Connecticut’s government is poised to pour $100 million into fintech, insurance tech, biotech and advanced manufacturing sectors following an announcement by Gov. Ned Lamont Wednesday.
Lamont said that the $100 million fund for what his office called “critical sectors” of the state economy will be administered by the Department of Economic and Community Development. Awards will be made on a rolling basis, his office said.
A coalition including the University of Connecticut and Yale University was recently launched to pursue so-called “quantum computing” technology, a technology Lamont’s office suggested would be targeted by the new fund.
“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,” DECD Commissioner Daniel O’Keefe said in a statement.
The money will likely help drive more growth in “innovation clusters” like the life sciences hub of New Haven and the fintech and insurance tech hub of Greater Hartford. The program, Lamont’s office said will aim to make “catalytic” investments in 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.”
“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,” Lamont said in a statement. “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.”