New program offers $25,000 grants to support companies with highest growth potential
CTNext, a Connecticut-based resource for entrepreneurial support, has launched an initiative focused on supporting business sectors and companies with the highest growth potential. The Growth Company Grants program builds on the success of Connecticut’s early-stage companies and offers backing for strategic projects and customer acquisition.
“As companies mature, the decisions they make become increasingly important,” said Glendowlyn Thames, interim executive director of CTNext. “This goal of this program is to assist companies with the challenges they face during the growth stage. Ultimately, these are the types of companies that can have a significant economic impact in our state and the grants are intended to accelerate their growth and success.”
Project funds of up to $25,000 per company can be used for, but, are not limited to, sales assistance, marketing, strategy, organizational development, technology assistance, bid assistance, and beta testing. CTNext is searching for ideas that are the most likely to facilitate the company’s acceleration to profitability and/or the next round of funding.
CTNext is particularly interested in companies that provide strong applications in the following areas:
- Markets with the highest potential for growth
- Impact of funds on the company
- Innovative quality of the company
- Sustainability after implementation of funds
Applicants interested in the Growth Company Grants will be asked to complete a two-step process. First, applicants must submit an application, slide deck, and audited financials, which will be reviewed by CTNext for eligibility. Candidates who meet all requirements will have their application reviewed. Applicants that most strongly align with CTNext Growth Company Grant program’s mission will be invited to present their company in person.
For-profit companies and non-profit organizations are eligible for the grant. Selected partners must be based in Connecticut and willing to maintain residence for the duration of the project contract. For this program, high-growth or growth-stage companies are defined as those that have been incorporated for no more than 10 years, raised private capital, and saw a 20% increase in their annual gross revenues in each of their three previous income years.
For more information on the program or to apply, please visit: ctnext.com/growth-company-grants.
About Connecticut Innovations Inc.
Connecticut Innovations is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, Connecticut Innovations tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. For more information about Connecticut Innovations, visit www.ctinnovations.com.
CTNext is Connecticut’s go-to resource for entrepreneurial support and a wholly owned subsidiary of Connecticut Innovations. The goal of the program is to build a more robust community of entrepreneurs and to accelerate startup growth by providing access to talent, space, industry expertise, services, skill development, and capital to foster innovation and create jobs for people in Connecticut. CTNext was launched in 2012 and has more than 1,500 members in its network. Learn more at www.ctnext.com.