Connecticut invests $100 million in cutting-edge industries » CBIA

Connecticut will invest $100 million over the next five years to accelerate innovation and develop cutting-edge industries.

Governor Ned Lamont announced Connecticut’s innovation cluster program on May 29.

Lamont said the program will support next-generation technologies such as artificial intelligence and quantum computing in key sectors including biotechnology, financial technology, insurance technology and advanced manufacturing.

“We are the home of innovation and with this new program we can support the development of sectors that drive job creation and technological progress,” he said.

Accelerating innovation

The Connecticut Department of Economic and Community Development will administer the program.

Officials plan to leverage private and public investment to spur economic development and accelerate innovation in fast-growing clusters.

The program will prioritize funding for capital projects that complement the state’s existing transit-oriented investments.

“Leveraging and expanding the talent pool to advance these industries is an important step.”

CBIA’s Chris DiPentima

Emphasis will also be placed on workforce training, economic development, neighborhood revitalization and regional collaboration with stakeholders.

“From life sciences and advanced manufacturing to insurance and fintech, Connecticut is home to some of the most innovative minds and most skilled workforce in the country,” said CBIA President and CEO Chris DiPentima.

“Using and expanding this talent pool to develop these industries is an important step toward growing the state’s economy.”

Supporting growth

DECD Commissioner Dan O’Keefe said the projects should lead to the “rapid creation of jobs and facilities” to support the development of innovative industries.

“This program will help accelerate the adoption of new technologies, improve competitiveness, train the workforce of our future, and increase the vitality of host communities and surrounding regions,” O’Keefe said.

Other funding criteria include:

• Leveraging partnerships with local businesses, universities and nonprofit institutions to maximize investment
• Attracting and developing talent
• Supporting diversity, equity and inclusion efforts
• Delivering local improvements through community contracts

Focus on the future

The Lamont administration said the innovation cluster program and the launch of QuantumCT will help the state leverage new, emerging technologies.

QuantumCT, led by Yale and the University of Connecticut, is a public-private collaboration aimed at making the state a hub for quantum technologies, research and jobs.

“Local development of cutting-edge technologies can help shape the future.”

Dana O’Keefe from DECD

“Connecticut has a rich history of innovation, and the launch of QuantumCT and the innovation cluster program clearly demonstrates our focus on the future and how local development of cutting-edge technologies can help shape the future of our strategically important industries,” O’ said Keefe

DECD will issue a request for information regarding the Innovation Clusters Program on June 3, 2024.

The Agency intends to award prizes on a continuous basis.