The University of Connecticut in partnership with Webster Bank and Connecticut Innovations (CI) has created a $1.5 million UConn Innovation Fund to help in-state startups commercialize new technologies. There are three deadlines for applications, with the first coming soon--October 14, 2016--then February 10, 2017, and June 16, 2017.
The Fund aims to provide financial support to early stage growth companies to help companies obtain SBIR/STTR grants or other later-stage investments.
To be eligible for the Fund, startups must be related to research, advanced technologies or innovations developed at UConn by students, faculty members or alumni. Participants in UConn's Technology Incubation Program are also eligible. Selection criteria includes high potential for commercialization, degree of innovation, and likelihood of achieving external funding.
The Fund is structured to give $750,000 annually over the course of two years. The Fund will invest up to $100,000 per company. The investment vehicle will be a convertible note, which may include a discount on conversion in the next qualified financing round of the company. Companies that receive funding will be required to maintain a "Connecticut presence." This is also a feature of CI investments, and includes a number of components, but generally requires the company to be located and operated in Connecticut.
To view the application, click here. For more information on the Fund, visit innovationfund.uconn.edu.
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