About this programme
The Proof-of-Concept Fund is a pilot program that Connecticut Innovations operates under legislation PA 18-178 (sHB 5590), led by Senator John Fonfara. It provides early-stage funding for companies that need capital to complete research, testing, or other work to demonstrate that their business idea is valid and has potential.
The fund carries what Connecticut Innovations calls a pay-it-forward mantra: the hope is that founders will return the capital as their company succeeds, so it can support the next round of applicants.
How it works
Investments run $50,000 to $100,000 per company, structured as a standard convertible note that converts to equity at the company's next funding round, or is repaid. No personal guarantee is required.
The fund backs 15 to 25 companies per year. A cash match is preferred but not required.
After you submit materials, expect an initial response from Connecticut Innovations staff within one week; the full due diligence process can take 3.5 to 24 months.
Who can apply
The company must be a technology company based in Connecticut, at the proof-of-concept stage, with its office headquarters and at least 50% of its employees located in Connecticut.
Preference goes to information technology, advanced manufacturing, engineering, consumer packaged goods, and bioscience or biotech companies.
First-time founders are welcome, and the fund looks for unique, difficult-to-copy innovation.
How to apply
- Submit a pitch deck and business plan through the online application form.
- Include a leadership and team overview, your company and technology or product, your value proposition and the anticipated outcomes of the funding, target market size, go-to-market strategy, business model, and a project plan with an associated budget.
- Expect an initial response from Connecticut Innovations staff within one week; full due diligence can run 3.5 to 24 months.
Documents you’ll typically need
- Investor presentation deck (pitch deck format)
- Updated financials: balance sheet, cash flow statement, income statement
- Funding forecast (sources and uses)
- Business plan (optional)
Frequently asked
What kind of funding is this, a grant or a loan?
Neither exactly. It is a standard convertible note that converts to equity at your next funding round, or is repaid; no personal guarantee is required.
How much can my company get?
$50,000 to $100,000 per company. The fund backs 15 to 25 companies per year.
Do I need to be based in Connecticut already?
Yes. Your office headquarters and at least 50% of your employees need to be located in Connecticut.
How long does the process take?
You should hear back within a week of submitting your materials, but full due diligence before a decision can take anywhere from 3.5 to 24 months.
Is a cash match required?
It is preferred but not required.
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All 15 programmes in Connecticut →
Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.