October 14, 2011
NEW CONN. BILL PROMOTES ECONOMIC GROWTH
By Loumarie Rodriguez, The Daily Campus
State Representative Gregory Haddad worked closely with researchers from UConn in order to change the ways economic programs work, by introducing the Hi-Tech Business Bill.
The bill (SB 1173) created Connecticut Innovations to help businesses in the state startup. Connecticut Innovations, also known as CI, can give up to $150,000 per business to help them develop their proof of concept and support services. The business must mostly be in Connecticut, have 75 percent of their employees in Connecticut and have $0.50 per $1 donated by a private investor, such as UConn.
Haddad, who is also the vice-chair of the commerce committee and serves for the 54th assembly district, designed this bill to help spur economic growth in high technology industries. He said that with further explanation on the importance of the bill and how it can be beneficial to university's research programs according to his YouTube video.
Haddad felt that UConn companies were treated unfairly and that they were working at a disadvantage compared to private companies. This bill was the first introduced by Haddad and passed late in the session. While gathering support for the bill, Haddad stressed the idea that UConn is put in a disadvantage without this bill.
"I'm pleased to be of assistance to both UConn and the state economy by passing this bill," Haddad said. "It will allow UConn start-up companies grow and create jobs for Connecticut resident."
CI already made a $40,000 investment in Lambda Vision, which was created by UConn Research and Development Corporation. This special project consists of developing a protein-based retinal implant that is intended to restore sight in patients blinded within the outer retina. Lambda Vision Inc. is based out of Farmington and was the first to take advantage of the economic assistance program.
The technology was developed by Robert Birge, UConn professor of biological and physical chemistry, along with several students back in 2009.
Haddad said in his YouTube video, "I'm very excited that the bill was introduced last year. It has been able to pass and implement so quickly in helping build up a stronger and broader economic system here in Connecticut."
The Hi-Tech Bill became law this July and will continue to encourage other university research programs. Haddad also announced plans for the state to fund a multi-million dollar technology park on the UConn campus, this spring.
This project commonly referred as the "Pre-Seed" economic assistance program has expanded this year and will help companies from university research by providing the money. The funds, provided to early stage technology companies, can be used for various startup expenses. Haddad also stated that this bill is all about encouraging more working partnerships between businesses and the university. This idea is important for sustaining future economic growth in the region.