Connecticut’s primary innovation agency, CTNext, has announced that it still awaits bond money approved by the legislature to support its programs. Despite approval, the funds have not been transferred, causing significant delays in the agency’s developmental projects. The delay has also hampered innovative ventures that are reliant on the agency’s support. The funds were meant to propel CTNext forward, boosting Connecticut’s position as a hub for innovation and entrepreneurial growth. CTNext is eager for the release of these funds to ensure the smooth functioning of its initiatives.
Governor Ned Lamont suggests making CTNext’s part of the Department of Economic and Community Development (DECD), making it the state’s “Office of Innovation.” This proposal could potentially increase the chances of CTNext receiving crucial funding. Under this new structure, CTNext would continue its mission for driving employment and economic growth. Currently, Lamont, who has the authority to determine the financing of projects, could directly influence CTNext’s funding if it becomes part of DECD.
The Lamont administration is planning to move the programs from CTNext to the DECD. The plan has not been communicated efficiently to CTNext’s employees, leading to a series of layoffs. All 12 staff members are expected to be unemployed. CTNext’s executive director, Onyeka Obiocha, revealed that employees were notified about the job cuts on January 23. Obiocha also disclosed about $4 million of CTNext’s unutilized funds.
The authority to decide on CTNext’s programs now rests with DECD. However, the upcoming DECD Commissioner, Dan O’Keefe promised to back the continuation of CTNext initiatives, assuring that all pending commitments will be honored. CTNext has powered many initiatives assisting growing companies over the years. The schedule for the agency’s transition and the resource allocation for DECD to hire new staff and manage CTNext’s programs are yet to be determined. Commissioner O’Keefe will collaborate with legislators in the forthcoming months to formally establish the Office of Innovation within DECD.
