The venture capital market has been all but dormant in 2009, but some Connecticut companies say they’re hopeful of a turnaround in coming months. Four state-based companies were among the attendees at the New England Venture Summit in Boston this week. WNPR’s Harriet Jones reports.
The Venture Summit provides a kind of matchmaking service for venture capital firms with money to spend, and small companies looking for investors. This has been a tough year for venture spending in Connecticut, with the amount of cash forthcoming for start-up companies dwindling each quarter. In the third quarter, just $21 million was invested in the state. Four firms backed by Connecticut Innovations, the agency which invests state cash in technology firms made presentations at the summit. CI President Peter Longo says venture capitalists are still cautious, but he sees money returning to the market.
"I think there is a level of excitement here with the people I’m talking to about what the world is going to look like in a three to five year time frame. So people are looking for good opportunities to invest in and to make money in."
CI was also hoping to connect with companies at the summit that might be open to relocating to Connecticut. Longo says he sees good prospects of attracting firms in IT, life sciences, and clean technology.
For WNPR, I'm Harriet Jones.