SSTI Digest

After only ten years of investments, Connecticut Innovations, Inc. achieved a net income of $21.4 million in 1999, according to Connecticut Innovations’ latest annual report. The corporation reversed a deficit of over $20 million in retained earnings accumulated through 1995 to a positive $24.7 million by June 30, 1999. The corporation's record provides one of the strongest examples of successful state-funded, technology-based seed and venture capital investment to date.

Surpassing another significant milestone, total fund equity for Connecticut Innovations grew to slightly more than $103 million. The return on fund equity was 20.8 percent in 1999, also a new best for the corporation. Connecticut Innovations reported an internal rate of return on its equity and near-equity portfolio of 40 percent since inception.

Senators Bill Frist (R-TN) and Joe Lieberman (D-CT), Co-chairs of the Science & Technology Caucus, issued a joint statement reacting to the Clinton Administration’s FY 2000 budget request for R&D. Calling the President’s request a "mixed blessing," the senators praised the commitment to civilian R&D, while disagreeing with proposed cuts for defense research of nearly six percent.

The senators also raised concern that in future years, according to the President’s projections and citing spending caps, appropriations for much of the civilian R&D program would see only modest increases, remain static or even face reductions. Earlier this month, Senator Frist introduced S 726, legislation calling for doubling federal civilian R&D spending over the next twelve years; Senator Lieberman was a co-sponsor of the bill (see related article).

Connecticut Innovations, Inc. (CII) is seeking a manager for its Renewable Energy Investment Fund. Responsibilities of the position include providing strategic planning and program direction for the Renewable Energy Investment Fund program. The full position description can be found on the SSTI website at http://www.ssti.org/posting.htm

The Role of Technology in the Connecticut Economy, a new report produced by the Connecticut Technology Council (CTC), provides a comprehensive analysis of the role of technology in the state's economy. Overall, the report reveals both a strong technology contribution to the Connecticut economy, as well as the state's dependence on technology for achieving its economic potential.

The primary goal of the report is to draw attention to the technology resources in the state and to redefine how the state collectively views itself. The report's second goal is to start quantifying the state's technology resources in order to provide a basis for future planning and evaluation of technology performance over time. With this baseline data, private industry planners and public policy makers will be able to position Connecticut for growth in the future.