State Investing to Make Connecticut More Attractive to Tech Startups
ROCKY HILL _ The state's venture capital fund, prodded by investors suggesting a new direction, is scouting for high-tech funds where it can invest public money to broaden its network of technology-based startups.
Connecticut Innovations, which invests in startup bioscience, medical equipment and other high-tech companies, is responding to entrepreneurs, investors and others urging a different tack to spur business expansion and job growth.
"One of the biggest things that Connecticut in general can do is increase the venture capital presence and sources of financing," said Sal Syed, chief executive officer and co-founder of Arccos, a Stamford-based startup that designs analytics to track and analyze a golfer's game. "Connecticut has a lot of wealth. There should be more investing happening."
By investing in venture capital funds, CI is looking to recruit investment funds from Boston, California, New Jersey, New York and elsewhere. Fund managers would be committed to invest state money in Connecticut businesses and open an office in the state.
Read more: http://www.courant.com/business/hc-connecticut-innovations-investment-shift-20161115-story.html