• Join your peers at SSTI's 2024 Annual Conference!

    Join us December 10-12 in Arizona to connect with and learn from your peers working around the country to strengthen their regional innovation economies. Visit ssticonference.org for more information and to register today.

  • Become an SSTI Member

    As the most comprehensive resource available for those involved in technology-based economic development, SSTI offers the services that are needed to help build tech-based economies.  Learn more about membership...

  • Subscribe to the SSTI Weekly Digest

    Each week, the SSTI Weekly Digest delivers the latest breaking news and expert analysis of critical issues affecting the tech-based economic development community. Subscribe today!


September 11, 1998

Connecticut Innovations, Inc. recently allocated $20 million of new state funds and $10 million of its own funds to develop biotechnology laboratory space in Connecticut. Connecticut Innovations’ new facilities fund can be administered using a variety of investment vehicles. The fund may offer loan or lease guarantees, enhancing the credit of companies that would not otherwise be able to qualify for leases. Alternatively, Connecticut Innovations may provide direct financing to high-tech companies or to real estate developers working with high- tech companies that have specific laboratory space requirements.

The determination to provide this funding was made primarily due to the financial needs of biotechnology companies. While it costs approximately $100 - $125 per square foot to construct traditional office space, laboratory space can run upward of $200 - $400 per square foot. Projections indicate that existing companies in Connecticut will need 230,000 square feet of laboratory and office space by the year 2000. Add the needs of the emerging companies and the number reaches nearly 400,000 square feet.

Biotechnology is a research intensive industry, with more than 83% of expenditures dedicated to research and development. Companies in this industry typically do not have the dollars necessary to spend on outfitting laboratories without third party assistance or a financial history that lenders could accept.

Connecticut Innovations, Inc. is the state of Connecticut’s leading investor in high technology companies. Connecticut Innovations also fosters the transfer of university research into commercial applications for the next generation of enterprises. The goal of these efforts is the creation and sustainable growth of a community of high-technology   companies vital to Connecticut’s future. The state hopes that the biotech facilities fund will retain and attract biotech companies to Connecticut.

For additional information visit Connecticut Innovations website at http://www.ctinnovations.com or contact Pamela Hartley by phone at 860/563-5851 or via e-mail at pamela.hartley@ctinnovations.com