Over 600 Attend Tech Event Marking CI’s 20th Anniversary
Premise Corporation (Now part of Eclipsys Corporation) Named Outstanding Portfolio Company
Rocky Hill, Conn., April 8, 2009 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, hosted its Annual Technology Celebration yesterday at the Aqua Turf Club in Southington, Conn. The event drew over 600 members of the state’s technology community including technology businesses, young entrepreneurs from 13 of the state’s colleges and universities, investors and industry leaders. Attendees from the tech community were joined by representatives of the federal government, on hand to help businesses learn how to access stimulus monies from the American Recovery and Reinvestment Act.
“Our Annual Technology Celebration is a great forum for businesses, investors and entrepreneurs to learn about each other and explore opportunities to collaborate,” said Peter Longo, president and executive director of CI. “It’s often during challenging economic times that entrepreneurs launch new businesses and undertake new initiatives; our event showed there are many talented innovators in Connecticut ready to make new investments and help the state’s technology sector continue to grow.”
Longo added, “CI is proud to have supported so many of Connecticut’s successful technology businesses over the past 20 years, and we’re looking forward to supporting Connecticut’s next generation of entrepreneurs.”
The Annual Technology Celebration featured an economic stimulus forum in which representatives from the U.S. Department of Energy, U.S. Department of Labor, National Association of State Energy Officials and GSP Consulting shared information on how Connecticut firms can access grants for clean energy and advanced technology projects under the American Recovery and Reinvestment Act.
“We are encouraged by the strong turnout for the economic stimulus forum,” said Joan McDonald, chair of the Connecticut Innovations Board of Directors and Commissioner of the Department of Community and Economic Development. “Advanced technology and clean energy applications have tremendous potential, not just for our state’s economy, but for the future of our nation. Today’s events help to provide CI and entrepreneurs from across the state with ideas and opportunities to continue growing Connecticut’s technology sector.”
The state’s next generation of technology leaders were also in attendance at the event’s “Collegiate Entrepreneurship and Innovation Conference,” at which more than 150 students from 13 of Connecticut’s colleges and universities learned how to start a business, pitch a business idea and raise capital. Students also had the opportunity to enter the “60-Second Elevator Pitch Olympics,” a competition in which young entrepreneurs had to clearly and concisely “pitch” a panel of experts on their business idea. Later in the program, Governor M. Jodi Rell presented awards to winners in three categories of the Elevator Pitch Olympics.
Gov. Rell, who delivered the keynote address, recognized the importance of CI’s role in challenging economic times, saying, “Our state is in the midst of a serious economic downturn and it is vital that we support the state’s businesses and entrepreneurs.”
“Over the last 20 years, CI has done more for the technology sector than any other investor in Connecticut, having invested over $200 million in more than 250 different, emerging technology ventures. This is a remarkable record that everyone across the state can be proud of.”
The program also included an exhibition of 40 technology-oriented companies and others, and the presentation of awards to outstanding members of Connecticut’s technology community. The following awards were presented:
• E. Charles McClenachan Award – Russell Tweeddale, managing director of investments for Connecticut Innovations
This award is presented to an individual who has dedicated his or her time and expertise to supporting the mission of CI. The recipient of the award is also recognized for dedication to the technology community, for community spirit and for advancing the collaborative environment that Connecticut’s technology sector has nurtured.
As part of the original team to launch Connecticut Innovations 20 years ago, Tweeddale has been supporting CI’s mission from the beginning. Tweeddale has invested in and advised more than 50 companies, collaborating with numerous co-investors, partners and other members of the technology community.
“I have been very fortunate to work in a dynamic company, as part of a team that makes our state a driving force in bringing new technology to the market place,” said Tweeddale. “Working with incredibly dedicated entrepreneurs and emerging technologies that help to solve major problems is forever exciting and never grows old.”
• Outstanding Portfolio Company Award – Premise Corporation (Farmington, Conn.)
This award is presented to a company that has been in CI’s portfolio for more than a year; is independently owned and operated; is at least three years old; has met its financial and technological milestones during 2008; and is positioned to increase sales and create job growth during the coming year.
As a leading provider of integrated and clinically-focused software solutions that optimize patient flow, streamline communications and enhance operational efficiency, Premise (now part of Eclipsy Corporation) has become a shining star in the healthcare and hospital industry. Premise’s clients include five of the top eight hospitals featured on the U.S. News & World Report’s ranking of “America’s Best Hospitals.”
John Hannon, Chief Financial Officer and Chief Operating Officer of Premise Corporation, said, “Tonight’s award and the great success Premise achieved in 2008 could not have been accomplished without the dedication and commitment of Connecticut Innovations. Peter Longo and his staff consistently provided the resources necessary to make Premise a successful company.”
• Most Promising New Portfolio Company Award – ShopText (Norwalk, Conn.)
This award is presented to a company that was new to CI’s portfolio in 2008 and demonstrated progress toward achieving technology milestones during the year.
ShopText is a mobile software company that connects advertisers with their audiences anywhere, anytime. With their technology that utilizes SMS or text messaging, ShopText is able to turn any advertisement into a point of acquisition. Their clients include Dillard’s, Condé Nast, Campbell’s, General Mills and Procter & Gamble.
ShopText President Steve Roberts said, “Congratulations to Connecticut Innovations on its 20 years of success. We are honored to receive this award and appreciate the continued support of CI and its dedicated team.”
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.