April 17, 2018

CT, Stanley offer $50K 'smart factory' prize

Connecticut Innovations CEO Matt McCooe at the 2016 VentureClash.

The state's leading technology promoter and New Britain manufacturer Stanley Black & Decker are offering as much as $50,000 in a funding competition open to "smart factory'' innovators.

Connecticut Innovations (CI) and the leading maker of hand- and power-tools and security-access systems announced Tuesday their "Innovation Prize to VentureClash" competition.

VentureClash is a $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and the Internet of Things.
The Innovation Prize is open to companies and entrepreneurs specializing in security and Industry 4.0, both often referred to as "smart factory" technologies, CI CEO Matt McCooe said.

"Security and Industry 4.0 are two technology sectors that continue to undergo innovation and disruption," McCooe said in a statement.

With the Innovation Prize and other competitive incentives, CI's aim is to identify and financially stake manufacturing and other technology innovators who could eventually grow sales and expand employment in Connecticut, McCooe said.

Stanley's engagement with CI reflects the company's efforts to spur development of manufacturing and other technologies.

Last Dec., Stanley announced plans to launch an advanced manufacturing center in downtown Hartford. To be called "Manufactory 4.0," the 23,000-square-foot Advanced Manufacturing Center is set to open in the second quarter.

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