New Haven's Prometheus Research Has Triple-Crown Worthy Win Streak

If innovation, recognition and funding are the triple crown of research technology, New Haven-headquartered Prometheus Research is in every sense a leader.

Autism Speaks and Prometheus Research have teamed up to develop a new, more user-friendly assessment portal through which parents can complete surveys for use in autism research.  The tool, called the Online Clinical System for Research (OSCR), allows parents to complete forms over the web and makes them accessible to Autism Speaks' Autism Genetic Resource Exchange (AGRE) scientists, among others.  Assessments collected via OSCR provide important clues for autism research, increase the power of statistical analyses, and are easily shared with scientists and clinicians via a secure browser.

Autism Speaks is now able to view OSCR data alongside information on patient visits, diagnosis, biospecimens, and medications, points out Prometheus CEO, Dr. Leon Rozenblit.  "Through its support for new study configuration and data re-purposing, the integrated data management platform will enable Autism Speaks to significantly grow their research capabilities."  Autism Speaks' VP of Clinical Programs, Dr. Clara Lajonchere , explained that “This web-based patient-facing data collection interface will allow families to work more closely with researchers and healthcare professionals in real time.  Questionnaires can be integrated with electronic medical records or made available to clinicians prior to a clinical visit allowing healthcare professionals to better understand patient needs."

Also within the past month, P to extend its Open Source Research Exchange Database (RexDB) for the management of autism spectrum disorders research. The project aims to empower autism investigators to make more effective use of their data and more efficiently exchange data across the scientific community.  

Collaborating with Prometheus on the grant are the Yale University Child Study Center, the Marcus Autism Center, Weill Cornell Medical College, the University of Missouri Thompson Center, and others. SBIR grants are judged for scientific and technical merit, including significance of the problem being addressed, the innovative nature of the proposed solution, the overall strategy for execution, and the quality of the research team.

And finally, completing a very good month, Prometheus Research was named as one of the top ten Best Places to Work in Connecticut by the Hartford Business Journal. Prometheus received the recognition for the second year in a row.  The survey and awards program was designed to identify, recognize, and honor the best employers in Connecticut, benefiting the state's economy, workforce, and businesses. Prometheus Research was selected in the small business category.

Autism Speaks is the world's leading autism science and advocacy organization. It is dedicated to funding research into the causes, prevention, treatments and a cure for autism; increasing awareness of autism spectrum disorders; and advocating for the needs of individuals with autism and their families. Autism Speaks was founded in February 2005 by Suzanne and Bob Wright, the grandparents of a child with autism.  Wright is the former vice chairman of Connecticut-based General Electric and chief executive officer of NBC and NBC Universal.

Prometheus Research's mission is to help research institutions and funding organizations get more utility from their data.  Prometheus offers integrated data management services, expert consulting, and software customization to deliver sensible solutions powered by their adaptable, open-source, web-based RexDB technology.  The company was founded a decade ago, and is an active community participant, most recently sponsoring an Arts for Autism contest at the Betsy Ross Arts Magnet School in New Haven.  Winning artwork was featured by the company on social media channels and provided inspiration for t-shirts to be worn by the Prometheus team during the Autism Speaks Walk.

Thriving Initiatives on State Main Streets Gain Recognition

Communities and organizations actively championing the revitalization and economic development of downtowns across Connecticut - through initiatives ranging from rebuilding and redesigning downtown spaces to working with local partners to provide fresh food for downtown residents- are gaining recognition for their efforts.

Initiatives and organizations from Hartford, Waterbury, Willimantic and Storrs Center and among those selected for 2013 Awards of Excellence, to be presented by the Connecticut Main Street Center (CMSC) at their annual awards gala, being held in Hartford for the first time on June 10.  The projects and programs range from Fireball Run and iQuilt to vibrant partnerships bringing business, education, municipal and community organizations together to advance new initiatives.  The recipients are:

• Main Street Partnership (sponsored by Webster Bank) - "Brass City Market on Field" Indoor Farm Market, to Brass City Harvest, Main Street Waterbury, Naugatuck Valley Community College, Waterbury Development Corporation and the City of Waterbury.
•  Economic and Business Development - "Make New Friends, but Keep the Old": Retention and Relocation of Existing Businesses during Development of Storrs Center, to Mansfield Downtown Partnership, UConn, Town of Mansfield, LeylandAlliance, Milone & McBroom, Cipparone & Zaccaro, and the Business Owners of Mansfield & Storrs Center.
•  Public Space Master Plan - The iQuilt Plan (Downtown Hartford), to iQuilt Partnership, City of Hartford, and Suisman Urban Design.
• Historic Preservation - End of an Era": Past Identity/Future Vision and the Portrait Project (Downtown Willimantic), to Harrison Judd, Thread City Development, Inc., Eastern CT State University, Windham Textile & History Museum, Town of Windham, TBS Properties, Windham Region Chamber of Commerce, ArtSpace Windham Gallery.
•  Downtown Event -  Fireball Run 2012 (Downtown Waterbury), to Waterbury Regional Chamber of Commerce, City of Waterbury, and Main Street Waterbury.
• Business Owner of the Year (sponsored by Webster Bank) - Dr. Richard A. Fichman, Fichman Eye Center, in the Upper Albany Main Street District, Hartford

In addition, the 2013 Nationally Accredited Main Street Programs - Simsbury Main Street Partnership, Upper Albany Main Street (Hartford), and Main Street Waterbury will be recognized, and The Connecticut Light and Power Company Award for Outstanding Contributions to Main Street Revitalization will be presented to longtime activitst Toni A. Gold of Hartford.

"Connecticut's city centers are critical drivers of commerce and competitiveness," said Governor Dannel P. Malloy. "I applaud the 2013 award winners for their efforts to make Connecticut's downtowns thrive. The collaboration to create more livable communities is to the benefit of all Connecticut's residents."

Connecticut Main Street Center is a statewide nonprofit that inspires great Connecticut downtowns, Main Street by Main Street. Its mission is to be the champion and leading resource for vibrant and sustainable Main Streets as foundations for healthy communities.

The Connecticut Main Street Awards of Excellence, established a decade ago, recognize outstanding projects, individuals and partnerships in community efforts to bring traditional downtowns and neighborhood commercial districts back to life, socially and economically. Submissions were judged on criteria which included innovation, replication, representation, partnerships utilized, and outcomes.

Awards will be presented at the 2013 Connecticut Main Street Awards Gala on June 10th at the Wadsworth Atheneum Museum of Art in Downtown Hartford. Major Sponsors include Fuss & O'Neill, Webster Bank, Baywater Properties, Travelers, and Renaissance Downtowns.

New Partnership to Encourage Focus on Workforce Skills Gap

A new partnership has been formed to enhance communication between members of the public and community leaders on important issues in the Capitol region, and public events to facilitate the conversation are already on the calendar for this month.

Working in collaboration, CT News Project (parent of CT Mirror), WNPR, and the Hartford Public Library, with the support of the Hartford Foundation for Public Giving, have launched the Community Information Hub for the Capital Region to increase opportunities for people to have their voices heard on issues affecting them and their communities.

The Community Information Hub will offer web-based and community-based forums and dialogues where concerned citizens can report and discuss issues they care about and work together towards solutions. The online resource will provide residents with a broader platform to share their perspectives and ideas for community action.

The Community Hub also will present and connect to data and other information on issues and sponsor public events.  In its first public event, the Community Information Hub will host a forum on the workforce skills gap in Connecticut on Tuesday, May 7, from 5:30 p.m. to 7:30 p.m. at Hartford Public Library.

The Hub will also offer people the opportunity to participate in a community conversation on the workforce skills gap and training programs on Saturday, May 18, from 10 a.m. to 12:30 p.m. at Hartford Public Library.

The Community Information Hub builds on the ongoing partnership between The CT News Project’s online news site, CT Mirror, and WNPR to collaborate on web and radio stories, cross marketing, and to share reporters and other resources. Both operations are located in the same facility at 1049 Asylum Avenue in Hartford.  The project also integrates and expands on the Hartford Public Library’s experience in providing facilitated community dialogues through its Hartford Listens series.

Offered in collaboration with East Hartford-based  Everyday Democracy, these events will inform residents of the issues, and the dialogues will help residents develop action agendas. Recent community dialogues focused on adult learning and the special needs of children of incarcerated parents.

The hub project is supported by two civic engagement staff:

• Heather Brandon serves as the director of civic media at CT News Project and WNPR, a new position responsible for efforts to promote civic engagement throughout Connecticut. Brandon will lead the partnership’s efforts to create a new civic media website, and will also develop and coordinate public issues forums and events. Brandon is a former freelance producer for Morning Edition, Where We Live, and The Colin McEnroe Show at WNPR.
• Tricia Barrett serves as the project’s community dialogue coordinator at Hartford Public Library and is responsible for the planning and implementation of all aspects of community conversations as well as related activities in the Community Information Hub project. Barrett is the former educational services manager at the Hartford Courant.

“The formation of the Community Information Hub in partnership with the Connecticut News Project, WNPR and Hartford Foundation for Public Giving leverages our assets in new ways and puts the library at the center of an important community movement. We are already at the heart of the community, and civic engagement is at the heart of where the public library is going in the 21s century.”said Matthew K. Poland, chief executive officer of Hartford Public Library.

The Community Information Hub is supported by a three- year, $374,362 grant from the Hartford Foundation for Public Giving.

 “The Hartford Foundation supports the Community Information Hub partners’ goal of broadly engaging the community, reaching residents and organizations from throughout the region, including local schools, faith-based organizations and diverse nonprofit and community leaders,” said Linda J. Kelly, president of the Hartford Foundation.

To register for the workforce skills gap forum log onto: https://events.r20.constantcontact.com/register/eventReg?llr=eco8pgdab&oeidk=a07e7adwjkh9a034b6f&oseq= 

To register for the community dialogue on the workforce skill gap log onto http://workforcedialogue.eventbrite.com/#

Women-Owned Businesses in Region Growing Across Many Fields

They are some of Connecticut’s most successful companies that you've never heard of.  And perhaps a few that you have. What they have in common is ownership. They're owned by women -  in some cases 100 percent owned.

Who are they?

Among the leaders are Farmington-based Companions & Homemakers, which topped a newly published list with 1,600 local employees and 4 local offices, West Hartford’s Companions for Living, with 114 employees, iTech Solutions, also in Farmington, Caring Solutions, Phoenix Manufacturing Inc. and Andrew Associates, all headquartered in Enfield.  The Walker Group (Farmington), Infoshred (East Windsor) The Human Resource Consulting Group (Seymour)Merry Employment Group (West Hartford) and Sandair Systems Inc (Windsor) are also 100 percent owned by women.

The Hartford Business Journal listed the firms as part of their ranking of the largest women-owned businesses (ownership exceeding 50 percent) in the Hartford region.   The 25 firms were led by a top 10 in fields including home health care, aerospace, advertising, information technology staffing, janitorial services, and family maintenance services.  Of the 25 businesses, only 3 were launched since 2000.  The remainder date back to the last century, including two, Post Road Stages (1912) and Beacon Light and Supply Company (1932), to the first half of the century.

The number of women-owned businesses in Connecticut increased 35 percent since 1997 and sales at those firms increased 67 percent, according to a census analysis by American Express Open, released earlier this month.

Women starting their own business have opportunities to learn from others who’ve blazed the trail.  The U.S. Small Business Administration’s Women’s Business Center Program is a national network providing business training, counseling and other resources to help women start and grow successful businesses. In Connecticut, network participants are The Entrepreneurial Center at the University of Hartford, the Stamford/Southwest Women’s Business Center of the Women's Business Development Council in Stamford, and the Naugatuck Valley Women’s Business Center at Naugatuck Valley Community College in Waterbury.

Last week, Connecticut Lt. Gov. Nancy Wyman visited some women-owned small businesses that have received financial assistance from the state’s Small Business Express. The stops included Dottie’s Diner in Waterbury, The Dutch Bulb Lady in Waterbury, Richards Machine Tool Co. Inc. in Berlin, LSC Distribution in Hartford and American Masons & Building Supply Co. in Hartford.

Earlier this year, a national survey of women business owners (WBOs) conducted by Web.com Group, Inc. and the National Association of Women Business Owners (NAWBO) found a pervasive sense of economic optimism, including a prediction by most WBOs (85 percent) that more women will become entrepreneurs in 2013 than in past years.  WBOs also plan to invest more (38 percent) or the same (54 percent) in hiring this year than they did in 2012 – a positive sign for the economy.

With regard to public policy matters, the top four issues on the minds of WBOs are: the state of the economy (57 percent), health insurance cost and affordability (40 percent), business tax issues (36 percent), and access to a quality workforce (36 percent). Though two in five WBOs said that health insurance costs and affordability are important issues to them, many (71 percent) feel that the Patient Protection and Affordable Care Act (“Obamacare”) will have no impact upon the way they do business.

Startups with Female Directors, Local Connections Have Better Chance of Survival

Newly incorporated companies with one female director have a 27% lower risk of becoming insolvent than comparable firms with all-male boards, according to a team of researchers led by Nick Wilson of Leeds University Business School in the UK and reported in the Harvard Business Review. The effect decreases as the number of female directors rises, suggesting that what matters is diversity rather than the specific number of women on the board. Earlier this year, data developed by a team of researchers at the University of Wisconsin-Milwaukee indicated that companies whose directors include one or more women are 38% less likely to have to restate their financial-performance figures to correct errors than firms with all-male boards. In addition, previous research shows that groups with greater gender diversity generate more-innovative thinking in problem solving.

The new study found that new firms are less likely to face the hazard of insolvency when they have boards with more experienced directors, directors with greater networking relationships, more local directors, more female directors, directors with low levels of recent insolvency experiences and low levels of recent director turnover. Results suggest that the background, experience, networking, gender diversity and composition of new boards are important in determining the trajectory of success or failure of new firms.

The recent research tends to support efforts made during the tenure of Connecticut State Treasurer Denise L. Nappier, who as fiduciary of the Connecticut Retirement Plans and Trust Funds, the state’s pension funds, has advocated for independent directors and gender diversity on boards as part of a comprehensive shareholder activism program aimed at increasing the value of the state’s shares in a range of investments.

The data is also of special relevance to Startup Connecticut, the Connecticut franchise of The Startup America Partnership, which is based on the premise that young companies that grow create jobs. As a core American value, entrepreneurship is “critical to the country’s long term success and it’s time to step up our game,” the website points out. Startup Connecticut’s mission is to “evangelize and celebrate entrepreneurship and innovation” in Connecticut. The most recent Start Up Weekend was held in Storrs in March.

In analyzing the impact of local directors, as compared with those from outside the start-up’s immediate geographic area, the study found that local knowledge local networks and/or relationships reduce insolvency risk. Directors in local networks that have “built trust and loyalty may be receiving more time and support in the surrounding economy. As insolvencies result from unpaid debts, such a local connection may mean that new firm directors face less pressure from creditors and potential insolvency proceedings: they can buy more time from local network members to resolve issues.”

Connecticut Sales Tax is 10th Highest in Nation; Louisiana Promotes Tax-Free Guns & Ammunition Days

When Connecticut’s sales tax inched upwards from 6 percent to 6.35 percent in 2011, the state made its way into the top ten sales tax states, leaving behind a gaggle of 16 states perched at 6 percent or slightly higher, but below the new Nutmeg rate of 6.35 percent.

Today, according to the Federation of Tax Administrators, Connecticut sits at number ten in the nation for its sales tax rate.  Close on our heels are Massachusetts, Texas and Illinois at 6.25 percent, and Kansas at 6.3 percent. Leading the pack is California at 7.5 percent, with five states - Indiana, Mississippi, New Jersey, Rhode Island and Tennessee - at 7.0 percent.

Five states - Alaska, Delaware, Montana, New Hampshire and Oregon - have no sales tax.  However, Alaska and Montana permit local sales taxes and Delaware imposes a rental and service tax.  The five states with the highest average combined rates of state and local taxes are Tennessee (9.44 percent), Arizona (9.16 percent), Louisiana (8.87 percent), Washington (8.86 percent), and Oklahoma (8.67 percent), according to the Tax Foundation.

Many states have sales tax holidays on select products for specific time periods during the year, with the majority focusing on back-to-school items or energy saving products.  Alabama, Louisiana and Virginia offer two or three tax-free days for the purchase of hurricane preparedness related equipment.  In Connecticut, clothing and footwear are exempt for a week in late August, just as families are doing their last-minute shopping for the start of the school year.

Tax-Free Days for Gun Sales

In Louisiana, firearms including shotguns, rifles, pistols, and revolvers, ammunition and hunting supplies are tax-free for three days in September.  In 2012, the days were promoted on the state’s website with a promotional video announcing the “Second Amendment Sales Tax Holiday.” Among the additional items that can be sold tax-free are knives, bows & arrows, off-road vehicles and safety gear.   The annual three-day tax holiday was approved by the Louisiana legislature in 2009.

The previous year, South Carolina waived the state’s sales and use tax on purchases of handguns, rifles and shotguns during a Second Amendment Sales Tax Holiday, held just after Thanksgiving on Nov. 28 – 29, 2008.  The bill become law after the veto by then-Governor Mark Sanford was overridden in the legislature.  The 48-hour tax break on firearm purchases also applied to any local sales and use tax.  The tax break did not apply to accessories such as ammunition, black powder, holsters, archery supplies and similar items.  The tax holiday, which must be approved annually by the legislature, has not been held the past two years, as the state’s fiscal situation tightened.

 A similar proposal in West Virginia was vetoed by then-Governor Joe Manchin (D) in April 2010.  Manchin was elected to the U.S. Senate later that year.

Earlier this year, a Texas lawmaker proposed that the Lone Star state's independence be celebrated by making Texas Independence Day, March 2nd, a tax-free holiday for gun purchases in that state.  The proposal would include no sales tax on shotguns, rifles, pistols, revolvers and other handguns, gun safes, gun cases, cleaning supplies and optics, ammunition, archery equipment, hunting stands, blinds, and decoys, the NBC affiliate in Dallas-Fort Worth has reported.

 Top ten sales tax rates (percentage):

1.  California            7.5
2.  Indiana                 7.0
3. Mississippi          7.0
4.    New Jersey        7.0
5. Rhode Island      7.0
6. Tennessee          7.0
7. Minnesota          6.875
8. Arizona                 6.6
9. Washington        6.5
10. Connecticut   6.35

The Sales Tax Institute notes that many states allow non-standard rates on many items including meals, lodging, telecommunications and specific items and services. State laws regarding county or local taxes, in addition to the state sales tax, also vary.

Hometown Names Go Beyond Hometown for Connecticut Banks

What’s in a name?  In the banking industry in Connecticut, quite often it is the name one of the state’s towns.  Although there are more than two dozen out-of-state banks dotting our landscape, nearly an equal number of locally-based institutions have not only adopted the name of their hometown, they’re keeping that name even as the venture into neighboring communities – and well beyond.

Does Farmington Bank have the same cache in South Windsor?  Or Newington?  Does Rockville Bank sound as inviting in West Hartford as in Vernon?  Essex Savings Bank in Madison?  Jewett City Savings Bank (“your hometown bank”) in Brooklyn?  Simsbury Bank in Bloomfield? Or Savings Bank of Danbury, in Waterbury?

The recent opening  of Rockville Bank’s first west-of-the-river branch in West Hartford (joining 18 east of the Connecticut River), nearly simultaneous with Farmington Bank’s opening in South Windsor and Newington Center, reflects the growing trend of “hometown” banks expanding their footprint beyond the four corners of their town borders – and seeing no need to change the name on the door.

In fact, last year Farmington Bank - now with 20 branches in central Connecticut - was recognized as the #1 small business lender in the state by the Small Business Administration (SBA) of Connecticut.  For SBA's fiscal year 2011-12, Farmington Bank approved 57 loans, totaling $8,628,000.

The town names doing double-duty as bank names:  Fairfield, New Canaan, Groton,Darien, Essex, Farmington, Greenwich, Suffield, Guilford, Jewett City, Litchfield, Milford, Naugatuck, Putnam, Rockville, Salisbury, Danbury, Simsbury, Stafford, Thomaston, Torrington, Wilton and Windsor.

And then there is Connecticut Community Bank, which operates five divisions, using five different names, which each utilize the names of their local communities in Darien, Greenwich, Norwalk, Stamford, and Westport.

Not to mention the regional institutions… from Fairfield County Bank to Northwest Community Bank, Naugatuck Valley Savings and Loan to Bank of Southern Connecticut and Eastern Savings Bank.  There’s also the Quinnipiac Bank & Trust Company – not quite a region, but not quite a town.  (Not connected with the university – neither is Southern or Eastern in the previous group.)

There is also Union Bank with 19 locations in Western Connecticut, which has nothing to do with the town of Union, clear across on the other side of the state.  And some local banks, such as The Community’s Bank with a single location in Bridgeport, or three of the state’s largest, Bridgeport-headquartered People’s United, Waterbury-headquartered Webster, and Middletown-headquartered Liberty Bank, which are very much homegrown but without the name of the their hometown in their moniker.

The list more than two-dozen banks, with a hometown in their name, according to the State Department of Banking:

Bank of Fairfield

Bank of New Canaan

Chelsea Groton Bank

Chelsea Groton Bank

Darien Rowayton Bank

Essex Savings Bank

Farmington Bank

First Bank of Greenwich

First National Bank of Suffield

Guilford Savings Bank

Jewett City Savings Bank

Litchfield Bancorp

Milford Bank

Naugatuck Savings Bank

Newtown Savings Bank

Putnam Bank

Rockville Bank

Salisbury Bank and Trust Company

Savings Bank of Danbury

Simsbury Bank & Trust Company

Stafford Savings Bank

Thomaston Savings Bank

Torrington Savings Bank

Wilton Bank

Windsor Federal Savings and Loan Association

Amtrak ridership breaks all-time records, local corridor sees increase

Amtrak ridership increased in the first six months of fiscal year 2013, with ridership in March setting a record as the single best month ever in Amtrak’s history.  Ridership grew 0.9 percent from October 2012 to March compared to the prior year, despite disruptions from weather, including Superstorm Sandy.  Amtrak said 26 of 45 routes had rider increases during the period and monthly records were set in October, December and January. Ridership on the New Haven – Springfield shuttle grew from 33,196 in March 2012 to 36,962 in March 2013, an increase of 11.3 percent.  Ridership from October 2012 through March 2013 grew by 5.2 percent from the same period a year earlier.  The Acela Express ridership dropped off slightly amid the record-breaking numbers, likely due to service interruptions due to Superstorm Sandy, down 2.5 percent last month compared with a year ago.

The numbers are encouraging as plans continue to move forward for dramatic improvements and expansions of service on the 62-mile New Haven-Hartford-Springfield (NHHS) corridor in the coming years.  Amtrak is continuing the installation of underground signal and communication cables, required to upgrade signal and communication systems for the NHHS rail corridor.

Work this month is scheduled in Newington, Hartford and Windsor.  The NHHS rail service project will connect communities, generate sustainable economic growth, help build energy independence, and provide links to travel corridors and markets beyond the region, officials say.

The new NHHS rail service will operate at speeds of up to 110 mph, cutting travel time between Springfield and New Haven to just 78 minutes. When the new service is launched in 2016, travelers at New Haven, Wallingford, Meriden, Berlin, Hartford, Windsor, Windsor Locks, and Springfield will board trains hourly during the peak morning and evening rush hours and every 90 minutes during off-peak periods. When all the planned improvements are completed, trains will operate every 30 minutes during peak periods. The full program also includes future, new train stations at North Haven, Newington, West Hartford, and Enfield.

Nationally, long-distance routes with ridership growth in the October-to-March period included the New York City to Georgia route, the Palmetto, up 10.5 percent, and the Coast Starlight, which operates between Los Angeles and Seattle, up 10 percent.  Amtrak said ridership was up 9.8 percent on the Illini/Saluki, which operates between Chicago and New Orleans; 8.9 percent on the San Joaquin in California, 8.6 percent on the Piedmont in North Carolina and 8.2 percent on the Wolverine route in Michigan.

Amtrak officials say they expect to end the fiscal year at or above last year’s record of 31.2 million passengers.  The sixth annual National Train Day will be celebrated around the country on May 11.

Amtrak is America’s Railroad®, the nation’s intercity passenger rail service and its high-speed rail operator, with more than 300 daily trains – at speeds up to 150 mph (241 kph) – that connect 46 states, the District of Columbia and three Canadian Provinces. Amtrak operates intercity trains in partnership with 15 states and contracts with 13 commuter rail agencies to provide a variety of services.

Women-Owned Firms Propel Economic Growth, CT Ranked #22

Connecticut ranks 22^nd in the “economic clout” of women-owned firms, according to a new study which averages each states’ ranking in the growth of the number, revenue and employment levels of women-owned firms between 1997 and 2013. The number of women-owned businesses in Connecticut increased 35 percent since 1997 and sales at those firms increased by nearly 67 percent,  in an analysis of U.S. Census data by American Express Open.  The review of state-by-state and national data estimates the number of Connecticut businesses owned by women increased to 97,800 this year. Those businesses will have $15.5 billion in sales and employ 92,200 workers in 2013, according to The 2013 State of Women-Owned Businesses Report.   Connecticut firms exceeded the national average in hiring employees (up 17 percent in the state vs. 10 percent nationally) and in sales growth (67 percent vs. 63 percent).

As of 2013, it is estimated that there are over 8.6 million women-owned businesses in the United States, generating over $1.3 trillion in revenues and employing nearly 7.8 million people. The American Express analysis showed Connecticut still lags behind the 59 percent national average in growth among women-owned businesses since 1997.

Driving Growth

Between 1997 and 2013, when the number of businesses in the United States increased by 41%, the number of women-owned firms increased by 59%— a rate 1½ times the national average.

The report noted that in the six years since the beginning of the recession in 2007, private sector job growth in the United States has come from two main sources: large, publicly traded corporations, and privately-owned majority women-owned businesses.

Women of Color

In 1997, there were just under 1 million (929,445) firms owned by women of color, accounting for one in six (17%) women-owned firms. That number has skyrocketed to an estimated 2,677,700 as of 2013, now comprising one in three (31%) women-owned firms.

The number of firms owned by Latinas are estimated at 944,000 as of 2013, according to the analysis. These firms employ 408,100 workers and generate an estimated $65.5 billion in revenue. Latina women own 36% of all Latino-owned firms, employ 20% of the workers employed by Latino-owned firms, and contribute 16% of the revenue generated by Latino-owned businesses. While nationally 11% of women-owned firms are owned by Latinas, they comprise the greatest share of all women-owned firms in New Mexico (29%), Texas (25%), Florida (24%) and California (20%).

Across All Industries

The states with the fastest growth in the number, employment and revenues of women-owned firms are the District of Columbia, North Dakota, Nevada, Wyoming and Georgia. The states with the lowest growth in the number of women-owned firms between 1997 and 2013 are: Alaska (12%), West Virginia (23%), Iowa (23%), Ohio (27%) and Kansas (27%).  Among the nation’s 25 most populous metropolitan areas, the fastest growing for women-owned firms are San Antonio TX, Portland OR, Houston TX, Riverside CA, and Washington DC/MD/VA.

Women-owned firms continue to diversify into all industries. The industries with the highest concentration of women-owned firms are: health care and social assistance (53% of firms in this sector are women-owned, compared to a 29% share overall), educational services (45%), other services (41%), and administrative support and waste management services (44%).

The industries with the lowest concentration of women-owned firms (in industries contributing 2% or more of the business population) are construction (where just 7% of firms are women-owned), transportation and warehousing (11%) and finance and insurance (20%). All other industries are close to the 29% share in all industries—illustrating that women-owned firms are staking a claim in all sectors of the U.S. economy.

Connecticut's overall ranking at #22 falls between Pennsylvania and West Virginia.

Survey Reveals Teens Unprepared for Costs of College, Uncertain About Future

As prospective college students receive word this month on whether they’ve been accepted to their preferred institution – and how much financial aid they’ll be receiving - the greater challenge begins.  That’s the grueling exercise to crunch the numbers to try to come up with ways to afford the impending and imposing tuition bill. That reality makes the findings of the Junior Achievement USA^® (JA) and The Allstate Foundation's 2013 Teens and Personal Finance Poll ring alarm bells for teens and their families, as they look ahead to the financial impact of college:

• Only 9% of teens report they are currently saving money for college.
• More than a quarter of teens (28%) haven’t talked with their parents about paying for college.
• More than half (52%) of teens think students are borrowing too much money to pay for college.

JA is helping students understand the importance of saving and planning for future financial needs, working with students from kindergarten through 12^th grade.  That’s at the core of JA’s work, driven by volunteers who provide a real-world view for students.  To meet the need reflected in the latest data and reach more students, JA has opportunities right now – often at a school close to home - for volunteers to participate.

The increasing cost of college, difficult job market and sluggish economy appear to be affecting teens’ views on the timetable for attaining financial independence, and the prospects for their long-term financial security.  According to the poll, during the past two years the percentage of teens who:

• Think they will be financially dependent on their parents until age 25 has more than doubled – from 12% in 2011 to 25% in 2013.
• Say they don’t know or are not sure at what age they will attain financial independence from their parents jumped from a mere 1% in 2011 to 11% in 2013.
• Don’t know or who are unsure if they will be financially better off than their parents has risen significantly, from 4% to 28%.

Teens’ uncertainty about their financial future is also a reflection of their lack of financial knowledge and understanding.  More than one-third (34%) are somewhat or extremely unsure about their ability to invest money.  And of the 33% of teens who say they do not use a budget, 42% are "not interested," and more than a quarter (26%) think that "budgets are for adults."

“Today’s teens expect to be financially dependent on their parents longer, and the number who can’t even predict when they might gain financial independence has jumped ten-fold in just the past two years,” said Louis J. Golden, President of JA of Southwest New England.  “The economy certainly plays a role, but part of the uncertainly is because far too many teens lack a fundamental understanding of how to manage their money.  JA delivers specific, effective programs directly to the classroom that respond to that knowledge gap.”

JA's unique delivery system provides the training, materials, and support necessary to build student skills in financial literacy, work readiness and entrepreneurship. Last year, more than 2,500 volunteers - business professionals, parents, retirees, and college students – offered JA programs to more than 34,500 students in schools throughout Hartford, Litchfield, New Haven, Windham, Tolland, New London and Middlesex counties.

The volunteers use their personal experiences to make the JA curricula practical and realistic. Providing children with positive adult role models, who illustrate ways to build self-confidence, develop skills and find avenues of success in our economic system, is a hallmark of Junior Achievement.  Individual interested in learning more about the JA volunteer program should contact 860-525-4510 or visit www.jaconn.net for details.