The Business Council of Fairfield County’s Growth Advisory Services team has nearly doubled the number of second-stage companies it is supporting in its second year.
Growth Advisory Services, which is funded by the state’s CTNext initiative, now serves 40 Fairfield County companies that are more advanced than a startup but in need of additional resources. Although these stage 2 companies are building their market presence in Fairfield County through new products and services, most of them still need help raising funds, earning a revenue and hiring new talent, said Gary Breitbart, director of Growth Advisory Services.
“These businesses always need funding, revenue and talent,” Breitbart said in a statement. “By working with CTNext, Connecticut Innovations, the Angel Investor Forum, the CT Department of Economic and Community Development, private investors and service providers, our young companies are getting what they need.”
Growth Advisory Services connects companies to private and public investors, offers service provider referrals and provides strategies that help bring business ideas to market.
So far this year, Growth Advisory Services companies have received more than $3 million in funding and grants from private investors and state-funded programs, according to a Business Council press release. The companies have hired a total of 20 new employees during the first quarter.
In the first year, Growth Advisory Services companies showed an average annual growth rate of 28 percent, according to the press release. Ten companies in its portfolio of 25 at the time received nearly $5.8 million in grants. About 54 full-time positions were created across the companies working with Growth Advisory Services last year.
