How One State Keeps Its Innovation Companies On Track
The Connecticut Innovation Clusters Program went into effect in mid-2024 with the purpose of supporting such sectors as biotechnology, financial technology, insurance technology and advanced manufacturing in support of national defense. The $100 million program, run by the Department of Economic and Community Development (DECD), facilitates investment in such next-gen technologies as quantum computing and AI so Constitution State companies in the designated clusters can compete effectively.
The Innovation Clusters Program, according to a release from the Governor’s Office, will “prioritize funding for catalytic capital projects that contribute to the development of a campus-setting and cohesive sense of place that complement the state’s existing transit-oriented investments and incorporate a strong focus on workforce training, economic development, neighborhood vibrancy and regional stakeholder collaboration.”
Similarly, a coalition that includes Yale University, the University of Connecticut and DECD formed QuantumCT in 2024 to provide strategic planning aimed at maximizing the economic benefits associated with cutting-edge technologies.
Yale University
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Bank Granted ‘Unique Charter’
Fintech Coffee, an online source of daily fintech industry intelligence, says the state is home to 37 fintech companies. It’s 38 now. In September, Numisma Bank, a fintech global currency distributor, opened its world headquarters in Greenwich. The bank was granted a unique charter from the Department of Banking that provides customized regulatory solutions to fintech companies.
“The decision to charter the bank in Connecticut was influenced by the state’s business-friendly climate and access to a deep talent pool,” said Vivek Tyagi, CEO and co-founder of Numisma Bank, in a statement. “The Connecticut Department of Banking has been a key partner in supporting Numisma Bank’s vision. We share its commitment to providing essential services in the global banking industry and are happy the department remains dedicated to offering comprehensive regulatory oversight while fostering an environment where innovative financial services can thrive.”
