Proof-of-Concept Initiative

Understanding the
Proof-of-Concept Initiative

Connecticut is committed to supporting entrepreneurs at the early stage to improve their chances of bringing new products to market. In this joint initiative, CTNext and CI will invest $50–100K per company, selecting the most promising companies 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 accelerate growth.

Snapshot of common characteristics

CI and CTNext seek technology 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 include:

Company stage

Companies at the early stage looking to accelerate growth, test innovations, build minimum viable products and run customer pilots. First-time founders are welcome.

Capital raised

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.

Cash match

A cash match is not required for this initiative, but is preferred.

Primary location

Office headquarters and at least 50 percent of employees located in Connecticut.

Funding amount

Up to $100,000 in the form of CI’s standard convertible note.

Proof-of-Concept Form

If you think your company meets the qualifications above, please fill out this brief form 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.

Other Resources

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 our website so that angels looking to invest can find your startup.

Contact us

Tamyra Davis