The university has joined forces with Connecticut Innovations and Webster Bank for a $1.5m fund aimed at local spinouts and startups.

University of Connecticut in partnership with state-backed Connecticut Innovations (CI) and Webster Bank is setting up a $1.5m innovation fund.

UConn Innovation Fund will provide early-stage financial support to new business startups affiliated with the university with investments of up to $100,000.

Any student, faculty member, or alumnus of the university with an in-state business startup tied to research, advanced technologies, or innovations developed at UConn can apply to receive funding, patenting and licensing assistance, business incubator space, and other support services from the university.

Companies participating in UConn’s Technology Incubation Program are eligible. The first deadline for applications is October 14, at: innovationfund.uconn.edu.