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DECD outlines use of $20 million CTNext bond authorization for entrepreneurship supports
Summary
DECD told the subcommittee the $20 million bond authorization for CTNext remains available for the biennium but no specific allocations have been finalized; department plans funding for mentorship, access to risk capital, talent pipelines and statewide RFIs to shape programmatic use.
The Department of Economic and Community Development told the Appropriations Subcommittee that a $20 million bond authorization for CTNext remains available for the upcoming biennium but that the department has not yet finalized a detailed spending plan.
David (DECD/CTNext lead) told lawmakers the funds will support four pillars: mentorship and technical assistance for entrepreneurs, facilitating access to risk capital for startups, promoting access to talent and workforce development, and building a network of collaborators and resources statewide. “The bond authorization for $20,000,000 remains in place…available to be utilized over the course of the biennium ahead,” he said.
Why it matters: proponents argued the funding will support Connecticut’s entrepreneurship ecosystem, including SBIR/STTR programming and internship pipelines. Committee members requested a white paper to explain how the money would be allocated and asked for a breakdown of the amount already encumbered by successor agreements from prior CTNext contracts.
What DECD said: the department is continuing to close out approximately 49 legacy agreements that transferred after CTNext was succeeded by DECD. The department described ongoing programs it supports (SBIR/STTR assistance, the Tech Talent Bridge internship program) and an open request for information (RFI) seeking proposals statewide; it said it anticipates up to roughly $500,000 in grants from responses to that solicitation.
Next steps: legislators asked DECD to supply a summary of current encumbrances, a proposed allocation plan for the $20 million authorization and a timeline for bond commission requests. DECD said no bond funds from the $20 million had been released to projects yet, and that a portion of the authorization will be requested from the Bond Commission when projects are ready to be funded.
Ending: DECD committed to returning with a white paper and a detailed spending/encumbrance summary for the subcommittee’s review.
