Connecticut Innovations sees business on the upswing despite economic conditions.
“Since the beginning of the fiscal year (in July) CI has already approved eight investments totaling $4,375,000,” said Emily C. Smith, chief of staff and managing director of the state”™s quasi-public authority responsible for technology investing and innovation development.
CI last week invested $300,000 in FMP Products Inc. of Milford and Greenwich through its Eli Whitney Fund.
“Our pipeline is very active with 21 companies requesting a total of $24.6 million from CI. Of course, not all of these pipeline inquiries will result in an approval but the number of inquiries is good. Based on these numbers I would say that Connecticut is well positioned for CI to have another strong year of successful investing in the emerging-technology sector,” Smith said.
Peter Longo, president and executive director of CI, recently attended the annual State Science and Technology Institute Conference in Cleveland, where representatives from 48 states gathered.
“Connecticut Innovations is viewed as a success model, but other states are investing heavily in similar organizations attempting to grow their technology based economies,” Longo said. “However, one thing became very clear, other states have greatly increased the amount of funding that they are channeling into technology-based economic development initiatives.”
Technology investment counterparts in other states are receiving generous state funding to build strong technology foundations, focusing resources at the university level and in pre-seed business development, he said.
 “During these challenging financial times, states across the country are grappling with budgetary issues,” Longo said. “While technology-based economic development spending has, in a number of states, been robust, states may soon have to make difficult decisions regarding which programs to cut or scale back.”Â
Longo said that though cuts may have to be made, technology has become such an important part of many states”™ gross domestic product and viewed as one of only a few potential growth areas in recessionary times.
“No doubt every effort will be made to stave off any cutbacks,” Longo said.
In the technology industry, he said, clean tech and the life sciences are hot areas, receiving significant support.
Clean-tech technologies are focused on innovations that conserve energy and resources, protect the environment or eliminate harmful waste.
 According to Longo, states continue to devote significant portions of their economic development efforts to life science initiatives, including infrastructure projects, university-based research and development, eminent faculty recruitment and commercialization support.
“Connecticut is among those providing meaningful support including being one of the few states offering funds for stem cell research,” he said. “Most states concur that clean tech is a hot new area, holding great potential. They are enthusiastically pursuing this area and trying to capitalize on clean tech.”
