Tax Free Week for CT Shoppers, National Retailers Upbeat

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Connecticut’s annual holiday from the sales tax begins on August 19 and runs through August 25. The traditional tax-free week - now in its 12th year - was threatened with elimination during last year’s budget debate at the State Legislature, but survived intact.  Tax free purchases are expected to cost the state - and save consumers - as much as $7.5 million statewide, according to the state Department of Revenue Services.  The state sales tax is 6.35 percent.  On average, it is estimated that families will spend nearly $700 on back to school purchases this year. During this third week of August, individual items of clothing and footwear that cost less than $300 are completely exempt from state sales tax.  Sports equipment, specialty clothing, jewelry and accessories are not included.  In addition, the tax free holiday week includes items valued at more but discounted to under $300 with sales, coupons and similar merchant promotions.   Store sales, catalog and on-line purchases, purchases on layaway and rentals are exempt.

For more information, individuals may call 1-800-382-9463 (for in-state calls outside the Greater Hartford Area) or 860-297-5962 (from anywhere).

The sales tax free week comes as retailers look for a boost from back-to-school sales and prepare for the holiday shopping season. The National Retail Federation’s Global Port Tracker report is showing a strong increase in imports for August, September and October – the three key months of the year when retailers import the bulk of the merchandise they will sell during the holiday season.

August imports are expected to be 6.3 percent higher than last year, September should be up 7.3 percent, and October is forecast at 13.2 percent above last year. Averaged out, that’s an 8.9 percent increase over last year, NRF reports.  Imports fall off in November and December because most holiday merchandise is already on the shelves, but each of those months is expected to be 2.4 percent above last year.  Although those numbers don’t translate directly into sales – they report the number of cargo containers coming into the country, not the value of the merchandise inside – they are seen nonetheless as a source of optimism, according to industry observers.

Audience for EPSN morning simulcast larger with TV, radio

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An Arbitron-ESPN study of the audience of the ESPN RADIO-ESPN2 morning show "Mike and Mike in the Morning" showed most fans listening to the show on radio or watching on TV, but those using both spending "much more time" with the show. Among the study's findings were that the show reached4.7 million weekly in November 2011 through April2012, with radio delivering 2.3 million exclusive weekly listeners, cable adding 1.6 million exclusive viewers, and 800,000 using both radio and TV.  Dual media users were 17% of the audience but responsible for 28% of weekly usage, according to the results of the cross-platform study by ESPN and Arbitron Inc.

The cross-platform study detailed how fans in markets measured by the Arbitron Portable People Meter™(PPM®) service listened to the ESPN sport talk duo on radio and watched the simulcast on ESPN2 cable television.

Also among the findings:

  • Radio remains the quintessential out of home medium. 59 percent of the Persons 6+ average quarter hour audience for radio listens outside of the home.
  • Only 5 percent of the average audience delivered by cable TV came from out from home locations.

Fastest Growing Technology Companies in CT Recognized

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The Connecticut Technology Council (CTC) and Marcum LLP have announced the 2012 Marcum Tech Top 40 list of the 40 fastest growing technology companies in Connecticut.  The list includes primarily privately held companies, but 10 public companies also made the list, including:  Priceline.com, FuelCell Energy and Alexion Pharmaceuticals.  The breakdown by counties:  13 in Hartford County, 12 in Fairfield County, 10 in New Haven County.  Alexion, which recently announced plans to be an anchor in New Haven’s Downtown Crossing development, was highlighted in an op-ed in the New Haven Register. Winners are grouped into six areas of technology:  Software, IT Services, Life Sciences, Advanced Manufacturing, New Media/Internet/Telecom, and Energy/Environmental Technologies.  Eligible companies must have revenues of $3 Million and have been in business at least four years.  The companies will be honored on September 27 at Oakdale Theater in Wallingford.  The complete list (asterisk indicate first appearance on the annual list): Advanced Manufacturing: APS Technology, Wallingford Dymax Corporation, Torrington EDAC Technologies Corp., Farmington Foster Corporation, Putnam Reflexite Corporation, Avon RSL Fiber Systems, LLC, East Hartford

Energy/Environment/Green Technology FuelCell Energy, Inc., Danbury Precision Combustion Inc, North Haven Proton OnSite, Wallingford STR Holdings, Inc., Enfield

IT Services Cervalis LLC, Shelton *Datto Inc., Norwalk *iSend, LLC, Middlebury OpenSky Corporation, Tolland *PCNet, Inc., Trumbull *Systems Integration Inc., Wethersfield *VLink Inc, Hartford

Life Sciences Alexion Pharmaceuticals, Inc., Cheshire Bio-Med Devices, Inc., Guilford Defibtech, LLC, Guilford Metrum Research Group, LLC, Tariffville

New Media/Internet/Telecom *EasySeat, LLC, Plainville HealthPlanOne LLC, Shelton JobTarget, LLC, New London M2 Media Group, Stamford Priceline.com, Inc., Norwalk TicketNetwork, South Windsor *WebMediaBrands, Inc., Norwalk

Software Adeptra, Inc., Norwalk Core Informatics, LLC, Branford *ePath Learning, Inc., New London *eVariant, Inc., Simsbury Evolution1, Inc, Avon *FitLinxx, Inc., Shelton Higher One, Inc., New Haven

 

Young Entrepreneurs Confident Their Businesses Will Thrive; New Competition Starts

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Expectations for the U.S. economy declined overall, but there is a significant optimism gap between older entrepreneurs and those between the ages of 18 and 40, according to the third-quarter Kauffman/LegalZoom Startup Confidence Index, compiled by the Ewing Marion Kauffman Foundation and LegalZoom.  Specifically,  98 percent of the 18- to 30-year-olds and 83 percent of the 31- to 40-year-olds are confident or very confident that their businesses will realize greater profitability in the next 12 months. Overall, almost 40 percent of startup owners now believe the economy will deteriorate over the next 12 months, an increase from 36 percent in the second-quarter survey and 31 percent in the first-quarter survey. Entrepreneurs who were somewhat confident in future profitability fell from 43 percent in second quarter to 40 percent in the third-quarter survey, and those who lacked confidence in improved profitability edged up from 18 percent to 21 percent.

However, 30 percent of startup owners said they plan to hire additional staff in 2012, a slight decrease from 33 percent in the March survey.  Representatives of Kauffman said that state-by-state breakdowns of the data were not available because the sample size would be too small to be statistically significant.

A week ago, Connecticut headquartered Pitney Bowes Inc. launched the Pitney Bowes Entrepreneurial Competition, an innovation-focused contest targeting startup and entrepreneurial organizations. The Company also announced its participation in the sponsorship program conducted by the Stamford Innovation Center, which provides startup-centric programs to accelerate entrepreneurial efforts.

The Pitney Bowes Entrepreneurial Competition is designed to identify and drive the development of growth businesses that can leverage three of the Company's technology areas: Spectrum(R) Spatial analytics and location intelligence; the secure evidencing platform; and the Connect+(R) web-enabled digital envelope and mail printing system.

Winners of the Entrepreneurial Competition will receive one year free utilization of office space and internet access in Pitney Bowes's world headquarters, located in Stamford, Conn.;  access to the three aforementioned Pitney Bowes technology platforms corresponding to their submission, including Pitney Bowes' technical and business expertise; and an introduction and access to the Stamford Innovation Center, and their mentoring and coaching services.

The Pitney Bowes Entrepreneurial Competition runs through September 7, 2012. Information is available at www.pb.com/competition .

Middlesex Chamber Has 33% More Members Than Next Largest

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Each December, Connecticut's Governor appears at the monthly breakfast of the Middlesex County Chamber of Commerce, at the invitation of long-time President Larry McHugh.  If there was any question as to why that particular chamber of commerce consistently draws headliner featured speakers, the numbers remove all doubt.  Stats reported by the Hartford Business Journal indicate that the Middlesex Chamber has 2,400 members, far outdistancing the runner-up Central Connecticut Chambers of Commerce, with 1,800 members. Rounding out the top five:  Chamber of Commerce of Eastern Connecticut, with 1,600 members; the Northwest Connecticut Chamber of Commerce, with 730 members; and the Quinnipiac Chamber of Commerce, with 700 members.  The MetroHartford Alliance is #6, with 600 members, followed by chambers from Greater Southington  (590 members), Greater Manchester (550 members) Greater Meriden (550 members), Glastonbury (550 members) and West Hartford (457 members).

The next speaker for Middlesex?  Former UConn baseketball star and current member of the NBA's Memphis Grizzlies, Rudy Gay, on August 3, who follows NASCAR stand-out Joey Logano, a Middletown native (and McHugh's former next door neighbor).

 

Workshops to Detail New State Grants for Towns Improving Commercial Centers

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Legislation approved earlier this year created the Main Street Investment Fund Program, which will provide grants of up to $500,000 to eligible municipalities (under 30,000 population) that have approved plans to develop or improve their town's commercial centers. The Main Street Investment Fund Program is administered by the Office of Policy and Management (OPM) through an application process. Connecticut Main Street Center (CMSC), in collaboration with OPM, is holding a series of workshops to provide information on this program, including who may apply and project eligibility requirements. These workshops will be held around the State during the week of July 30, and are open to municipalities, town officials, economic development professionals and others interested in this program.

Eligible projects are those that are part of a plan (such as a Town Commercial Center Plan) previously approved by the governing body of the municipality to develop or improve town commercial centers are eligible. These plans should include strategies/improvements to attract small businesses, promote commercial viability, and improve aesthetics and pedestrian access.  The funds can be used for signage, lighting, landscaping, architectural features and cosmetic and structural exterior building improvement.

Additional information and registration is available at www.ctmainstreet.org  Towns must submit applications for the grants by September 28, 2012.

Connecticut's Innovation Remembered on Apollo 11 Anniversary

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This weekend, 43 years ago, eyes on every continent around the globe were riveted to grainy  television images emanating from the surface of the moon as Americans Neil Armstrong and Buzz Aldrin became the first people to walk on the lunar surface (July 20, 1969).  Connecticut was especially proud of its role in the space program, highlighted by the engineering at Hamilton Standard in Windsor Locks, which produced the astronaut’s space suits including the environmental control and life support systems, oxygen supply and carbon dioxide removal equipment. Connecticut innovation and ingenuity was serving the national interest yet again.  It was, and is, certainly not the only example.

Years later, in 1970,when the Apollo 13 was nearly doomed in orbit by an explosion, Hamilton Standard engineers were among those playing a pivotal role in devising solutions that brought the astronauts safely back to Earth.   The Apollo 13 mission later became the subject of a popular movie.

One more example, which pre-dates the space program:  when the Smithsonian highlighted ten inventions inspired by science fiction, among them was the work of Igor Sikorsky, inventor of the modern helicopter, who was inspired by a Jules Verne book, Clipper of the Clouds, which he had read as a young boy. Sikorsky often quoted Jules Verne, saying “Anything that one man can imagine, another man can make real.”

Today, the Connecticut Space Grant Consortium, based at the University of Hartford and including higher education institutions from across the state, is among the Connecticut-based organizations that seek to continue recognizing and encouraging students who are hard at work pursuing scientific investigation with an eye towards applications that will advance exploration.   The annual Connecticut Science and Engineering Fair - next to be held in March 2013 at Quinnipiac University - also highlights the accomplishment of students, at the high school level.  And earlier this year four Connecticut students captured Grand Awards at the 2012 Intel International Science & Engineering Fair (ISEF), the world’s largest pre-college science fair.

Aerospace Industry Key to CT's Economic Growth

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EDAC Technologies Corp. - one of the state's larges aerospace technology companies - has paid $8.2 million for the former Pratt & Whitney plant in Cheshire, and is planning to relocate nearly 400 workers to the factory next year, from current facilities in Farmington and Newington.  The company, which makes aerospace and industrial components, had planned to consolidate operations in Plainville, but changed plans when the Cheshire plant became available. There are 175 aerospace companies in Connecticut, according to data from D&B Sale & Marketing Solutions (2011) as reported in the Connecticut Economic Review, produced by Northeast Utilities.  In 2010, the Connecticut Economic Resource Center (CERC) reported that $6.7 billion of Connecticut gross state product was estimated to originate from the state’s aerospace industry – 5 percent of the state’s total productivity. Connecticut’s 10 largest aerospace companies (alphabetically):

  • AIS Global Holdings
  • Beacon Group
  • EDAC Technologies
  • Engine Alliance
  • First Aviation Services
  • Hexcel
  • Kaman Aerospace
  • Sikorsky
  • Unison Engine Components
  • United Technologies

Promoting the industry, the Aerospace Components Manufacturers (ACM) association is a network of independent Connecticut-based aerospace companies; a non-profit partnership that is part of Connecticut's Industry Cluster Initiative. Working together as a network, member companies collectively offer broader capabilities than they could as individuals.

ACM helps capture new business opportunities for Connecticut's aerospace industry. ACM member companies aim to be world leaders in providing customers with aerospace components of unsurpassed quality, competitive prices and on-time delivery.  A video highlights their work. The organization’s convention/trade show is slated for Wednesday, October 17, 2012 at Bradley International Airport.

Alexion Latest BioScience Headliner in CT; Industry Depth Grows

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The impending arrival of Jackson Labs in Farmington, the year’s blockbuster deal in Connecticut’s efforts to build its economic base in the biotech industry into national leadership, is far from the only game in town.  Connecticut is already home to 800 biomedical companies, according to data from D&B Sale & Marketing Solutions (2011) as reported in the Connecticut Economic Review, produced by Northeast Utilities.  Connecticut’s 10 largest biomedical companies (alphabetically):

  • Alexion Pharmaceuticals
  • Boehringer Ingelheim
  • Bristol-Meyers Squibb
  • Clinical Laboratory Partners
  • Dianon Systems
  • Hamilton Sunstrand
  • Pfizer
  • Pharmaceutical Research Associates
  • United States Surgical
  • Zygo

Alexion Pharmaceuticals Inc. announced this week that it will open a new headquarters in New Haven, adding hundreds of jobs to the region with the help of state financial backing.

Under the deal, Alexion will move and consolidate more than 350 workers that are currently spread over several buildings in Cheshire, to a new 400,000-square-foot facility with office, laboratory and research and development space. Alexion will be the anchor tenant in a $100 million facility that will be a centerpiece of New Haven's downtown redevelopment efforts known as Downtown Crossing.  The company returns to New Haven, where it began in a small office in the city's Science Park.

 

Seeking Social Entrepreneurs Demonstrating It Can Be Done

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Are you a Connecticut entrepreneur interested in starting your own business that will improve the community, create jobs, and generate profit with a purpose? If this sounds like you, it may be worthwhile considering an entry for the reSET 2012 Social Entrepreneur Award.  The award recognizes aspiring individuals with viable, sustainable business concepts for social enterprise that will improve the community, create jobs, and demonstrate the power of harnessing profit to purpose. The Grand Prize Winner and finalists will receive a cash start-up award and other benefits to help take their idea to the next level.  Application Deadline is July 1, 2012; the Juror Panel includes reSET Board Members and Advisors.  Award recipients and Grand Prize Winner will be announced at an October 10, 2012 gala.

reSET was formed in Connecticut in 2009, when a group of concerned citizens, educators, and leaders from business and nonprofit organizations got together  to talk about the growing Social Enterprise movement and our desire to see it catch on in a big way throughout Connecticut.   Social Enterprise is a new business model that puts people and purpose before profit and uses the free market to create positive social change.  Becoming a Social Entrepreneur means moving from the profit paradigm to a more satisfying and sustainable way of doing business, and one with a lasting positive legacy.