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Presentation to: Inventors Association of Connecticut Peter V. Longo President and Executive Director March 23, 2010.

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Presentation on theme: "Presentation to: Inventors Association of Connecticut Peter V. Longo President and Executive Director March 23, 2010."— Presentation transcript:

1 Presentation to: Inventors Association of Connecticut Peter V. Longo President and Executive Director March 23, 2010

2 Investing in Connecticut CI is the state of Connecticut’s venture capital arm. CI grows high-tech companies and jobs in Connecticut by providing: Strong Track Record Expertise Access to Capital TalentAdvisors Strategic Partners

3 Our Franchise Quasi-public authority created in 1989 Connecticut’s most active VC funder of early- and seed-stage high-tech companies Independent board of directors with experts from business, technology, academia and government Independence and agility make us innovative and responsive to market needs Private sector principles and practices to achieve public sector goals

4 Our Model Breadth of technology initiatives: □ Pre-Seed support services □ Seed stage investments □ Equity investments □ Infrastructure financing □ Newly launched Clean Tech Fund □ SBIR Office □ Stem Cell Research Program and CT Clean Energy Fund Guided and advised by several industry-specific advisory boards composed of well-known experts Unique and successful model that has become the model of other states

5 Funds and Initiatives CI Eli Whitney Fund CT Bioseed Fund Bioscience Facilities Fund CTech Seed Investment Fund CT Clean Tech Fund Pre-Seed Support Services CT SBIR CT Clean Energy Fund CT Stem Cell Research Fund

6 Early Stage Initiatives Pre-Seed Support Services □ $1m commitment; focuses on innovation and turning entrepreneurs’ ideas into companies CTech □ Technology business incubator that provides access to a broad network of resources Seed Investment Fund □ $4m fund focusing on non-bioscience technology companies Connecticut BioSeed Fund □ $5m fund created with CI investment returns to get companies to “the next level” SBIR Office □ Helps high-tech small businesses compete and win federal awards □ Facilitates collaboration between industry, academia, government

7 Eli Whitney Fund Invested $131.2 million in 90 companies through December 2010; $125.3 million from Eli Whitney Fund Leveraged over $1 billion of private capital Achieved 42 successful investment exits □ IPOs – 14 □ Sales – 28 Current portfolio: 40 companies (34 Eli Whitney) IRR 19.89% through FY 09

8 Eli Whitney Fund Investment Criteria Sustainable competitive advantage Beta-stage prototype Solid management team Headquarters, technology functions and majority of operations in Connecticut Growing employee presence in Connecticut Ability to obtain funds from other investors

9 Clean Tech Fund $9 million fund Partnership: CI, DECD, CCEF Invests in seed- and early-stage companies focused on innovations that conserve energy and resources, protect the environment or eliminate harmful waste. Technologies include: □ Renewable energy generation □ Energy efficiency □ Environmental remediation □ Clean water □ Renewable fuel 4 investments closed

10 Current Portfolio Technology Distribution

11 Bioscience New Haven, CT

12 Information Technology Milford, CT

13 Photonics East Granby, CT

14 Energy & Environmental Sandy Hook, CT

15 Pre-Seed Support Services Program Created with $1 million commitment Focuses on innovation and new company formation Helps high-tech entrepreneurs turn ideas into companies by providing: □ Mentoring □ Advisory services □ Limited funding when needed

16 Pre-Seed Support Services Program Advisory Services □ Intellectual property reviews □ Technology reviews □ Market analyses □ Market entry strategies □ Business plan reviews and development CTech – technology business accelerator

17 Technology business accelerator Houses startup technology companies Provides access to a broad network of resources □ Other entrepreneurs □ Investors □ Business advisors □ Technologists Brown bag lunch seminars Public/private collaborate effort

18 Seed Investment Fund $4 million fund Invested in 6 companies to date including 2 relocations Non-bioscience technology companies Pre-Series A stage of development Companies must have: □ Proprietary technology □ Sustainable competitive advantage □ Near completion beta product □ “Skin in the game”

19 Connecticut BioSeed Fund $5 million fund created with CI investment returns Outstanding, highly experienced advisory board Invested $1.7 million Very high risk deals Strong pipeline opportunities

20 SBIR Office CT Small Business Innovation Research (SBIR) Office □ Helps high-tech small businesses compete for and win federal SBIR/STTR awards □ Facilitates commercialization through collaborations (e.g. Phase III) □ Matches strategic partners –Partner with a Prime –Matches for Money –Partner with a Professor –Careers for Engineers –Collaborate to Innovate □ Designs conferences – e.g National SBIR Conference in Hartford, April (www.SBIRnational.com)www.SBIRnational.com

21 Program Administration Connecticut Clean Energy Fund □ Ratepayer fund created to foster the growth and development of clean energy installations and awareness across Connecticut □ Extraordinary economic development opportunity BioScience Facilities Fund □ Helps startups deal with the expense of wet laboratory space □ $34.5 million funded - debt with warrants □ 350,000+ square feet of new lab and related space created □ 10,600 square feet transitional lab space CT Stem Cell Research Program □ State initiative managed by DPH □ Advancement of human embryonic stem cell research □ Commercialization opportunities

22 Connecticut Clean Energy Fund Goals □ Develop a diverse supply of installed clean energy resources □ Foster the growth, development and commercialization of clean energy technologies □ Stimulate demand for clean, renewable energy by increasing consumer awareness

23 Recent Investment Accomplishments FY invested $9.04 million in 17 companies 3Q FY approved $9.75 million in 17 companies Current Pipeline □ 29 companies □ $95.5 million ($31.2 million from CI) Companies Funded Total Invested Millions $1.49 $6.51 $11.54 $ (app.) $6.11 ( app.)

24 Recruitment California Massachusetts New York New Jersey United Kingdom France Canada Virginia

25 Impact on Connecticut FY95 through FY08 For each dollar CI invested… □ …the state of Connecticut realized $1.97 in net state revenue. □ …Connecticut’s gross domestic product increased $ □ …personal income in Connecticut increased $ For each dollar the state of Connecticut originally invested in CI, CI and its investment partners leveraged $9.43. CI’s cumulative investment of $152 million in 84 companies generated new economic activity that produced $2.17 billion measured in terms of cumulative personal income and $3.6 billion measured in terms of gross domestic product. Connecticut is nearly $15 million richer each year because of CI’s investments in its portfolio companies during this period. CI’s investments added on average 1,610 jobs per year; 563 direct and 1,046 indirect or induced

26 Looking for: Technology entrepreneurs Student entrepreneurs Technology startups Expanding technology companies

27 Connecticut Innovations 200 Corporate Place, 3 rd Floor Rocky Hill, CT


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