Connecticut Innovations (CI), the state’s
quasi-public authority responsible for technology investing
and innovation development, released on January 21 the
results of a study that was undertaken to assess the
economic impact of CI’s investments from 1995 through
2008.
The
study showed consistent contributions to the state's economy
of both jobs and revenues resulting from CI investments.
"Emerging technologies such as bioscience, life
sciences and clean tech are among the fastest-growing
business sectors in the country, and CI has placed
Connecticut at the forefront of these industries," said
Governor M. Jodi Rell.
From
FY 1995 through FY 2008, CI invested $152 million in a
portfolio of 84 companies; $106 million of this amount
originated from state funds and the remainder consisted of
investment returns. This investment leveraged an additional
$1 billion from investment partners. As a result of CI’s
investment activity from FY 1995 through FY 2008,
Connecticut’s gross domestic product increased
cumulatively by $3.6 billion for an annual average of $258.5
million.
Click
here for the complete CI press release and links to the
study.
A
related story in the Danbury News-Times highlighted the case
of Shelton-based biotech Cara Therapeutics as benefiting
from CI's investment program. "If it were not for a
financial investment provided by Connecticut Innovations, it
is unlikely that Cara Therapeutics, a trailblazer in pain
treatment, would call the
Naugatuck
Valley
its home," the newspaper wrote.
Click
here for the News-Times story.
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