CT is the Center of a Venture Capital Hub

Venture Capital Spending in Biotech:

21 Deals$169MSilicon Valley

23 Deals$219M» New England

15 Deals$185MSan Diego

6 Deals$61MPhiladelphia

6 Deals$122M» NYC Metro

Source: PricewaterhouseCoopers - National Venture Capital Association Money Tree Report,Q1 2009

Nationally Ranked No. 3

National Institutes of Health Per Capita Research Grants; CT - $133.38 of Research Money Per Capita

Source: U.S. Department of Health and Human Services, National Institutes of Health and U.S. Census, 2008

CT Economic Development News

Natural Gas growth Lowers Costs; Improves...
Read More »

Rendering of Downtown Development

Yale Growth, Ultra-low Vacancy rates spur...
Read More »

$25 Million Starter Fund to Enhance world-class Manufacturing
Read More »

CT's Life Sciences Industry Employs More than 18,000 People and Spends More than $6 Billion Annually.

Connecticut's Central Coast is a legitimate center for Life Sciences with the credentials to back it up.

The industry employs more than 18,000 people and spends more than $6 billion annually on operations in the state. Anchored by Yale University and six other schools involved in biotech research Connecticut has the foundation to help your company thrive.

Key Factors:

Thriving Industry & Workforce

Biotech is thriving today in Connecticut because of research being done at local colleges and universities including Yale. This research has spawned into a commercial industry that continues to grow. Paired with traditional drug companies like Pfizer and Boehringer Ingelheim more than $6 billion is spent annually on biotech in the state. More than 70 companies make up the industry employing over 18,000 people. There continues to be an available workforce as well. In 2007 Bayer closed its West Haven, CT facility to consolidate locations. Some of the more than 700 scientists remain in the region.

To support the industry the state of Connecticut formed a biotech cluster organization called CURE. With over 100 members CURE is the educational and business support network organization for bioscience in Connecticut. Its mission is to build networks and critical mass for the industry within the state, to keep Connecticut competitive in bioscience, and to tell the Connecticut bioscience story.

Yale University, Tech Transfer & Yale's New West Campus

Yale University is a major driver of biotechnology activity in the region. In recent years Yale has worked to move research into the commercial sector. The Yale Office of Cooperative Research (OCR) works with Yale researchers to identify inventions that may ultimately become commercial and consumer products and services. Yale OCR staff also engages in industrial partnerships to license Yale inventions.

In 2007 Yale bought the 136 acre former Bayer Healthcare Research Campus and renamed it West Campus. With 17 buildings and 434,000 square feet of laboratory space Yale plans to use the campus as a collaborative, inter-disciplinary research center. Some of the early focuses will be on molecular and cellular biology and gene sequencing. Yale will also pursue partnerships with industry on nanotechnology and pharmaceutical research.

Connecticut Research & Development Tax Credits

The state of Connecticut offers tax credits tailored to the needs of biotech companies. Companies with gross income below $100 million receive a credit of 6% of all research and development expenses incurred in Connecticut. If the credits cannot be used they can be redeemed with the state for 65 cents on the dollar. The credits can also be carried forward until they are used. (Note - credit is available for companies earning more than $100 million, however different rules apply.) Because of this program, start-ups need to raise less money in the private and public markets and can concentrate on growing their business.

Besides research and development, companies can earn tax credits for investing in everything from machinery and equipment to hardware and software. Sales tax exemptions are available for things like employee safety apparel, materials used in the biotechnology manufacturing process, energy used in manufacturing, and computer and data processing services. These credits cannot be exchanged or carried forward. For exact details please refer to the Taxes & Incentives page on this website.

Venture Capital and Funding

From 2005 - 2009 more than $430 million in venture capital has been invested in Connecticut biotech firms according to the PricewaterhouseCoopers Money Tree Report. With the highest per capita income rate in the nation, Connecticut has a great deal of available capital including active venture capital firms like Oak Investment Partners, Canaan Partners and CHL Medical Partners. Combined with a quasi-state venture organization, Connecticut Innovations, and venture and angel investor organizations companies in Connecticut have a clear path to access the capital they need.

Connecticut Innovations (CI) — A quasi-state organization that provides strategic capital and operational insight to assist emerging high-tech companies. CI has helped over 100 companies research, develop, and market new products and services. This activity has attracted over $1 billion dollars in additional investments from private equity providers. Since 1995, returns from CI investments - not state money - have supported operations and new, forward-thinking funding programs.

The Connecticut Venture Group (CVG) — A voluntary professional organization that connects leading Venture Investment Professionals with high-growth emerging companies. Through chapters in Hartford, New Haven and Stamford, the organization produces technology-focused seminars and expositions, updates on financing and market trends, university tech transfer conferences, and the annual Crossroads Venture Fair.

The Angel Investor Forum (AIF) — An organization located in Connecticut comprised of sophisticated, accredited investors, who are former CEOs, VCs, serial entrepreneurs, and active private equity investors. AIF is not a fund. Investment members collaborate on due diligence, but make individual investment decisions under common valuation and terms. Connecticut has more angel investors per capita than any other state.

Biotech Workforce for the Future

To maintain and expand Connecticut's biotech workforce several initiatives are underway.

BioBus — CURE's BioBus program brings real science to school children across Connecticut. The BioBus is real lab space on wheels with current technology and a trained staff to bring science to life.


  • To provide comprehensive, state-of-the-art and interactive bioscience experiences for students, teachers and the general public.
  • To serve as a nexus for knowledge transfer between formal science learning, higher education and industry.
  • To encourage students to pursue science careers.

As of 2007 the BioBus had visited over 445 Connecticut schools and reached 56,000 students. More than 775 teachers have received instruction so they can continue to teach the curriculum even after the bus leaves.

Graduate Certificate Program — This program provides partial tuition support for qualified students and current employees from bioscience and pharmaceutical companies. The program focuses on the skills and knowledge associated with manufacturing and bringing a biological product to market under FDA approval.

Venture Firms Located in Connecticut:
  • Axiom Venture Partners (Hartford)
  • Canaan Partners (Westport)
  • CCP Equity Partners (Hartford)
  • CHL Medical Partners (Stamford)
  • Elm Street Ventures (New Haven)
  • Oak Investment Partners (Westport)
  • Sachem Ventures (New Haven)
  • Scheer & Company, Inc. (Branford)
  • Thomas, McNerney & Partners LLC (Stamford)

Info Links:

Website by: 505 Creative Services, Guilford CT  |  www.505Creative.com  For Info & Assistance Please Call: (203) 499-3977
© 2017 The United Illuminating Co., All Rights Reserved.