Accent on Exports in Connecticut; State Supports Business Outreach Overseas

If Connecticut were a country, it would be the sixth-most productive in the world, according to the state’s annual report by the department of Economic and Community Development. A critical building block for economic productivity is exports, and a look at the data reveals some surprisingly positive statistics. The backdrop is offered by more than 700 global companies that have subsidiaries here, employing more than 100,000 people, the Organization for International Investment points out.  The state’s convenient access to a variety of transportation options all provides access; there were 4.6 million tons of cargo carried on Connecticut rails in 2015, for example, and 11.4 million tons of freight shipped through Connecticut ports in 2013.

The U.S. Commercial Service and the Connecticut District Export Council have teamed up to create a series of events throughout Connecticut marking the annual Connecticut Export Week. These events will take place during  April 24-28. Connecticut Export Week 2017 will educate businesses on initiating and or expanding their global market. Officials describe Connecticut  Export Week 2017 as the only free event of it’s kind in the nation.  A series of free events and webinars will be offered at locations around the state.  Topics include exporting to China, expanding to new markets, initial market research, how to develop and maintain an export network, and export logistics.

“The ease of global travel and freight movement by rail and highway makes Connecticut a prime location for domestic and international trade,” the report points out.  Leading exports include: Aerospace/Transportation Equipment, Non-Electrical Machinery, Computers and Electronics, Chemicals, Electrical Equipment, Fabricated Metals Production, and Primary Metal Manufacturing.

The top three trading partners for the state are Germany (10.8% of state exports), Canada (10.7%), France 12.7%, United Arab Emirates (10.4%) and Mexico (8.7%).

The Connecticut Department of Economic and Community Development (DECD) recently called on companies to apply for grants of up to $7,000 for a wide range of export-related activities. Funding is from the Small Business Administration (SBA), which awarded Connecticut a $244,000 grant to help increase state exports and the number of small businesses that export. The Department has provided more than 350 grant awards allowing Connecticut companies to participate in Medica, the leading international medical device trade show in Dusseldorf, Germany; Hannover Messe, the world’s largest industrial technology trade show in Hannover, Germany; and the international air shows in Farnborough, U.K. and Paris. Additionally, companies can request reimbursement for trade shows, trade missions and other export activities specific to their industry.

“These investments are helping Connecticut’s small businesses compete in the global economy,” said DECD commissioner Catherine Smith. “For example, grants have been provided to companies to help offset the costs of attending the Farnborough Air Show, one of the most important air shows in the world. Without these grants many of the suppliers and component manufacturers in Connecticut’s supply chain could not attend, missing a key opportunity to establish important contacts and build relationships with the leading aerospace contractors across the globe.”

Independent Analysis Sought for State's Economic Incentive Programs

Timing is everything.  Just days after the Yankee Institute for Public Policy reported that a federal grand jury has indicted a former Vernon resident for using a fake pita company to fraudulently obtain $3 million, including $400,000 from the State of Connecticut, the state legislature held a public hearing on a proposal designed to enhance Connecticut’s analysis of the efficiency and effectiveness of the state’s economic development investments. State Comptroller Kevin Lembo, joined by a broad coalition of open government advocates, testified in support of the legislation.  “Connecticut can and should be one of the most economically competitive states in the nation – but that can only happen if we adopt best practice in how we analyze the success and failures of our economic development programs,” Lembo said.

“The state provides hundreds of millions of dollars in economic incentive programs to Connecticut businesses every year for the purpose of advancing economic development and job creation,” Lembo said. “The state owes it to businesses and all taxpayers to fully analyze the return on investment that these sizable and important programs actually deliver in order to assess whether such resources are fulfilling their intended purpose or, if not, whether state funds would be better deployed to other economic development or infrastructure investments.

The proposal, House Bill 7316, would improve how Connecticut analyzes the success and failures of its economic development investments in several ways, according to the Comptroller’s Office. It will streamline the reporting requirements, while expanding the scope of reporting to include all business assistance and incentive programs. It will subject business assistance and incentive programs to performance reviews by the Auditors of Public Accounts and require the Auditors to review the analysis and reporting performed by DECD on such programs – providing necessary independent oversight.

Lembo pointed out that “Connecticut is now one of only two states in the nation where the success of economic development programs is analyzed by the same agency that administers the programs. An unbiased assessment of the performance and administration of these programs has in other states resulted in opportunities for savings.

The Comptroller noted that his office has worked with both the Auditors of Public Accounts and the Department of Economic and Community Development, to “come to mutual agreement on the bill’s language.” The legislation would also require specific legislative committees to hold public hearings to discuss the results of the evaluations and receive input from stakeholders.

The Yankee Institute report indicated that the state’s Small Business Express program, which offer grants and loans to small businesses, awarded the now-indicted former resident a $300,000 loan and a $100,000 grant in 2012.  The report said that the state funding was meant to retain 11 jobs and hire 25 more people.

A broad coalition of open government advocates and organizations submitted testimony in support of the legislation.

On behalf of The Pew Charitable Trusts, Robert Zahradnik, Director of Policy, State Fiscal Health, said, “In Connecticut, as in many other states, business incentives are both a primary economic development tool and a major budget commitment. For that reason, The Pew Charitable Trusts’ research shows that studying the results of incentives is a vital step for states to create jobs, raise wages, help businesses to grow, and to maintain a balanced budget.”

Derek Thomas, Fiscal Policy Fellow at Connecticut Voices for Children, said, “Unlike general fund spending on education, roads, and other spending on the building blocks to a healthy economy, business tax breaks lack transparency. Once on the books, they can remain for years, or even decades, without scrutiny. A more efficient, transparent, and fair budget process would include regular reviews of all economic development incentives to ensure that tax expenditures are yielding the promised economic development benefits. Just like spending, business tax breaks should undergo regular scrutiny to determine their effectiveness.”

The Small Business Express program, which gives grants and loans to smaller to medium sized businesses, has “assisted 1,687 companies — ranging from 'mom and pop' stores to advanced manufacturing firms — with $267 million in loans and grants to retain 18,671 and create 6,795 jobs,” according to the DECD 2016 Annual Report.  In 2016, there were 194 businesses receiving assistance in exchange for commitments to retain 2,912 jobs and create an additional 931.  Total funding commitments were $35,408, 428 in grants and loans.  A year ago, DECD celebrated the 1,500th company to take part in “the governor’s keystone small business development program, the Small Business Express program,” the DECD report indicated.

Joe Horvath, Assistant Policy Director at Yankee Institute for Public Policy, said, "Good economic policy is broad-based and does not favor single businesses, or even industries. This bill would help provide state officials with critical information in determining which economic development programs fail to provide the returns promised, an important step to ending waste and cronyism in Connecticut." Added Daniel J. Klau, President of the Connecticut Council of Freedom on Information (CCFOI):  “CCFOI is very pleased to support this legislation that enhances public confidence in the effectiveness of economic development investments.”

The streamlined report will focus on the most pertinent information, Lembo said, including economic impact of each program, the extent to which it is meeting statutory and programmatic goals, and the efficiency with which the program is being administered. “These incentive programs reduce tax revenue at both the state and local level, and increase state borrowing. It is essential that the legislature review their impact and make informed decisions about the continuation, expansion or elimination of each program. The changes proposed in this legislation will help our state make data-driven decisions about tax credit and abatement programs, ensuring that we are focusing state resources toward their highest and best use.

Strong Defense: Where CT's Jobs Will Be

“As a convergence of technological advancements, changing military demand and shifting workforce demographics force a major period of transformation across the (defense) industry, Connecticut must adjust its approach to workforce development and retention, or risk losing its competitive edge to other regions.” That’s the conclusion of a 23-page policy brief issued by CT21 which analyzed the pitfalls and potential of the aerospace and defense industries - a “significant pillar of Connecticut’s economy” - and the state’s workforce, on the brink of what the report describes as “an inflection point” for the state.

“With a workforce that is aging into retirement faster than the current pipeline of workers can fill the gap, existing training programs are being strained to both produce higher numbers of qualified graduates and keep their programs current with the skills industry needs,” the report indicated.

To solve this multi-faceted challenge, CT21 calls on state officials to:

• Expand existing training programs and launch new ones
• Increase industry input into training program development
• Expand the workforce applicant pool
• Incentivize the retention of retiring industry expertise

“The full ecosystem around the defense industry in the state must come together to address these overlapping trends – and many of these collaborative initiatives are already producing significant results – but state government still has a unique role to play in bringing the right ideas to the table,” the report explains.

The report notes that the 2016 Aerospace and Defense Workforce Study conducted by Aviation Week and Space Technology found over a quarter of the nation’s A&D workforce is over the age of 55. To highlight the local impact, 35% of Electric Boat’s workforce is within ten years of retirement. Over 7,800 workers have 20 or more years of service, and nearly 950 have 40 or more.

By way of illustration, the report devoted attention to United Technologies’ Pratt and Whitney.

“Based on projections for deliveries of military and commercial engines, Pratt expects to double production by 2020 and again by 2027. As of last September, the company expected to hire nearly 8,000 new workers in Connecticut over the next decade, including 1,000 engineers and 1,000 manufacturers in the next year. Pratt operates a business model that also relies heavily on the supply chain, with 85% of its engine parts being manufactured elsewhere.”

The report calls on state government to take a range of actions, including:

1. Expand existing training programs and launch new ones
2. Increase industry input into training program development
3. Expand the workforce applicant pool
4. Incentivize the retention of retiring industry expertise
5. Create additional professional growth opportunities
6. Take steps to improve the quality of life – both real and perceived
7. Expand existing training programs and launch new ones
8. Increase industry input into training program development
9. Expand the workforce applicant pool
10. Incentivize the retention of retiring industry expertise

Among the challenges the report cites are increasing competition from other industries and variable quality of life across the state. To respond, CT21 urges that state to create additional professional growth opportunities and improve quality of life statewide. CT21 stresses that the state must “leverage the opportunity before us to truly put Connecticut on a path towards a prosperous future.”

The Connecticut Institute for the 21st Century provides continuing opportunities for its members and other organizations to understand and discuss economic activity in the state and obstacles to its success. For more information, visit www.CT21.org

CT Is a Top Ten State - In A Good Way

Awash in a sea of negativity amidst yet another state budget deficit and intensifying concern about the prospects of additional fees, taxes, and service reductions, state residents now have an opportunity to accentuate the positive, courtesy of the 2017 Connecticut Economic Review. Noting that Connecticut is “at the epicenter of the Northeast” and “at the forefront of innovation,” the publication highlights an array of statistics that produce a “dynamic blend of advantages that make Connecticut a great place to start or grow a business.”

Among the key stats:

• Connecticut ranks #3 in the country for the percentage of employees with advanced degrees - more than 400,000 employees have advanced degrees. And Hartford was identified as one of the 19 global Knowledge Capitals by the Brookings Institution.

• Connecticut ranks #4 among the top states for private R&D investment per capita, at $2,227. Massachusetts, Delaware and California are the only states that rank higher. That’s also more than twice the national average.

• Connecticut ranks #5 among the states for productivity per person, and #6 on the State Technology and Science Index, which benchmarks states on their science and technology capabilities and broader commercialization ecosystems that contribute to company growth, high value-added job creation and overall economic growth.

The state’s growing bioscience industry is responsible for more than 35,000 bioscience employees in over 2,000 companies. Connecticut also ranks #6 for academic R&D growth and #7 for state R&D investment.  Overall, the state ranks 5^th in patents per capita and has 39 percent more patents than the U.S. average. Two Connecticut companies, Alexion and priceline.com, have been named by Forbes as among the nation’s most innovative companies.

In his introduction to the economic report, Governor Dannel Malloy points out that “Connecticut has grown to become a global hub in bioscience, digital media and green technology. We enjoy a combination of a real entrepreneurial spirit, remarkable experience and one of the most educated and productive workforces in the world.”

The New Economy Index, which measures how states are positioned to drive economic evolution in today’s changing society, ranks Connecticut #8 in the U.S., indicating that the state “offers the kind of environment that is particularly conducive to growth for companies that are capitalizing on the latest global economic trends.  (The top seven are Massachusetts, Delaware, California, Washington, Maryland, Colorado and Virginia.)  The ranking is based on measures in five key areas:  Knowledge jobs, Globalization, Economic dynamism, digital economy, and innovation capacity.

Produced by the Connecticut Economic Resource Center, the publication was sponsored by Eversource.

Number 9: CT Among Nation's Leaders in Innovation

Connecticut is the nations 9th most innovative state, according to a new analysis by the financial website WalletHub.  The state also placed sixth in research & development spending per capita and ninth in venture-capital funding per capita, the review of the 50 states found. Overall, the top 10 most innovative states included District of Columbia, Maryland, Massachusetts, California, Colorado, Washington, Virginia, Utah, Connecticut and New Hampshire.  New Jersey ranked #12 and New York was #16.  At the other end of the spectrum, the least innovative states were Louisiana, Mississippi and West Virginia.

In individual categories, Connecticut placed:

• 13^th – Share of STEM Professionals
• 14^th – Share of Science & Engineering Graduates Aged 25+
• 15^th – Projected STEM-Job Demand by 2020
• 15^th – Avg. Internet Speed
• 24^th – Share of Technology Companies
• 27^th – Eighth-Grade Math & Science Performance

WalletHub’s analysts compared the 50 states and the District of Columbia across two key dimensions, “Human Capital” and “Innovation Environment,” evaluating those dimensions using 18 relevant metrics.

The Norwalk Hour is reporting that Connecticut Public Television is moving forward with its plan to create an innovation and tech center along Wall Street in the heart of Norwalk. The project would require bonding from the state, with Connecticut Public Broadcasting borrowing another $5 million to $7 million, Hearst Connecticut Media learned last October.

The Connecticut Technology Council's annual Women of Innovation event takes place next week, on March 29.  The Women of Innovation event seeks to create :"a growing network of women in the “trenches” of STEM." Finalists are the scientists, researchers, academics, manufacturers, student leaders, drafters, entrepreneurs, and technicians "who create tomorrow’s advancements through their tireless efforts today," the organization said.  The awards will recognize Academic Innovation and Leadership at the High School and College level, Community Innovation and Leadership, Entrepreneurial Innovation and Leadership and Research and Innovation Leadership, as well as innovation and leadership at small and large businesses.

Data used to create the ranking were collected from U.S. Census Bureau, Bureau of Labor Statistics, National Science Foundation, National Center for Education Statistics, Georgetown University’s Center on Education and the Workforce, United States Patent and Trademark Office, Ewing Marion Kauffman Foundation, Tax Foundation, Consumer Technology Association, Akamai Technologies, U.S. Cluster Mapping Project and National Venture Capital Association.

Connecticut Main Street Center Award Winners Reflect Excellence, Community Involvement

A downtown management organization engaging the community in envisioning two underutilized parks as places that downtown residents, visitors, workers and families can mingle with artists and creatives, and a regional planning organization that created a program focused on supporting local businesses, creating jobs and filling vacant spaces in eight village centers are just two of this year's Awards of Excellence winners being recognized by the Connecticut Main Street Center (CMSC). In total, eight recipients have been selected to receive the prestigious awards, including organizations and initiatives from Bridgeport, Unionville Village in Farmington, Hartford, Meriden, New Britain, New Haven, and the Northwest Corner.  The awards will be presented at CMSC's Vibrant Main Streets event in the atrium of the Legislative Office Building on May 18 in Hartford.

The other winning entries include:

• a 14-acre flood control project that created a public park and mixed-use economic development in downtown Meriden;
• a comprehensive and complete overhaul of the City of Hartford's zoning language and process;
• an interpretive wayfinding/signage program that connects Walnut Hill Park, Little Poland and Downtown New Britain;
• the restoration of a historic ball bearing mill on the banks of the Farmington River into a mixed-use campus in the heart of Unionville Village;
• a Twilight Bike Race & Street Festival that celebrates biking, food, culture and entertainment in Downtown New Haven; and
• the redevelopment of a 1903 factory building into 72 units of market rate housing within easy walking distance of jobs and transit in downtown Hartford.

"This year's winners represent both catalytic and keystone initiatives that ignite and support significant positive change in Main Street communities," said CMSC Associate Director Kimberley Parsons-Whitaker. "From engaging the community in playing a proactive role in local economic development and envisioning new life for their historic public places, to the complex redevelopment of historic mills and factories for modern residential and commercial uses, our 2017 award recipients are leaders in re-imagining Main Streets."

In addition to its Awards of Excellence, CMSC also named the recipient of its 2017 Founder's Award, presented by Eversource Energy. CMSC founding President & CEO John Simone, who will retire in August, was selected to receive the Founder's Award for his more than 17 years of leading the organization's evolution as the voice of downtown, and for championing the tools, resources and political will needed for Connecticut's Main Streets to thrive.

Connecticut Main Street Center's mission is to be "the catalyst that ignites Connecticut’s Main Streets as the cornerstone of thriving communities."  CMSC works at both the local and State level to create and implement successful downtowns that meet the needs of residents and visitors. The organization describes a successful downtown as "one that incorporates housing, retail, social and business opportunities with transportation options for all users – walkers, cyclists, motorists and more."   Created in 2003 to recognize outstanding projects, individuals and community efforts to bring traditional downtowns and neighborhood commercial districts back to life, socially and economically, the Awards of Excellence are presented annually.

2017 Connecticut Main Street Center Awards of Excellence

CT Main Street Catalyst Awards

•  Meriden Green - Recipient: City of Meriden. Partners: State of CT (DECD, DEEP, DOT); U.S. EPA; FEMA; Army Corps of Engineers; Meriden Flood Control Implementation Agency; Milone and MacBroom; AECOM; and La Rosa Construction.
• Downtown Bridgeport Placemaking Program & Downtown Farmers Market at McLevy Green - Recipient: Bridgeport Downtown Special Services District. Partners: Project for Public Spaces; New Venture Advisors LLC.
• ZoneHartford: Form-Based Code Zoning Regulations - Recipient: City of Hartford. Partners: Fitzgerald & Halliday, Inc.

CT Main Street Keystone Awards

• Collaborative Shared Economic Development Services Project - Recipient: NW Hills Council of Governments. Partners: Goman+York; One Eleven Group; State of CT (OPM); Towns of Canaan/ Falls Village, Cornwall, Goshen, Kent, North Canaan, Norfolk, Salisbury/Lakeville and Sharon
• New Britain Historic Trails & Signage Program - Recipients: City of New Britain; TO Design LLC. Partners: National Parks Service
• Upson Market Place, Unionville - Recipient: Brian Lyman of Parker Benjamin Real Estate Services LLC. Partners: Town of Farmington.
• New Haven Grand Prix: a Twilight Bicycle Race & Street Festival - Recipients: CT Cycling Advancement Program; Town Green District (New Haven). Partners: City of New Haven; Taste of New Haven.
• Capewell Lofts, Hartford - Recipient: CIL. Partners: Capital Regional Development Authority; State of CT (DECD); InsurBanc; Guilford Savings Bank; Crosskey Architects; TO Design

CT Residents Have Among the Highest State & Local Tax Burdens in US

Two separate analyses of tax burdens across the nation’s 50 states have placed Connecticut in the top ten – among those with the highest state and local tax burden.  The state-by-state reviews, by the financial websites 24/7 Wall Street and WalletHub, rank Connecticut second and sixth respectively. “With some of the wealthiest neighborhoods in the country, Connecticut residents pay more in property taxes than in nearly any other state,” says 24/7 Wall St. in its review. “Residents pay $2,774 per capita in property taxes, almost twice the national average. The state’s effective property tax rate of 1.7% of the value of a typical Connecticut home is the sixth highest of any state. Despite the high tax burden overall, the state’s pension system is relatively underfunded. Connecticut has just 51% of the funding for its pension obligations, the fourth smallest share nationwide.”

The Connecticut financial highlights include:

• Taxes paid as pct. of income: 12.6%
• Income per capita: $68,704 (the highest)
• State income tax collections per capita: $2,279 (the highest)
• Property tax collections per capita: $2,774 (3rd highest)
• General sales tax collections per capita: $1,137 (8th highest)

In the 24/7 Wall Street report, the highest tax burden was attributed to New York.  Rounding out the top ten after Connecticut were New Jersey, Wisconsin, Illinois, California, Maryland, Minnesota, Rhode Island and Oregon.

The WalletHub rankings, using a somewhat different methodology, ranked Connecticut has having the 6^th highest tax burden among the states.  Include were these snapshots of Connecticut (the higher the ranking the lower the rate):

• 46th – Overall Effective State & Local Tax Rate
• 33rd – Income Tax
• 34th – Sales & Excise Taxes

The highest tax burdens were in Illinois, Nebraska, Wisconsin, New York, Rhode Island, Connecticut, Ohio, Michigan, Iowa and New Jersey.  In order to identify the states with the highest and lowest tax rates, WalletHub’s analysts compared the 50 states and the District of Columbia across four types of taxation, real estate tax, vehicle property tax, income tax and sales & excise tax.

Disparities Evident As Fairfield County Considers Its Community Wellbeing

Fairfield County’s sizeable immigrant population - twenty percent of Connecticut’s most populous county - grew 89 percent from 1990 to 2014. In some municipalities, foreign-born residents make up as much as a third of the population. That is among the findings in the Fairfield County Community Wellbeing Index 2016, which examined regional demographics, economic opportunity, education, health, quality of life, and happiness.  The report includes analysis of the communities, populations, and neighborhoods of Fairfield County, as well as opportunities available and issues facing the area.

Since 1980, the size of the population living in neighborhoods that are considered most affluent – defined as those with an average family income more than 2.5 times higher than the state level - has tripled within Fairfield County. Meanwhile, the number of people living in poor neighborhoods is 3.5 times its 1980 size. The number of people in middle-income neighborhoods has decreased by sixteen percent.

Fairfield County’s Community Foundation, a major funder of the report, partnered with DataHaven, area hospitals, and government agencies to help launch a more robust and comprehensive resource that could serve as a part of the hospitals’ and health departments’ Community Health Needs Assessments as well as a broader county-wide indicators program.

“Fairfield County’s Community Foundation is committed to addressing the most pressing issues facing Fairfield County, but to do that we first need to be able to identify and understand those issues,” stated Nancy M. von Euler, Vice President, Programs, Fairfield County’s Community Foundation. “The data in the Fairfield County Community Wellbeing Index 2016 will help us to develop priorities for collective action to build a stronger, healthier Fairfield County where everyone has the opportunity to thrive, regardless of their zip code.”

The report states that "Despite its overall affluence, Fairfield County is among the nation’s most unequal metropolitan areas. Inequities in well-being appear when evidence is stratified by income, age, race, gender, and zip code. These differences are often most apparent after considering data that were collected specifically for the age groups and neighborhoods that are most impacted."

Among the findings, between 2014 and 2025, adults ages 65 and over are Fairfield County’s only age group projected to grow significantly, with a thirty-seven percent increase. Disparities in the County were also evident:

• High and rising childcare costs are often prohibitively expensive for low and middle-income families. While Fairfield County has nearly enough spaces for all 3- to 4-year-olds to attend preschool, there are only enough regulated childcare slots for fifteen percent of the county’s children ages 0 to 2, and enough subsidized slots to cover only twenty-two percent of these youngest children in low-income households.

• The issue of dental care arose as an indicator of well-being, particularly among younger adults and families. The Index shows that for every 10,000 residents living in Fairfield County, 12 residents visit an emergency room to receive treatment for preventable dental conditions in any given year, whereas on the East Side of Bridgeport, 178 residents do.

• Fairfield County residents are healthy when compared to national benchmarks. However, many conditions and risk factors—such as asthma, food insecurity, exposure to community violence, and the early onset of diabetes—are disproportionately prevalent in lower-income neighborhoods and communities of color. Sections of Bridgeport in particular fall very far behind the surrounding area in many of these measures.

• Disparities in access to reliable transportation persist between racial and income groups. A majority of Fairfield County workers, regardless of income, commute to another town for work. Many low-income (annual wages under $40,000) workers leave Bridgeport for work, while large shares of high-income workers commute to New York City.

“The process of developing this report allowed local partners and community members to identify links between the well-being of residents and the places where they live. Looking beyond typical measures like income levels or unemployment rates, the Community Wellbeing Index reveals a much more uneven distribution of opportunities in areas such as neighborhood walkability, economic development, public health, and education,” said Mark Abraham, Executive Director of DataHaven and a lead author of the report. “The impact that these barriers to opportunity have on overall well-being and happiness will serve as a call to action for many groups working to improve Fairfield County’s diverse neighborhoods and towns.”

The Fairfield County Community Wellbeing Index 2016 was based on a variety of federal and statewide data sources. Partners of DataHaven’s Fairfield County Community Wellbeing Index 2016 include Fairfield County’s Community Foundation; Bridgeport Hospital; Danbury Hospital; Greenwich Hospital; Norwalk Hospital; St. Vincent’s Medical Center; and Stamford Hospital.

10 CT Companies Are Finalists at Entrepreneur Innovation Awards, Three Receive Funds to Boost Growth

Fledgling entrepreneurial businesses in West Hartford, New Haven and Marlborough will be getting a financial boost in their efforts to gain a foothold in their respective industries. CTNext, Connecticut’s go-to resource for entrepreneurial support, announced the three winners of the most recent Entrepreneur Innovation Awards (EIA), held this month at the Connecticut Historical Society in Hartford.

The finalists, Connecticut-based companies and entrepreneurs, presented their innovative project ideas to a panel of entrepreneurial experts for an opportunity to secure $10,000 awards to help support business growth. The top winners, to receive $10,000 awards, were:

• GinzVelo Hybrid Electric Cycles (West Hartford): A personal transportation solution powered by pedaling or the electric motor to effortlessly travel up to 100 miles to and from your destination.
• Sweetflexx (Marlborough): Resistance technology active wear enables muscles to work more efficiently, resulting in a higher rate of calorie burn.  McCullough Shriver founded Sweetflexx. (see video below)
• Verb Energy Manufacturing (New Haven): A healthy, caffeinated, energy bar that combines your cup of coffee and an energy bar for less cost. Verb Energy  was founded in 2016 by four Yale students.

The “judges’ favorite” went to Sweetflexx, and the “crowd favorite” was awarded to Verb Energy.  Each business will receive an additional $2,000.

The other finalists included:

• Global Hydro Pneumatic High Tech Inventions (Shelton) Developing an all-wheel hydraulic power jack system that is safer and less damaging to cars.
• Loki (Woodbridge) Creating an app that gives users control over their own multi-perspective visual experience.
• Mobile Sense Technologies (Farmington) Engineering an “off-the-chest” ECG monitor for 24/7 management of cardiac arrhythmias.
• Obvia (West Hartford) Creating a lightweight, dual-winglet blade for small to mid-sized wind turbines that is both energy- and cost-efficient.
• Olie Robotics (Manchester) Building a professional robotic vacuum that cleans offices at a third of the cost with no labor hassles.
• PennSMART (North Branford) Producing a universal retrofit for lighting fixtures that allows surveillance and sends alert notifications.
• Trekeffect (Niantic) Creating an app that allows individuals to sell their travel itineraries.

“The Entrepreneur Innovation Awards seek to give new and growing companies the support they need to thrive,” said Glendowlyn Thames, executive director of CTNext. “Through these events, we have seen a number of incredible companies that are changing their respective industries and creating a positive economic impact in our state. These grants continue to support companies at the earliest stages of growth and to drive them to the next level of development.”

To be eligible for an EIA, startups must be Connecticut-based, registered as CTNext members, and looking to conduct growth-related activities to help advance their business. Project examples include but are not limited to prototyping, performance testing, compliance testing, product or service development, market research, licensing and more.

A full list of criteria can be found on the application page. For more information on the program or to apply, please visit: http://ctnext.com/entrepreneur-innovation-awards/.  CTNext launched in 2012 and has more than 1,500 members in its network, since initiating the awards program in February 2014 CTNext has awarded $544,000 to 52 companies.

The goal of CTNext is to build a more robust community of entrepreneurs and to accelerate startup growth by providing access to talent, space, industry expertise, services, skill development and capital to foster innovation and create jobs for people in Connecticut.

https://youtu.be/f7AxJz-KsUA

Bridgeport, Stamford, New Haven, Hartford, New Britain Among Most Culturally Diverse Cities in USA

Five Connecticut cities are among the nation’s most culturally diverse, according to a new analysis.  Bridgeport is the 15^th most culturally diverse city in the U.S., according to the analysis by the financial website WalletHub, which also ranked Stamford at number 22.   New Haven, Hartford and New Britain were back-to-back-to-back, ranking  at number 30, 31 and 32 on the list of more than 500 cities across the country. Bridgeport’s cultural diversity score was 86.34, and the city ranked 28^th in ethno-racial diversity, 17^th in linguistic diversity and at number 150 in birthplace diversity.  Stamford’s cultural diversity score was 84.29, and the city ranked 63th in ethno-racial diversity, 20th in linguistic diversity and at number 103 in birthplace diversity.

New Haven’s scores and rankings were similar, with a 83.02 cultural diversity score, and ranking at number 76 in linguistic diversity and number 132 in birthplace diversity.  New Haven was the only Connecticut city to rank in the top 10 in any category, finishing ranked at number 10 in ethno-racial diversity.

When the analysis broke metropolitan areas down by size, among medium sized cities Bridgeport, Stamford, New Haven and Hartford all ranked in the top 15 most culturally diverse.  Waterbury ranked at number 19.  Among small cities, New Britain ranked 8^th, Danbury 10^th, Norwalk 15^th and West Hartford 76^th.  Large cities in the analysis were those with more than 300,000 people; midsize cities with 100,000 to 300,000 people, and small cities with fewer than 100,000 people.

The most culturally diverse city in the U.S. is Jersey City, New Jersey, with a score of 95.88.  New York City ranked sixth; Providence was at number 12.

“The country as a whole is becoming increasingly ethnically diverse, and living in an ethically diverse city today is good exposure to the opportunities and challenges all cities will be facing sooner or later,” said Mario Luis Small, Grafstein Family Professor of Sociology at Harvard University.  “Ethnic diversity in neighborhoods is associated with a strong preponderance of businesses and local organizations that generate economic activity and sustain community.  Children exposed to ethnic and language diversity early on, develop a broader and more sophisticated understanding of the diversity of the world.”

In determining the cultural diversity scores, the three categories were weighted, with racial and ethnic diversity making up 50 percent of the score, language diversity 33 percent and U.S. region of birth diversity consisting of 17 percent of the score.  The regions were in-state, Northeast, Midwest, South, West, U.S. territories, and foreign-born.