CTNext Partner Application Guidelines

  1. General Information

Background

Created in the 2011 Jobs Bill as an initiative of Governor Dannel P. Malloy and private-sector leaders, CTNext is a statewide network of entrepreneurs, mentors, service providers and others involved in helping Connecticut’s most promising startups succeed and grow.

The intent of this partnership role is to fund projects that help entrepreneurs grow their companies, jobs, and revenues as well as source talent in Connecticut.

Mission and Objectives

CTNext equips startups and entrepreneurs with resources, guidance and networks to accelerate growth and success.

The objective is to build a more robust community of entrepreneurs, provide access to talent, space, industry expertise, services, skill development, and capital to accelerate company development.

Schedule and Timeline
Application schedule: Applications may be submitted and reviewed according to the following schedule.

Phase of Process / Timeframe
Request for Information application submission. / Upon submission
Request For Proposal applications period. / Three weeks
Review of proposals by selection advisory committee. / Two weeks
Finalist notifications. / One week
Anticipated start date / First date of subsequent quarter
(July 1, Oct. 1, Jan. 1, April 1)

*all contracts are dependent upon the availability of funding

  1. Process

Applications

The application process is a two-step process. Interested applicants must first submit a Request for Information (which will be reviewed by CTNext).Candidates who meet all requirements and strongly align with CTNext’s missionwill be invited to submit a Request for Proposal (full application).
Note:Request for Proposalswill be accepted on an invitation-only basis.

Selection Advisory Committee

CTNext administers and monitors the initiative, reviews applications, allocates funds and prepares and executes agreements for successful applications. Aselection advisory committee will review submissions, may choose to interview applicants, and makesrecommendations to CI/CTNext Management. Upon acceptance of the Selection Advisory Committee’s recommendations the CTNext program staff will forward funding requests to the Connecticut Innovations’ Loan Review Committee for approval and notify all applicants.

Selection Criteria

The Selection Advisory Committee is searching for ideas that improve the likelihood that entrepreneurs will grow companies, jobs and revenues in Connecticut. The committeewill show a strong preference for projects that are self-sustaining by year three. To that end, the committee has a preference for projects that have additional sources of financial support upon commencement.

The selectin advisory committee is particularly interested in the projects that create a more robust community of entrepreneurs that provide impact in the following areas:

  • Direct support to Connecticutentrepreneurs and small companies
  • Job creation
  • Investment dollars/revenue generation into the state
  • Developing and/or placing skilled talent to meets needs of CT small businesses and current economy

Eligibility

Eligible grantees include individuals, for-profit companies, non-profit organizations and consortia. Selected Partners must be based in Connecticut and willing to maintain residence for the duration of the project contract.

Sample terms of the contract can be found here.

  1. Funding

Notification of funding approval will be made, subject to contract, by the CTNext Staff. The awardee will then need to execute legal documents related to the investment.

The funding period begins on the effective date specified in the legal documents. Expenditures incurred before the effective date of the agreement may not be charged against the project. Projects approved through the Request for Proposal process must have clear milestones that identify progress as outlined in the submission.

Funding Availability

Funding is contingent upon the authorization and availability of state funds for this program.

It is recommended that applications not exceed a value of $100,000 per project. However, should an application exceed this cap, it will need to meet and exceed the above criteria and provide specific explanation of its value proposition with a compelling case for exception. Exceptions will be considered on an individual basis.

Transmittal of Funds

Funds will be transmitted to the awardee over the duration of the investment according to the terms of the legal documents. Applicants will receive the first installment immediately following the signing of legal documents, and subsequent installments will be transmitted after technical and fiscal progress reports are received and approved, and approved milestones are met.

Audit of Funds

Expenditures by awardees may be subject to audit. It is the responsibility of the awardee to keep and submitaccurate and appropriate records and pertinent receipts or proof of expenses. Entities submitting proposals for funding must agree to cooperate by providing information for an audit and a full review of the project.

Funding Repayment

Funds will be granted to awardees in quarterly installments once technical and fiscal progress has been reported. There is no requirement to pay back these funds should approved milestones be met according to the terms outlined in the legal documents.

In the event contract objectives and/or agreed upon milestones are not met, a percentage of funding will be paid back or withheld from payment (minimum of 15% up to 100%, case-dependent).

  1. Submitting Application
  • Request for Information submissions should not exceed two pages (excluding cover form)
  • Cover page with contact information
  • Project overview
  • This should specifically identify which CTNext strategic area of focus your proposal seeks to address
  • Request for Proposal submissions should include the following:
  • Team
  • Provide a description of expertise and examples of proven ability to execute
  • Executive summary
  • Brief history of your company’s background, mission, statement of purpose, brief summation of the project elements.
  • Target market and research
  • Identify the market need and evidence to support the project impact
  • Critical Success Factors
  • Define project success
  • What is necessary (e.g. must happen or be in place) for project to succeed?
  • Define specific metrics for success
  • Value proposition and anticipated outcomes of project impact
  • Define specific milestones as they relate to the overall anticipated outcomes
  • Project plan and associated budget
  • Budget template here
  • Long-term sustainability plan
  • Describe the long-term sustainability of the project
  • Provide a listing and evidence of committed support (funding, in-kind and/or cash) outside of CTNext

If resubmitting to subsequent waves, please explainmaterial changes in one page or less.

  1. Project Reports

Project Leads are required to submit Quarterly Progress Reports.Reports shall:

  • Summarize activity during the prior three-month period
  • Describe progress with reference to scheduled milestones
  • Include measurement information to support the achieved progress
  • Describe collaborative work, success stories, strategic partnerships
  • Describe any problems encountered
  • Describe any new services being offered through project

Failure to submit required reports or the submission of incomplete or inadequate reports could result in deferral of subsequent installment payments or termination of support and forfeiture of funds.

Project leads are required to submit a Final Reportwithin 30 days after scheduled completion of the project.This report must include information needed for purposes of program management, evaluation, fiscal accountability, and informing the public about the results of economic impact supported under CTNext. Final payment to the company will not be made in the absence of receipt of a Final Report. Additional reporting may be required for specific projects.

Sample report template is here.

  1. Checklist of Necessary Documents
  • Request for Information (RFI)
  • This document includes a cover page with contact information and general project overview.
  • Response should not exceed two pages (excluding the contact details page)
  • Request for Proposal (RFP)
  • This document includes a cover page with contact information and more specific project details.
  • Applicant’s individual and/or team resume(s) or bio(s) are optional, but preferred
  • Testimonials and/or letters of support are optional, but preferred
  • Budget template should be uploaded as part of the RFP process, document here

For any additional questions, please contact: or 860-258-7858.

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