New State Program Will Make up to $100 Million in Strategic Investments
Governor Ned Lamont today announced the creation of the Connecticut Innovation Clusters Program, a $100 million initiative to support the continued growth of critical sectors of the Connecticut economy, including biotechnology, financial technology, insurance technology, and advanced manufacturing in support of national defense.
Administered by the Connecticut Department of Economic and Community Development (DECD), this program will leverage private and public investment to support the application of next-generation technologies, such as artificial intelligence and quantum computing, to accelerate innovation in high-growth clusters where Connecticut has shown competitive advantage.
“Connecticut has the best educated and best trained workforce in the nation, which is the number one resource needed to conceive, develop, and produce the cutting-edge products and services that revolutionize industries and make businesses thrive,” Governor Lamont said. “We are the home of innovation, and through this new program we can support the growth of the sectors that are driving job creation and advancements in technology.”
The state is well-positioned to capitalize on the next frontier of technology development with the recent launch of QuantumCT – a coalition including UConn, Yale, the State of Connecticut, and others, that is providing the thought leadership and strategic planning necessary for Connecticut to reap the economic benefits of the application of new technologies in the years ahead.
“Connecticut has a rich history of innovation, and the launch of QuantumCT and the Innovation Clusters Program clearly show we are focused on the future and how local development of cutting-edge technologies can help shape the future of our strategically important industries,” DECD Commissioner Daniel O’Keefe said. “Through the Innovation Clusters Program, the state will invest alongside the private sector in high-impact, technology-driven projects that tie directly to our core economic strengths. This program will help accelerate the adoption of new technologies, improving competitiveness, training the workforce of our future, and boosting vibrancy in host communities and surrounding regions.”
The Innovation Clusters Program will prioritize funding for catalytic capital projects that contribute to the development of a campus-setting and cohesive sense of place that complement the state’s existing transit-oriented investments and incorporate a strong focus on workforce training, economic development, neighborhood vibrancy and regional stakeholder collaboration.
Other criteria for funding include:
- Leveraging partnerships with local businesses, universities, and not-for-profit institutions to maximize investment;
- Attracting and developing talent;
- Supporting diversity, equity, and inclusion efforts; and
- Ensuring local improvements through community benefit agreements.
DECD will issue a request for information (RFI) on June 3, 2024, and expects to issue awards on a rolling basis.
For more information on the program, visit portal.ct.gov/decd/content/community-development/03_funding_opportunities/capital-infrastructure-grants/innovation-clusters.
