Startup America Partnership Q & A

Q:  What is Startup Connecticut

A:  Startup Connecticut is a new public/private initiative of the Department of Community and Economic Development (DECD), in conjunction with the Startup America Partnership, to assist high-growth entrepreneurship throughout the state. Its goal is to launch many more startups in a much shorter timeframe, and increase the quality and levels of support for our existing base of smaller firms.  This will create jobs as well as a vibrant innovation ecosystem in Connecticut, which will accelerate our economic recovery. The program will focus on several areas, including a hub design that will see regional centers established and supported by statewide efforts to bring technology, concept testing, mentors, funding and key business connections to firms where and when needed.

Startup Connecticut will be part of a national network of state and regional efforts coordinated by the Startup America Partnership, the national organization working to help young companies grow in order to create jobs in America.  Connecticut is the third state in the nation to adopt its own regional initiative.

Q:  What is the Startup America Partnership?

A: The Startup America Partnership is a private organization working to help young companies succeed in order to accelerate job growth in America. We’re bringing the private sector together to maximize the success of America’s entrepreneurs, and augment America’s competitiveness in an increasingly global world. We are an independent nonprofit entity (NGO) that was launched at the White House in early 2011.

Q:  How are you helping startups?

A: We’re creating a whole interconnected ecosystem in Connection, complete with establishing regional centers and supported by statewide efforts to bring technology, concept testing, mentors, funding and key business connections to firms where and when needed.  Under its partnership with Startup America, we’re bringing together some of the country’s most successful organizations to provide valuable resources to young companies with high growth potential. We are focused on providing resources in five key areas: Talent, Services, Expertise, Customers and Capital.

Q: Which startups are you helping?

A: We’ve classified the startup ecosystem into the following groups: 

  - Idea: Someone has an idea for a business but has not yet established it.

  - Startup: At least two people have created a business entity with the ambition to build a scalable company.

  - Rampup: A team of five or more people that has secured at least two customers and has a clear focus on customer growth.

  - Speedup: A company that employs at least 25 people and has established a revenue run-rate of $10MM or more.

While we celebrate and have resources for those in the idea phase, we are focused on helping young companies that are currently startups, rampups or speedups.

Q: Why just “young companies”?

A:  Companies less than five years old account for all of the net job growth in our country between 1980 and 2005. These firms have the potential to one day employ hundreds, if not thousands of workers. Of course, we love entrepreneurs of all stripes, but in order to drive significant job creation over the next 3 years, we are focused on existing startups that have the potential for high growth. These high-growth firms can be in any industry (tech, education, finance, etc.) and from any region of the country.

Q: How is Startup Connecticut funded?

A:  Startup Connecticut is an umbrella brand for the State of Connecticut’s effort to reinvent the startup ecosystem in Connecticut.  As such, it is more a collection of entities, initiatives, and funding that both already exists and funding which is being infused into the process as part of existing and upcoming legislative initiatives.  It does not receive funding from the Startup America Partnership.  Federal funding comes through existing channels to existing programs.

Q: Do you provide any capital or grants?

A: Startup Connecticut itself is not a grant-making entity. However, part of the process of creating Startup Connecticut is redefining the way money flows from the State to the most promising startups, and how existing entities in the ecosystem get funded as well. Monies are expected to be made available to elements of the ecosystem for capital and grants. It is important to stress the goal of this program is to strengthen the overall ecosystem, which includes incentives and programs to make for a stronger participation by venture capitalists, angel funders, and other capital/grant-making entities.  It is not the goal of the State of Connecticut to be in the business of funding startups in Connecticut, but rather to build a strong network of private sector funders who can.

Q: Who is leading Startup Connecticut?

A: Startup Connecticut is an initiative of the DECD in conjunction with Connecticut’s major assets in the startup ecosystem.  It is lead by the DECD with ample guidance and participation by more than two dozen entrepreneurs, business, government and academic leaders, who meet on a regular basis to architect and drive the ecosystem to reality. Startup America’s efforts to build a relationship with the State of Connecticut and to launch Startup Connecticut were coordinated by Danny Briere, a serial entrepreneur in Mansfield Center, CT.

Q: How can potential partners get involved?

A: If you have products or services that benefit young companies, fill out our partner form and we’ll be in touch.

Q: How can startups get involved?

A: If you’re an entrepreneur running a young company, register here to access to our partner resources.