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Print Edition StoriesThursday, January 21, 2010
Connecticut Innnovations reports 23-to-1 benefit on its investments
By Mass High Tech staff
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The quasi-public agency Connecticut Innovations Inc. today released a report indicating that the 20-year-old authority has brought about a $23.80 return — measured in impact on the state’s gross domestic product — on each dollar invested in local companies.
The report, designed to assess the economic impact of CI’s investments in portfolio companies, examined areas such as job creation, state tax revenue and outside investments coming into the state. The research was conducted by the Department of Economic and Community Development and looked at investments from fiscal year 1995 through FY 2008.
CI invested $152 million in 84 companies through six funds during that timeframe. According to today’s report, CI’s investments helped to create an average of 1,610 jobs each year, including 563 direct jobs and 1,046 indirect jobs. The activity also brought in more than $209 million in state tax revenue, an average of $14.9 million a year, according to the report.
The report also said that CI’s investments led to an additional $1 billion in outside investments.
CI said that $106 million in investments originated through state bond funds, with the balance of the $152 million being generated by returns on early investments that were reinvested in new companies.
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