primary objective is to develop a talent “bridge” between the small business and the student, with the downstream objective of creating jobs. The program enhances industry and university collaboration and helps strengthen our workforce and retain talent in our state.
The program is designed to:
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