ROCKY HILL, Conn., April 16, 2018 – Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, announced it has teamed with Stanley Black & Decker, the New Britain–based manufacturer of tools and hardware, to offer an Innovation Prize to VentureClash competitors focused on market opportunities in the areas of security and Industry 4.0, often referred to as “smart factory” technologies. The winner of the inaugural prize can potentially take home as much as $50,000.
VentureClash is a $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and the Internet of Things.
“Security and Industry 4.0 are two technology sectors that continue to undergo innovation and disruption,” said Matt McCooe, CEO of Connecticut Innovations. “Along with Stanley Black & Decker, we are eager to support companies developing innovative products, solutions and services within these areas. The Innovation Prize will further entice startups competing in VentureClash to pursue opportunities and develop their businesses right here in Connecticut.”
Companies who apply to VentureClash will automatically be considered for the Innovation Prize. Within the security track, eligible entrants will be those working to develop physical and cyber methods for security in the enterprise and retail sectors as well as for the factory, home and school, with a focus on automated detection, response, recovery management and IoT.
Industry 4.0 startups will consist of those developing advances in robotic perception, mobility, reasoning and manipulation that yield a productive and economic advantage within factories.
“We believe that advanced manufacturing and next-generation security technology will be two of the driving forces shaping our changing world over the next decade,” said Mark Maybury, Chief Technology Officer for Stanley Black & Decker, “and we believe that Connecticut provides the right climate in which innovative businesses focused on creating these changes can thrive. We are excited to partner with Connecticut Innovations, and our commitment to VentureClash is a commitment to fostering a culture of innovation.”
The Innovation Prize will be presented at the VentureClash finals event, to be held on October 18, 2018, at the Yale School of Management.
Managed by Connecticut Innovations, VentureClash is Connecticut’s global venture challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health, fintech, insurtech and the Internet of Things that will receive investments from a $5 million investment award pool. Learn more at www.ventureclash.com.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies, flexible loans for established companies with new innovations, grants that support innovation and collaboration, and connections to its well-established network of partners and professionals. For more information on CI, please visit www.ctinnovations.com.
About Stanley Black & Decker
Stanley Black & Decker, an S&P 500 company, is a diversified global provider of hand tools, power tools and related accessories; electronic security solutions; healthcare solutions; engineered fastening systems; and more. Learn more at www.stanleyblackanddecker.com.