Young Professionals Honored Across CT; Emerging Leaders Earn Plaudits in Many Fields

There appears to be no shortage of outstanding young professionals in Connecticut, as a glimpse at business publications this month clearly shows. Hartford Business Journal has named “the 40 best young professionals in Greater Hartford,” and Fairfield County Business Journal has honored its top choices, with their annual 40 Under 40 Awards recognizing emerging business leaders. Candidates are judged on their contributions to their specific industry or the position of authority they have achieved in their career.  Leaders in business and non-profits of all sizes and industries were considered, according to the publication.

HBJ Managing Editor Brad Kane explains that “HBJ’s 40 Under Forty awards identifies young leaders who have already had success but who also have the potential to lead the professional world of tomorrow.  These individuals want to lead both in the board room and in life.”

The Fairfield County Business Journal’s 11th annual event, held recently, honored 40 people working in industries including law, real estate, medicine, nonprofits and others in Fairfield County. More than 300 people attended the event at the Maritime Aquarium at Norwalk.

Norwalk Mayor Harry Rilling congratulated the Fairfield County group at the awards ceremony, “You’re the rising stars of Connecticut, and we thank you for what you do,” Rilling said.

Hartford Business Journal reveals its selections from a sizable pool of candidates in the current issue, and will present its awards at an event to be held at the CT Convention Center in Hartford on September 30.

Greater Hartford’s 40 Under 40, as published by the Hartford Business Journal:

Julianne Avallone, Ford & Paulekas

Stephanie Higgins Bealing, Replacement Lens Express

David Bittner, St. Francis Hospital & Medical Center

Anthony Byers, Hartford Youth Scholars

Michael Byrne, UBS Global Asset Management

Megan Carannante, Pullman & Comley

Rebekah Castagno, The Village for Families & Children

Aidan Charles, Charles Coaching & Nutrition Services

Dan Clark, Clark Insurance

Endia DeCordova, Manchester Community College

Jocelyn DeMaio, The Hartford Financial Services Group

Stephanie Dumont, Comcast

David Elder, ConnDOT

Stephen Frenkel, Cigna

Ryan T. Gardner, Fiduciary Investment Advisors

Jacquelynn Garofano, United Technologies Research Center

Tara Gerber, Travelers Championship

Daniel Gottfried, Hinckley Allen

Jaclynn Hart, Hartford Performs

Jennyfer Holmes, Hartford Foundation for Public Giving

Elizabeth Johnson, Post University

Jonathan Kaplan, Pullman & Comley

Alex Koenigsberg, Creative Living Community of CT

Melissa Lambright, SIGHT Eye Health

Lori-Ann Marchese, Body Construct

Michelle McDade, The Hospital of Central Connecticut

Kristina Miner, Hartford Steam Boiler Inspection & Insurance

Karraine Moody, Hartford Area Habitat for Humanity

Quentin Phipps, Charter Schools for Excellence

Kathryn Redican, Berkshire Hathaway HomeServices

Todd R. Regan, Robinson+Cole

Natasha Roggi, Hartford Sweat

Jacquelyn Santiago, COMPASS Youth Collaborative

Kathryn Shafer, Partnership for Strong Communities

Anthony Shannon, Shipman & Goodwin

Steven C. Taylor, Webster Bank

Joseph Turbessi, Finished: What's Next?

Rebecca Wareing, Management Search

Robert Zanlungo, Primary Residential Mortgage

Mark S. Zatyrka, American Homecare Federation

Fairfield County 40 Under 40, as published by the Fairfield County Business Journal:

Joshua Aferzon, CEO, Orthozon Technologies

Megan Baroni, counsel, Robinson & Cole LLP

Eliot Bassin, partner, Bregman & Company PC

Assaf Z. Ben-Atar, associate counsel, Pullman & Comley LLC

Kelly Berwick, deputy assistant public defender, Division of Public Defender Services

Paul A. Bonomo, CFO and COO, Cannondale Generators Inc.

Peter M. Bryniczka, partner, Schoonmaker, George & Blomberg PC

James Calkins, executive chef and owner, Seasonal Sweets & Catering

Anthony A. Carpentieri, private wealth manager, Private Banking & Investment Group at Merrill Lynch

Nate Checketts, co-founder, Rhone Apparel

Joseph Cichowski, vice president of sales and marketing, Ash Creek Enterprises Inc.

Mario F. Coppola, Esq., partner and corporation counsel for the city of Norwalk, Berchem, Moses & Devlin PC

Jessica Curtis, senior managing director, Newmark Grubb Knight Frank

Sergio DaSilveira, vice president, banking center manager, Webster Bank

Lara Devgan, plastic surgeon, Greenwich Hospital

Steven Fusco, sales consultant, Paychex Inc.

Emily Goldschmid, clinical director of children’s services, Kids in Crisis

Nicole Licata Grant, economic development specialist, UIL Holdings Corporation

Benjamin Healey, associate director, clean energy finance, Connecticut Green Bank

Jason Jaronko, senior program director, Westport Weston Family YMCA

Sean Keating, senior manager, McGladrey LLP

Bryan J. Kelsey, vice president, senior market manager, People’s United Bank

Christiane Kinseley, licensed clinical social worker, A Whole Recovery LLC

Dr. Daniel T. Ksepka, curator of science, Bruce Museum

John Lim, CEO, Life in Mobile

Patrick B. McKiernan, account executive, Abercrombie Burns McKiernan & Company Insurance Inc.

Katrina V. Melei, bariatric surgery program coordinator, Greenwich Hospital

Kathryn Scheinberg Meyer, staff attorney, education success project, Center for Children’s Advocacy

Nick Nguyen, portfolio manager, Cambridge Hanover

Carrie O’Connell, director of employment services, day services and transportation, Ability Beyond

Thomas P. O’Connor, partner, Whitman Breed Abbott & Morgan LLC

Douglas Polistena, general manager, Amber Room Colonnade

David Sansone Jr., project manager, A.P. Construction

Paul Santos, director, information technology and operations, The Center for Family Justice Inc.

Lindsay Clauss Sheehy, sales associate, Houlihan Lawrence

Alison Smith, housekeeper, global messenger, Stern Village, The Kennedy Center, Special Olympics

Dave Stambone, vice president, senior mortgage banker, Total Mortgage Services LLC

Laurie Stefanowicz, vice president, managing partner, Catamount Wealth Management

Jamie Toole, general manager, Bridgeport Bluefish Professional Baseball

Kristen L. Zaehringer, attorney, Murtha Cullina LLP

First-Time Home Purchases Poised for Increase Nationwide; Buyers Market in Connecticut

Nearly one-in-five potential first-time home buyers nationwide are actively looking to buy and nearly two-thirds would like to provide a sizable down payment of 20 percent or more. Nearly two-thirds, 62 percent, of potential first-time home buyers think they will purchase a home within the next two years. Among millennial survey respondents, this number is slightly higher, rising to 67 percent. New research from TD Bank, with 75 locations in Connecticut, indicates that “consumers are gaining confidence in the economy and many are looking to enter the housing market within the next two years,” explained Scott Haymore, Head of Pricing and Secondary Markets, TD Bank.  The bank polled more than 1,000 Americans looking to purchase their first home within the next five years, producing the TD Bank First-Time Home Buyer Pulse report. 

Connecticut, with the strongest inventory of homes on the market in the New England region, is especially attractive to first-time home buyers, points out Maryruth Ryan, TD Bank's Regional Mortgage Sales Manager for Massachusetts, Rhode Island, Connecticut and southern New Hampshire.  “Rates are at historical lows, mortgage programs are good.  It’s a good time to buy in Connecticut,” Ryan said.

The Connecticut Association of Realtors reported earlier this month that single-family house sales across Connecticut rose nearly 14 percent in June, compared with June 2014, with the median sale price dropping just under one percent.  There were 3,756 homes sold in Connecticut last month, 459 more than during the same month a year ago.

Ryan said that as the millennial generation looks to first-home purchases, they “have done their research, they are more prepared, they know what they need to do to qualify for a mortgage for their first home.”

When asked what is preventing them from purchasing their first home, respondents most often cited needing to save money for a down payment (64 percent) and needing to pay down debt (45 percent).  For millennials, the entry to homeownership is even tougher: 70 percent of millennial respondents said they need to save for a down payment and 52 percent said they need to pay down debt. Millennials are more likely to purchase their first home with a partner or spouse (70 percent) compared to potential first-time home buyers of other generations 49 percent.

"Many first-time buyers today are finding it difficult to save for a large down payment, especially young adults who are saddled with substantial student loan debt," said Haymore. “Many lenders today are offering home affordability and down payment assistance programs so it's important for these buyers and potential buyers to shop around for a mortgage and learn more about the options available to them."

The survey noted that more than two-thirds of consumers (68 percent) looking to purchase their first home are interested in move-in ready homes while one-third would like to buy a fixer-upper. And when it comes to amenities, respondents are most interested in their first home having a backyard or pool and an attractive design, followed by energy efficient / smart homes technologies.

The top four financing options first-time buyers consider include cash savings, 30-year mortgage, and an affordability program and government loan.  Ryan points out that financial institutions such as TD Bank provide consumer education about the mortgage process, discussing aspects including budgeting and affordability with prospective home buyers. "The right lender will help first-time buyers understand what they can afford and share information on the different loan options available,” Haymore added.

Some Connecticut home purchases are now including a contingency clause, Ryan indicated, something that isn’t happening at the same frequency elsewhere.  The so-called “Hubbard Clause” is a contingency in a purchase agreement that expressly conditions the buyer's offer upon their ability to sell and close on another home or property, most often their current residence.

Because of the strong inventory currently in Connecticut, rather than more than one buyer lining up to purchase a house and an ensuing bidding war, as is happening in other parts of New England and around the country, first-time home buyers here tend to be able to select the home they’d prefer, and often are the only bidder seeking to make the purchase.  The Greater Hartford Board of Realtors reported that home sales rose for the fifth consecutive month in June in the 75-town region, and that sales increased and prices dropped during the first six months of 2015, compared with a year ago.

The TD Bank First-Time Home Buyer Pulse isavailable at http://mediaroom.tdbank.com/homebuyer.  The survey was conducted by Vision Critical, June 11-16.

Six Connecticut Businesses Earn Honors from U.S. Commerce Department for Export Efforts

Four Connecticut companies - Dymotek of Ellington, Jonal Laboratories, Inc. of Meriden, Mutualink of Wallingford and Proton OnSite of Wallingford – were among 26 companies nationwide to receive the President’s “E” Award for Exports, as determined by the U.S. Department of Commerce.  In addition, Stamford-based Finacity Corporation and Hartford-based law firm Shipman and Goodwin were among 12 firms in the U.S. to earn an “E” award for Export Service.  U.S. Commerce Secretary Penny Pritzker honored a total of 45 American companies and organizations, many of which are small- and medium-sized enterprises (SMEs), at the 2015 President’s “E” Awards ceremony, held earlier this year.  The six Connecticut businesses were among the 45 honored.

Among the 45 businesses, Arizona joined Connecticut with the most businesses earning the “E” designation, with four.  Texas had three; Tennessee, Illinois and North Carolina each had two.  This year’s honorees represent 20 states, with 35 SMEs and 21 manufacturers receiving awards.

The “awardees have made substantial contributions to increasing U.S. exports, which are critical to spurring economic growth and job creation,” said Commerce Secretary Penny Pritzker. “Exports continue to be a driver of our economy, supporting more than 11.7 million jobs in cities and communities across the country. Furthermore, these exporters are examples of the historic progress in our export growth. In 2014, U.S. exports hit an all-time high of $2.34 trillion, accounting for 13.4 percent of GDP. By exporting more Made-in-America goods and services, U.S. businesses are growing faster, hiring more workers, and paying better wages.”

Proton Onsite makes hydrogen and nitrogen generators.  Mutualink manufactures equipment used to facilitate collaborative communication between public safety and first response teams at the scene of emergencies.  Jonal Laboratories makes sealant used in the aerospace industry.  Dymotek manufactures custom injection molded plastic and silicone parts for electronics, plumbing valves and juice dispensers. 

Finacity is a world-class expert in accounts receivable securitizations, specializing in structuring, administration and reporting.

Twelve companies that assist and facilitate export activities were honored with the “E” Award for Export Service. Four firms received the “E” Star Award for Exports, which recognizes previous “E” Award winners who have reported four years of additional export growth. And, three companies were awarded the “E” Star Award for Export Service, which recognizes previous “E” Award winners that have shown four years of continued support of exporters since first winning the “E” Award.

This year marks the 53rd anniversary of the “E” Awards presentation, which recognizes companies and organizations that make a significant contribution to the expansion of U.S. exports.  In 1961, President Kennedy signed an executive order reviving the World War II “E” symbol of excellence to honor and provide recognition to America's exporters. The President’s “E” Award is the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.

“Only a small percentage of America’s 30 million companies export, and of U.S. companies that do export, 59 percent export to only one country. Increasing this number can have a big impact on the U.S. economy,” Pritzker added.

English Language Learners May Hold Key to Economic Vibrancy of Region, State

One-third of Hartford’s population is Puerto Rican, making it the 4^th highest percentage of Puerto Rican people in the continental United States.  But the rapidly increasing diversity of the state’s Capitol City, and the region that surrounds it, only begins there – as do the linguistic and workforce challenges. A new report produced by The Hartford Foundation for Public Giving Latino Endowment Fund focuses on the issues faced by English Language Learners and highlights the opportunities and the challenges of increased cultural and linguistic diversity.

Approximately one-eighth of the Greater Hartford region’s population consists of foreign-born residents, including 4,800 people who have arrived in the state since 2005.  A total of 500,000 foreign-born residents are now living in Connecticut, including 40 percent who hail from Latin American countries.

During the past 25 years, population growth in the Hartford region has been “almost entirely” driven by foreign-born people taking up residence locally, according to the report. In the Hartford region, more than 1 in 5 people speak a language other than English at home.  About three-quarters of Connecticut English Language Learner (ELL) students speak Spanish.

The report found that the region’s “schools and communities are more diverse than ever, with more than 100 different languages spoken in homes throughout Greater Hartford.”  The report raises the question, “How can we harness the assets of a multilingual population to enhance our community and create stronger links to the global marketplace?”

The report notes that “researchers believe that, on average, it takes 2 years to master conversational English, yet 5-7 years to master academic English.”  The report indicated that when analyzing education and workforce data, English Language Learners are far behind their English speaking peers in terms of educational attainment and income.Highlighting one of the challenges for ELL students, the reported found that over the last 4 years, two of the top three teacher shortages in Connecticut have been bilingual and world languages educators.  About 20% of all adult ELLs experienced poverty in the last year, about twice the rate in the state as a whole. In Connecticut, the earned income of ELL adults is $25,000 per year—less than half of English-speakers’ earnings.

“The Latino Endowment Fund has offered this report as a means to expand the important discussion on efforts to support English Language Learners in our communities,” said Luis Cabán, chair emeritus of the Latino Endowment Fund Steering Committee. “This document provides us with an opportunity to reframe how we think about our increasingly global community and recognize the advantages of people speaking more than one language to enhance the richness of our community and create stronger links to the global marketplace.”

The number of Hispanic entrepreneurs in the United States has more than tripled since 1990 from 577,000 in 1990 to 2,000,000 in 2012, according to the report. Immigrant-owned businesses employ 10% of all American workers and generate 16% of the overall US business income.  Connecticut is home to 14,000 Latino-owned small businesses, which represents a 50 percent growth rate since 2007.

In Connecticut as of 2013, there were over 191,000 working-age adults with limited English proficiency.  This population has grown 32 percent since 20000 and now represents 10 percent of the total working-age population.  Over 58 percent of these are Spanish-speaking, the report indicated. 

Some of the potential solutions highlighted in the report are:

• Eliminating the state requirement that a district must have a minimum of 20 students requiring ELL support before receiving state funding. All districts that teach students who need ELL support should be eligible for state assistance.
• Expanding dual-language immersion programs to build a more supportive multilingual environment that can cater to both urban and suburban families.
• Developing an ESL/adult education curriculum for parents that focus on interactions with their children’s schools and teachers.
• Providing additional support to create a smooth transition from adult education ESL classes to college-level ESL classes through the development of a coordinated curriculum.

“While we appreciate the recent actions by the legislature to support ELL students and their families, this report shows that much work needs to be done to assist the thousands of Connecticut children and adults who are not proficient in English,” said Nelly Rojas Schwan, chair of the Latino Endowment Fund and an assistant professor of social work and Latino community practice at the University of Saint Joseph. “The future of our state’s economy will largely be determined by how well we educate and train our English Language Learners and we hope this report will serve as a tool to aid in this discussion.”

Download a copy of the report.

Income Inequality Around Bridgeport Has Grown, Among Nation’s Largest Gaps, Research Shows

Commuting zones surrounding Bridgeport are among the commuting regions in the United States where neighborhood income inequality has grown notably most severe over the past 20 years, according to a new analysis developed by the Urban Institute and published in Governing magazine. From 1990 to 2010, inequality in the United States increased in many ways, the report explains, highlighting that the income, wealth, and educational attainment of residents in the most privileged neighborhoods in the U.S. escalated rapidly over these two decades. Meanwhile, “residents of the most disadvantaged neighborhoods gained little; many of these neighborhoods grew poorer,” the report indicated.

As a result, the study found that inequality between “top and bottom income” neighborhoods intensified in the great majority of commuting zones. Even where inequality dropped, the story was not always positive: it often occurred because top-neighborhood incomes fell in the wake of economic stagnation.

The research report, “World Apart:  Inequality between America’s Most and Least Affluent Neighborhoods,” found that “the national trend toward rising incomes among top-earning households” was reflected in the nation’s top tracts show growth from $123,000 to $138,300, over 12 percent” during the period 1990-2010.  Some top neighborhoods, including those surrounding Bridgeport, “had increases of over $30,000 at the top.”

Annual income in bottom tracts, meanwhile, grew from $36,800 to $37,150 – less than 1 percent over the twenty year period.  The average income of bottom tracts declined in 209 of the 570 commuting zones studied, the report indicated.  The most severe losses at the bottom among large commuting zones, the report found, occurred in Bridgeport, Newark and Dallas. Bridgeport is one of the ten cities with the largest “neighborhood inequality index.”

The report flatly stated that “Bridgeport, which includes the entirety of Connecticut, already was one of the most unequal commuting zones in 1990.  Its top and bottom neighborhoods pulled further apart in income between 1990 and 2010; practically all its top neighborhoods are still in the suburbs and practically all its bottom neighborhoods are in central cities.”

The only cities with commuting zones of over 250,000 people with a higher “neighborhood inequality index” than Bridgeport, as of 2010, are Austin, Baltimore, Birmingham, Columbus, Houston, Nashville, Richmond, and St. Louis.

As a result of changes at the top and bottom, the report noted, income inequality between top and bottom tracts grew from 1990 to 2010 in 433 of the 570 commuting zones. In 237 CZs, income inequality grew because of rapid increases at the top coupled with modest increases at the bottom.

To understand the differences between neighborhoods that share the same housing and labor markets, the Urban Institute analysis used commuting zones (CZs), county-based regions defined in the 1990s. Unlike metropolitan areas, commuting zones cover the entirety of the United States, and their definitions are constant over time.

The study ranked every CZ’s tracts from lowest to highest neighborhood advantage score. Then they identified the top 10 percent and the bottom 10 percent of tracts—the most advantaged and least advantaged neighborhoods in each CZ—for further exploration. There are described as top and bottom tracts. The study analyzed the 570 CZs that had at least 10 census tracts in 2010.

The nonprofit Urban Institute is dedicated to elevating the debate on social and economic policy. The organization’s website explains that “For nearly five decades, urban scholars have conducted research and offered evidence-based solutions that improve lives and strengthen communities across a rapidly urbanizing world. Their objective research helps expand opportunities for all, reduce hardship among the most vulnerable, and strengthen the effectiveness of the public sector.”

Hartford Area Ranked #5 Up-and-Coming City for Tech Jobs

As tech grows to increasingly  impact almost every aspect of our lives, it’s not surprising that the industry is moving beyond its traditional home of Silicon Valley and taking root in regions across the nation.  Where that growth is happening is the subject of continual scrutiny and intense interest.  Now, a new analysis indicates that among the leading up-and-coming regions for tech jobs is Connecticut's Capitol Region of Hartford-East Hartford-West Hartford, which placed fifth in a review of tech jobs by ZipRecruiter. By analyzing the hiring trends nationwide, the company has compiled a list of the Top 10 Up-and-Coming Cities for Tech Jobs.  Greater Hartford was one of two regions in New England to make the top 10 list; the other is Manchester, New Hampshire, three slots behind Hartford.  They were the only Northeast cities to earn a position on the list.

According to the company’s website, “although it once suffered the same decline characterizing many Rust Belt cities, Hartford has diversified into the insurance, healthcare, and tech industries and exhibited positive growth as of our latest jobs report.” While noting that “the city is home to headquarters for United Technologies,” ZipRecuiter also indicated that the region “continues to attract new companies with its population of entry level job seekers from local universities and excellent quality of life.”  UTC recently announced it would be moving its headquarters from Hartford to Farmington, CT, just one town west of West Hartford.

Top 5 technology jobs, according to the analysis, in the Hartford-West Hartford-East Hartford region are:

• Applications Engineer
• Systems Analyst
• Infrastructure Engineer
• Java Developer
• Data Architect

Overall, the top 5 up-and-coming regions for tech jobs in the U.S. were 1) Austin-Round Rock, TX, 2) Raleigh-Cary, NC, 3) Provo-Orem, UT, and 4) Fort Collins-Loveland, CO.  Also reaching the top 10 were 6) Indianapolis-Carmel, IN, 7) Boise City-Nampa, ID, 8) Manchester-Nashua, NH, 9) Nashville-Davidson-Murfreesboro-Franklin, TN and 10) Eugene-Springfield, OR.

ZipRecruiter allows small businesses, individual employers and recruiters to easily reach the right candidates and make the best hiring decisions with single-click postings to 100+ leading job networks and online interview tools, all while eliminating bulky and expensive software. Founded in 2010, ZipRecruiter is a privately held company based in Santa Monica, California.

Business Conferences Seek to Help Businesses Stay and Grow in CT

As Connecticut’s overall policy attitude toward business growth and development continues to be the center of attention as legislators contemplate revisions to the recently passed state budget, a renewed effort to help businesses get underway this week. Employers interested in learning more about hiring incentives, tax credits, job creation programs, creating a business plan, opportunities for women and minority owned business, obtaining low interest financing and other opportunities are being asked to attend one of a series of workshops being offered this month and in September, at locations around the state.

The state Department of Labor and other agencies  are offering free Regional Step Up Conferences.  Online registration is now open for the three events in June. While there is no admission to the conferences, interested businesses are asked to complete the pre-registration form on the website.  The conferences are designed for local businesspeople to see how state and federal resources can help achieve business success.

The first conference will be on Tuesday, June 23 at Naugatuck Valley Community College (Fine Arts Center Lever Atrium-Main Stage Theatre), 750 Chase Parkway, Waterbury, 8:00 – 10:30 AM (light refreshments begin at 7 AM).  Tuesday’s conference will also offer tours of the college’s Advanced Manufacturing Center.

In addition to the Waterbury conference, this week will see Step-Up conferences in Stamford on June 24 and Shelton on June 30.  The conferences resume in the fall, with scheduled sessions in Middletown on September 9, New Haven on September 15, New Milford on September 17, Hampton on September 22 and Bridgeport on September 24, according to the state Department of Labor website.

The events are also sponsored by Governor Dannel P. Malloy and Lt. Governor Nancy Wyman, Secretary of the State Denise Merrill, the Connecticut Department of Labor, the Department of Economic & Community Development and a range of community partners, including Chambers of Commerce, local community colleges, business and manufacturing associations, workforce and community organizations, local legislators and organizations work with the African-American and Latino communities.

This free event will provide valuable information on how companies can take part in the state’s Subsidized Training and Employment (Step Up) programs, Small Business Express, tax incentives, tax credits and more.  Among the topics highlighted are:

• Wage reimbursement & training incentives (Subsidized Training and Employment Program Step Up) and Veterans Step Up that reimburse your company up to $12,500 for new hires
• Low Interest financing under the Small Business Express Program
• How to find and recruit new and qualified employees, including veterans
• Tax incentives for equipment upgrades and job creation
• How to become a State of Connecticut vendor
• Free business plan, marketing analysis
• Incumbent Worker Training programs to develop your workforce
• How apprenticeship programs can assist the trades and manufacturing sectors

CT Ranks 35th in Economic Clout of Women-Owned Businesses; Growth Rate Ranks 43rd

According to the latest State of Women-Owned Businesses Report, women-owned firms in the U.S. now make up 30 percent of all businesses -- and they're generating about $1.5 trillion in revenue, an increase of 79 percent since 1997.  Connecticut, however, ranks 43^rd in the nation in the percentage of growth, below the national average, at 42.1 percent.  The state also ranks 28^th in percentage of revenue growth of women-owned businesses, and 22^nd in the growth of employment levels in women-owned businesses.  Overall, Connecticut ranks 35^th in the nation in the combined "economic clout" ranking of women-owned businesses, considering growth in the number of firms, revenues and employment during the past two decades. The newly released report, looking back at the past two decades, found that women-owned firms are found in every state and in every industry:

• The number of women-owned firms in the U.S. continues to climb, and is now estimated to have surpassed 9.4 million enterprises—30 percent of all businesses in the country;
• Women-owned firms now employ over 7.9 million workers (excluding owners), providing one in seven jobs among privately-owned businesses.
• The fastest growing industry sector is educational services, which has seen a 67% increase in the number of women-owned firms since 2007 versus an overall 21% increase.

A study by American Express OPEN using U.S. Census data found the number of women-owned businesses has grown dramatically since 1997.  Since that year there have been an average of 608 net new women-owned firms launched each and every day across the nation—and the rate just over the past year stands at 887 per day. The number of women-owned firms is increasing at a rate 1.5 times the national average.

Connecticut has nearly 103,000 women-owned businesses employing 95,000 people and generating approximately $16.7 billion in sales, according to data outlined in the report.  

Nationally, the number of women-owned firms has increased by 74 percent since 1997. The states with the fastest growth in the number of women owned firms over the past 18 years are: Georgia (up 132%), Texas (116%), North Carolina (98%), North Dakota (89%) and New York (89%). The top ten states for women-owned firms, in terms of growth in number and economic clout, are North Dakota, Wyoming, D.C., Arizona, Georgia, Nevada, Maryland, Texas, Utah and Hawaii.  The states at the bottom of the list are Iowa, Rhode Island, Maine, Vermont and Ohio.

In 1997, there were just under 1 million (929,445) firms owned by minority women, accounting for one in six (17%) women-owned firms.  That number has skyrocketed to an estimated 3,111,300 as of 2015, now comprising one in three (33%) women--‐owned firms. These 3.1 million multicultural women--‐owned firms employ 1.6 million workers in addition to the owner and generate an estimated $268 Billion in revenues.

The industries with the highest concentration of women-owned firms are healthcare and social assistance (53 percent of firms in this sector are women-owned, compared to a 30 percent share overall), educational services (45 percent), other services (42 percent), and administrative support and waste management services (37 percent).

In the mid-west, Illinois ranks 19th nationally with 68 percent growth in the number of female business owners over the last 18 years, while Indiana placed 45th nationwide with 37.7 percent growth (somewhat below Connecticut's ranking).  New Jersey ranked 25th for growth in the number of women-owned businesses, with a 58.3 percent growth rate between 1997 and 2015, and 40th for growth in revenue, at 58.2 percent.

The report also found that the number of minority women who own businesses has grown significantly. In 1997, minority women owned 17 percent of women-owned firms in the United States. Today, minority women own 33 percent of the nation's 9.4 million women-owned companies. African-American women own 1.3 million businesses and Latinas own 1.1 million companies.

The report points out that "the only bright spot in recent years with respect to privately-held company job growth has been among women-owned firms.  They have added an estimated 340,000 jobs since 2007.  Among men-owned and equally-owned firms, employment has declined over the past eight years."

The study also found that start-up activity among women is on the rise, as the daily rate of net new women-owned firms was 602 in 2011-12, 744 in 2012-13, 1,288 in 2013-14 and this past year was 887 net new women-owned firms per day - all higher than the overall 554 per day over the entire 2007-15 period, according to the report.

Among the 484 net new minority-owned firms per day last year were 223 African-American women-owned firms, 168 Latina-owned firms and 105 Asian American owned firms started each day in 2014.

Pratt & Whitney’s Caitlin Oswald Among Most Creative in U.S. Business for Propelling Jet Innovation

Pratt & Whitney additive manufacturing project manager Caitlin Oswald is one of the “100 Most Creative People in Business for 2015,” in a list compiled by Fast Company magazine featuring business and industry leaders well known – and some relatively obscure - from across the globe. The elite international list of scientists, fashion designers, app developers, architects and others from Nike, Evernote, IBM and Pepsico  and other well-known organizations are among those that Fast Company, the oft-cited media voice for innovation in business, keeps an eye on for the latest in technology and business models that have the potential to change the world.

Oswald was recognized for her work in additive manufacturing, or "3D printing," especially as it has been applied to Pratt & Whitney's PurePower® Geared Turbofan™ (GTF) engine platform. She is credited with leading a team that incorporated additive manufacturing, specifically electron beam melting, through the development process and helping engineers approach challenges in a new way, according to the publication.

As Fast Company explained Oswald’s business leadership:  “When a new fleet of Airbus regional jets take off later this year, they will feature something new under their wings: geared turbofan engines. Possibly the most sustainable jet engine ever built, the GTF will use 16 percent less fuel and significantly reduce CO2 emissions—a breakthrough that was only possible via advances in 3-D–printing technology.”

The publication indicated that “Caitlin Oswald led the team that incorporated 3-D printing into the design process, looking at each part of a jet engine to determine if it could be better developed with the new technique. As a result, engineers were able to approach challenges in a completely different way.”

"They’re able to print a part to scale and hold it in their hand," Oswald told Fast Company. "They can really understand what it looks like and what the capabilities and limitations are."

Added Oswald, a Design and Applied Technology Manager at Pratt & Whitney:  “This concept of additive manufacturing is this big, scary concept out there. Some people can take it and they look at it like it's the best thing since sliced bread and they're going to use it everywhere and let's forge ahead. Then there's the other side who thinks it's too risky; it's just a fad that's never going to gain any ground. My job is in this sweet spot where I'm able to take this big, scary concept and break it out into many bite-sized chunks.”

The Fast Company top 10 include:  Charles Arntzen of Arizona State University’s Center for Infectious Diseases and Vaccinology; Rajan Anandan, Google’s Vice President and Managing Director for India and Southest Asia; Dao Nguyen, publisher of Buzzfeed; Maria Claudia Lacouture, president of ProColombia; Jens Bergensten, lead creative designer for Minecraft; and Leslie Dewan, CEO of Transatomic Power.

Oswald ranked #30 on the list, between Barbara Bush and Tracy Young.  Bush, the daughter of former President George W. Bush, is co-founder and CEO of Global Health Corps.  Young is co-founder of PlanGrid, which developed a software product allows a large team to share a master set of blueprints, so that each team member can add their own markings and see their changes reflected in real time.

The magazine’s awards were presented to the Most Creative People in Business recipients at a Fast Company conference in Los Angeles recently. Said Oswald of the experience: “What I really enjoyed was learning about how people use their passion for creativity to drive their goals."

Read the Fast Company profile of Caitlin Oswald

Leadership Greater Hartford Connects More Than 400 Volunteers with Nonprofit Board Service

In just over six years, more than 400 people in the Greater Hartford area have joined the board of directors of local nonprofit organizations, through an innovative matching program run by Leadership Greater Hartford.  The program has proven both popular and successful, and is seen as a win-win for the nonprofit organization in need of expertise and individuals looking for ways to contribute to the well-being of the community. The Leaders on Board program has matched 404 individuals – from young professionals to retirees - with more than 100 nonprofit organizations since January 2009.  The program attracts individuals with an interest in serving on a board, and looking to develop their leadership skills and serve the community.  Potential board members receive training in nonprofit organizational structure and management, are introduced to the role and responsibilities of board members and are encouraged to explore their own individual skills. The training session provides the foundation for effective board service. 

Leaders on Board, unique in Connecticut and perhaps the largest initiative of its kind in the region, provides a critical connection for nonprofit organizations who are looking for board members that have been trained in the basics of board membership and have expressed an interest in serving on a nonprofit board.  In some cases, individuals’ employers encourage such community activism, in others, the person is seeking to give back to the community or broader their involvement in issues that are of particular interest.  Corporations and businesses participate in the Leaders on Board program by offering board governance training to encourage their employees who are interested in serving the community.

The program works in a round-robin matching session, where representatives of nonprofit organizations conduct brief one-on-one interviews.  At the end of the session, both the individual and the organizations indicate where they think there might be a match.  If there’s agreement, there are further follow-up conversations to determine if selection to a specific board should go forward.  Often, the answer is yes.

“I decided to participate in leaders on Board because I was looking for a way to become a board member on a local, small to medium-sized nonprofit organization," explained Bill Valentine, Donor Relations Manager, United Way of Central and Northeastern CT. "Leaders on Board is the ideal way to learn the basic information about the responsibilities of being a board member and to learn about the organizations that are looking for new board members.”

At times, prospective board members learn of nonprofit organizations they had not been aware of or knew little about.  For people new to the region, and even those who have spent a career in Greater Hartford, the variety of nonprofit organizations, and they work they pursue with various populations, can be eye-opening.  The list of organizations that have placed members on boards through the Express Match process is quite impressive – a who’s who of community organizations.

In 2013, the Association of Leadership Programs, a national organization with affiliates across the country, presented Leadership Greater Hartford with its first “Excellence in Innovation” award for the implementation and success of the Leaders on Board program.  Recent years have also seen greater diversity among prospective board members, and interest by nonprofit organizations in having boards that more closely reflect the diversity of the community they serve.

"I had been considering pursuing board membership for a few years when The Junior League of Hartford offered its members a chance to participate in Leaders on Board," recalled Patricia Sasser, Dean of Students at Loomis Chaffee.  "The Leaders on Board orientation provided great information on what a prospective board member needs to know about board service; it definitely set me up for success.  I felt prepared and excited when I attend my first Leaders on Board Express Match. Having a chance to speak with different organizations about their mission and purpose opened my eyes to all the different types of organizations I could support. I found several that really spoke to my heart and was excited when I was matched with an organization I admired."

Among those who have recently accepted board of directors positions, following the most recent Leaders on Board session:

• Ann Means - Hartford Preservation Alliance
• Chris Whelan - First Choice Health Centers
• Sue Murphy & George Montowski - Hebrew Health Care
• Nancy Frede - Hartford Knights Youth Foundation
• Jessica Dansereau & Veda White - Lupus Foundation of America - CT Chapter
• Veda White - Trinity Academy
• Michael Fournier, Richard Moriarty and Patrick Garrity - Kinsella Arts, Inc.
• Chris Thomas - Mental Health Association of CT
• Jim Barrett - St. Philip House
• Bernard Jenkins, Meri Horowitz and Gary Brochu - Coram Deo Recovery, Inc.
• Richard Moriarty and Patrick Garrity - Kinsella Arts, Inc.
• Karen Adamson, Maia Brooks, and Anthony Viggiano - Project Genesis
• Aaron Clay and Jasmine Baten - West Hartford YMCA

Leaders on Board operates with support from the Hartford Foundation for Public Giving.  For more information, contact Mae Ryan Maloney at 860.951.6161 x1900 or email Mae.Maloney@leadershipgh.org. The mission of Leadership Greater Hartford is to develop, connect and inspire diverse leaders to build strong and vibrant communities.

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