Connecticut Innovations Proof-of-Concept Fund
Connecticut Innovations
$50K–$100K convertible note
Researched for this program: 5 rejection traps · 7 required documentsWhat decides this award ↓
$50K–$100K to prove your CT tech concept
Connecticut's seed-stage convertible note program for early-stage technology companies, investing $50,000–$100,000 per company to advance proof-of-concept development. Highly competitive — approximately 15–25 companies funded annually from hundreds of applicants. Prioritizes IT, advanced manufacturing, bioscience, and consumer packaged goods startups. First-time founders welcome. Convertible note converts at next funding round or is repaid.
- Funding type
- Grant
- Level
- State
- Amount range
- $50,000 – $100,000
- Realistic amount
- Most awards are $75,000–$100,000. The $50,000 floor is for very early-stage concepts; companies with some market validat…
- Deadline
- Rolling — pitch decks/business plans accepted year-round. Initial response within one week. Full due diligence 3.5–24 months.
- Status
- active
- States
- CT
- Payment model
- lump sum
Who qualifies
- Company must be headquartered in Connecticut with at least 50% of employees based in CT, or willing to relocate/expand to CT
- Must be an early-stage, proof-of-concept development stage company
- Must be a technology-focused company — IT, advanced manufacturing, engineering, consumer packaged goods, bioscience/biotech preferred
- Must be developing unique, difficult-to-copy technology or innovation
- Must not have positive net revenue exceeding a minimal threshold (pre-revenue or very early revenue)
- Diverse and disadvantaged business enterprises are prioritized
- No minimum capital raise required — prior friends/family or angel funding viewed favorably but not required
Hard requirements
- Must be incorporated
What it covers
Eligible expenses
- Proof-of-concept development and prototyping costs
- Engineering and technical labor
- Lab materials, components, and supplies for development
- Customer discovery and market validation activities
- IP filing fees and patent legal costs
- Equipment essential to proof-of-concept work
Ineligible expenses
- Sales and marketing expenses unrelated to product development
- Real estate or facility leasehold improvements
- Ongoing administrative and overhead costs
- Acquisition of other businesses or IP rights at full market value
- Expenses incurred outside Connecticut without justification
How to apply
-
1
Submit pitch deck or business plan online
Submit through CT Innovations' online application form at ctinnovations.com/obtain-funding/apply/. Include company overview, technology description, market opportunity, team background, and funding request. CT Innovations responds within one week with a go/no-go on due diligence.
~4 hrs
-
2
Initial screening meeting
If selected for further review, CT Innovations schedules an initial meeting with their investment team. Expect to demo the technology, walk through the market analysis, and discuss the team's background and competitive differentiation.
~4 hrs
-
3
Extended due diligence
CT Innovations conducts thorough due diligence: customer reference calls, technology validation, market analysis, competitive landscape review, financial model deep-dive. Duration varies from 3.5 months (fast-track) to 24 months for complex technologies. Be responsive — delays often come from the applicant side.
~4 hrs
-
4
Investment committee approval
CT Innovations' investment committee reviews the due diligence package and makes the final investment decision. Applicants may be asked to present to the committee before final approval.
~4 hrs
-
5
Execute convertible note and receive funds
Sign the convertible note agreement with CT Innovations. Funds disbursed as a lump sum. No personal guarantee required. Note converts at the next qualifying funding round at a discount to the round valuation, or is repaid upon agreed terms if conversion doesn't occur.
~4 hrs
CT Innovations funds only 15–25 companies per year from hundreds of applications — be ready to clearly articulate why your technology is defensible. The 'pay-it-forward' culture means alumni mentors are accessible; connecting with a CT Innovations portfolio founder before applying materially helps.
Deadline & timing
CT Innovations reviews applications on a rolling basis with no hard annual deadline. However, the due diligence process is extensive — 3.5 to 24 months from pitch submission to final approval. Plan accordingly: this is not a quick-turnaround fund. Submit early if you need capital within the year.
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