The state of Connecticut’s venture capital agency has issued a new study claiming it’s been responsible for creating more than 1,600 jobs each year. Connecticut Innovations directs state investment in high-tech businesses such as bioscience start-ups. WNPR’s Harriet Jones reports.
The study, commissioned from the Department of Economic Development, considers the economic impact of Connecticut Innovations from 1995 to 2008. The report estimates that CI’s investment created an average of 560 direct jobs and just over a thousand indirect jobs each year. It also says the revenue generated by CI’s investments has contributed more than $200 million in tax revenues for the state. Joan MacDonald is Commissioner of the DECD and also chair of CI’s board:
"Connecticut, with its intellectual capital, and also with its financial capital, we are doing the right things, that as we weather this economy we will come out stronger on the other end, because of these types of investments that we have been making all along, even in the midst of an economic downturn."
Connecticut Innovations was founded in 1989, but 1995 marks the point at which the agency was able to finance investments from its own returns, instead of tapping state cash. CI says it continues to remain well capitalized, despite the effects of the recession.
For WNPR, I'm Harriet Jones.