Connecticut Innovations Awarded $125,000 FAST Grant from U.S. Small Business Administration
Funds to support Connecticut-based women- and minority-owned technology startups pursuing federally funded innovation and research and development programs
ROCKY HILL, Conn., August 22, 2017 – Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, announced that it has been awarded a $125,000 grant from the U.S. Small Business Administration (SBA) as part of the Federal and State Technology Partnership Program (FAST). FAST helps stimulate economic development by providing resources to local economic development entities that can provide assistance and resources to small and innovative businesses as they compete for the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. The program is focused on fostering greater participation from women-owned and socially and economically disadvantaged companies.
“We are very pleased to have once again been awarded a FAST grant and look forward to continuing to support the growth of our state’s most promising and innovative young companies,” said Matt McCooe, CEO of CI. “The SBIR and STTR programs are critical programs that can provide the early-stage funding small businesses desperately need. With financial support from the FAST grant, CI and CTNext are perfectly suited to mentor and support companies in our state seeking to compete for coveted federal funding that can speed the commercialization of their technology and business ideas.”
CI was one of 16 entities selected to receive FAST funding following review of its proposal by the Department of Defense and the National Science Foundation. The FAST funds will be deployed to provide training, financial and technical assistance to early-stage, women- and minority-owned technology-based businesses based in Connecticut pursuing an SBIR or STTR award.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. For more information on CI, please visit www.ctinnovations.com.
FAST is a competitive grants program designed to strengthen the technological competitiveness of small businesses and improve the participation of small technology firms in the innovation and commercialization of new technology. In FY 2017, a total of $3 million was appropriated as grants for entities to carry out activities from September 30, 2017, through September 29, 2018. All 50 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, and American Samoa are eligible to receive funding for providing services such as outreach and technical assistance in support of the SBIR/STTR programs. Additional information about FAST can be found at www.sbir.gov/about-fast.