State-funded entrepreneurial initiative CTNext has launched Growth Company Grants, a program to aid startups with high growth potential.
CTNext Interim Director Glendowlyn Thames said the program’s goal is to assist companies with the challenges they face during the growth stage. “Ultimately, these are the types of companies that can have a significant economic impact in our state and the grants are intended to accelerate their growth and success,” she said.
Project funds of up to $25,000 per company can be used for – but are not limited to – sales assistance, marketing, strategy, organizational development, technology assistance, bid assistance and beta testing.
Growth Company Grants applicants – which can be for-profit or nonprofit companies – will be asked to complete an application, slide deck, and audited financials, which will be reviewed by CTNext for eligibility. Applicants successfully completing that stage will then be invited to present their company in person.
The program defines “high-growth” or “growth-stage” companies as those that have been incorporated for no more than 10 years, raised private capital and saw a 20 percent increase in their annual gross revenues in each of their three previous income years.
For more information on the program or to apply, visit ctnext.com/growth-company-grants/.