Connecticut, Massachusetts Economies on Divergent Paths

Connecticut and Massachusetts share a border but diverge dramatically in economic standing.  The stark contrast was evident this week in local updates provided by the Boston Globe and Connecticut Business and Industry Association newsfeeds. First, Connecticut:

Connecticut lost 3,500 jobs in November, extending a five-month slide that now marks a crisis point for the state's struggling economy.  The state has lost 15,300 jobs since reaching a post-recession employment high in June—a trend that stands in stark contrast to what's happening in the region and the country.

Connecticut has lost 15,300 jobs since hitting a post-recession employment high in June.

CBIA economist Pete Gioia noted that after an encouraging start to 2017, Connecticut's year-over-year job growth is now flat.

The New England states average 1.2% growth over the last 12 months, while U.S. growth is at 1.4%.

"You can't deny the fact that we now have a full-blown crisis in jobs," Gioia said.  "It's difficult to define the glass as half full when we see continued job losses like this."

Next, Massachusetts:

The Massachusetts unemployment rate dropped to 3.6 percent in November, from 3.7 percent in October, the fourth consecutive monthly decline – the Executive Office of Labor and Workforce Development reported.  The state jobless rate remained one-half percentage point below the national average of 4.1 percent, according to the Massachusetts Department of Unemployment Assistance.

An estimated 6,700 jobs were added to payrolls statewide.  In the private sector, most of the gains occurred in areas that included leisure and hospitality education and health services, construction and manufacturing.  The state labor force dropped by 8,200 from October and is now at more than 3.6 million.

The U.S. Bureau of Labor Statistics estimates that Massachusetts has added 65,200 jobs since last November.

Where Are America’s Big Spenders? Connecticut Ranks Number 6

Consumer spending is the engine that powers the American economy, accounting for about 70 percent of all activity. When the U.S. Bureau of Economic Analysis— part of the U.S. Department of Commerce—published new numbers in October tabulating personal consumption, the website howmuch.net reviewed the data and published the state-by-state breakdown. The data includes areas such as housing and utilities, health care expenses, and eating at restaurants. Washington D.C. topped the personal consumption per capita list, and Connecticut reached the top ten, landing at number six.  The data, the website suggests, “reveals an interesting snapshot about the economy.”  The top ten:

1. Washington, DC: $56,843
2. Massachusetts: $51,981
3. Alaska: $49,547
4. New Jersey: $48,972
5. New Hampshire: $48,810
6. Connecticut: $48,497
7. North Dakota: $48,225
8. Vermont: $47,648
9. New York: $46,906
10. Hawaii: $45,123

The map of the data illustrates a number of trends including that the Northeast has a cluster of heavy consumer spending states.  Six of the top ten most expensive places are in the Northeast, including three of the New England states, led by Massachusetts.

There is also a collection of lower consumer spending states across the Deep South to the Southwest, stretching all the way from North Carolina ($33,779) to Nevada ($36,177) and even up to Oregon ($39,742). At the bottom of the list is Mississippi, “where it costs only $30,200 to pay for life’s most common expenses,” the website points out.

Economic Impact of Travelers Championship Doubles in Past Six Years, Analysis Finds; 2017 Tournament is PGA Tour’s Best

The Travelers Championship has an annual economic impact on the state of $68.2 million, according to a recent study by Connecticut Economic Resource Center, Inc.(CERC)  – and the recognition of its success is not only local, but national.  The tournament has been selected by the PGA tour as recipient of the prestigious “Tournament of the Year” award for 2017. The Travelers Championship also won awards for “Most Fan-Friendly Event,” “Best Sales” and the inaugural “Players Choice.” CERC first conducted an impact analysis of the tournament in 2011, and completed another impact analysis for the Travelers Championship in 2017.  The results were compared, to look at the changes over time and factors that may have influenced changes in the tournament’s economic effects.

The results: The economic impact had more than doubled between 2011 and 2017, due to two primary factors; a much larger total number of spectators, especially the increased number of individuals from outside the state, and increased spending by the tournament in preparing for and administering the increased number of events that occur during the tournament week.

“The Tournament activities and events, along with all of its associated events throughout the year has grown substantially over the past few years, which has resulted in a large increase in the number of spectators from Connecticut and beyond its borders,” said Alissa DeJonge, Vice President of Research, CERC. “Attendance increased dramatically, which increased spending at the event and among the local businesses.”

With record attendance, sales and fan engagement, the 2017 Travelers Championship raised the bar across the board through a strategic approach that focused on providing a first-class experience for fans, players, sponsors, volunteers and charity, officials pointed out. This marks the first time that the Travelers Championship has been recognized as “Tournament of the Year.”

The Travelers Championship, which donates 100 percent of its net proceeds to charity, announced last month that the 2017 tournament generated $1.72 million for more than 165 local charities, including The Hole in the Wall Gang Camp, the primary beneficiary of this summer’s tournament. With approximately 4,000 volunteers worked over 80,000 hours.

It is the largest core amount raised in the history of the tournament, officials pointed out. The record-setting 2017 total brings the total money generated to $14.7 million since Travelers became title sponsor in 2007. More than 750 charities have received funds from the tournament over that time.

“We’re proud of the partnerships we’ve built with local organizations that need help,” said Travelers Championship Tournament Director Nathan Grube. “Handing out these checks to so many worthy charities is the highlight of our year. We won’t forget the week we had at TPC River Highlands, with Jordan Spieth winning in such dramatic fashion and the celebration that ensued. But knowing that more than $1.7 million is being given to such a wide spectrum of nonprofits this year reminds us why we do this. It inspires us.”

As the “Most Fan-Friendly Event,” the tournament provided options for fans of all ages, including affordable access, more than 18 food and beverage locations, fan and kid zones and public on-site concerts. The tournament increased fan engagement by 441 percent through creative video and dynamic content, and following Spieth’s thrilling hole-out to win, the tournament handle trended on Twitter for nearly four hours and the video reached YouTube’s front page within 24 hours.

The tournament continued to enhance the player and caddie experience, providing a complimentary charter flight from the preceding event, healthy food options and a variety of special features including caddie appreciation day, a performance by Kevin Nealon and multiple off-site events. To determine the new “Players Choice” category, TOUR players were asked to vote for one event based on tournament services, hospitality, player and family amenities, community support and attendance.

“We work hard on making sure everyone who attends or participates in our event has a world-class experience, so no detail toward that goal is too small,” said Andy Bessette, Executive Vice President and Chief Administrative Officer of Travelers. “We are proud to associate our brand with the PGA Tour and this event, and are honored by this tremendous recognition. The best part is that any success we have means more money and attention raised for so many local charities that partner with the tournament.”

The 2018 Travelers Championship, will be held June 18-24 at TPC River Highlands in Cromwell.

Andy Bessette, Executive Vice President and Chief Administrative Officer of Travelers; Sarah Ficenec and Bob Santy, CERC; Nathan Grube, Tournament Director at Travelers Championship; and Alissa DeJonge, CERC

State Branding Drives Tourism, Economic Development Goals

As Connecticut suffers through budget deficits, cuts in spending and services, and high-profile departures of leading businesses, states nearby are advancing economic development branding and marketing strategies to retain and attract business, according to a new report by the state legislature’s Office of Legislative Research. “As competition among states increases, economic development organizations (EDOs) continue to develop plans and campaigns to brand and market their states as great places to live, work, visit, and do business,” the report observes. “However, the effectiveness of such campaigns is mixed, often reflecting the authenticity of the message and the extent to which it reaches targeted audiences.”

Effective branding efforts can drive business recruitment and development efforts and change perceptions of a state, the report noted. It provides examples of marketing efforts in several states, including Florida, Louisiana, Maryland, New York, North Dakota, Rhode Island, Vermont, and Wisconsin.

The report, issued last week, describes branding as the message an organization is trying to convey, and marketing as the tools and tactics used to deliver that message.

According to the 17-page report, Tennessee’s “Mastered in Tennessee” branding effort is cited by several industry groups as an example of effective state branding. The campaign highlights Tennessee’s unique competitive advantages and demonstrates why it is a great place to live and work.

Michigan provides an example of how tourism branding can also serve economic development goals. The campaign, “Pure Michigan,” was designed to create an emotional brand that resonated with families and drew attention to the state’s vast, unspoiled beauty. It is widely regarded as successful among marketing and tourism professionals, with Forbes naming it the sixth-most successful tourism campaign of all time.

Greater Rhode Island Economic Development Partnership recently launched a campaign to market Rhode Island as a hub of entrepreneurship and challenge negative perceptions of the state. Greater Rhode Island developed a new website, which saw a 122% increase in web traffic, 68% increase in engagement on the site, and a 288% increase in the time users spend on the site.

Many in Connecticut are familiar with New York’s “Start Up NY” campaign, which aired many commercials in Connecticut markets, the report indicated. The campaign marketed a host of economic development incentives available to businesses that relocate to or expand in New York.

Vermont recently launched a digital ambassador campaign as part of its three-year marketing plan launched in 2016. According to the plan, the campaign uses business and community leaders, entrepreneurs, and other Vermont-loving influencers to share business announcements, national media placements, and other information that reflects well on Vermont as a great place to live, work, start and grow a business, and raise a family.

The report did not include a review or analysis of Connecticut’s branding efforts.  In 2012, Connecticut launched a two-year, $27 million marketing campaign to promote tourism and brand the state as “still revolutionary.” The state spent $500,000 on its new logo and other creative materials, with most of the remainder of the two-year budget going to the placement of ads on television, radio, billboards and social media, according to published reports. It also created a new website, ctvisit.com.

Two years later, the state announced plans to spend $3.4 million to promote Connecticut tourism ahead of the summer travel season within the state and to audiences in New York, Rhode Island and western Massachusetts.  And last year, the state’s tourism website was re-launched with a new look for the first time in a decade.

A study prepared for the state, “The Economic Impact of Travel in Connecticut,” released in March, 2017, found that the state’s tourism industry generated $14.7 billion in total business sales in 2015, a 4.6 percent increase over 2013. During the same period, tourism employment grew 2 percent, supplying 82,688 jobs in 2015, the fifth straight year it generated more jobs than the year before, according to the study.

The state’s recently adopted two-year budget includes $6.4 million for statewide tourism marketing in 2017-18 and $4.1 million for 2018-19, according to published reports.  The slogan “Still Revolutionary” remains in place.

The Difference A Dollar Makes: UConn Research Finds Minimum Wage Increase Reduces Maltreatment of Children

It has been nearly a year since a study co-authored by UConn Assistant Professor of Public Policy Kerri M. Raissian appeared in the academic journal Children and Youth Services Review, but the interest hasn’t waned.  In fact, it now tops the list of downloaded articles in the past 90 days from the journal’s website. The article, which Raissian co-authored with Lindsey Rose Bullinger, asks – and answers – this question:  Does the minimum wage affect child maltreatment rates?

Short answer, according to their research:  yes. 

Raising the minimum wage by $1 per hour would result in a substantial decrease in the number of reported cases of child neglect, according to a study co-authored by Raissian and Bullinger.  They reviewed eleven years of records on child abuse and neglect and found that increases in the minimum wage correlate with declining child maltreatment rates.

A $1 increase would result in 9,700 (9.6 percent) fewer reported cases of child neglect annually as well as a likely decrease in cases of physical abuse, Bullinger explained on the website sciencedaily.com, where their study was featured earlier this year. This decline is concentrated among young children (ages 0–5) and school-aged children (ages 6–12); the effect diminishes among adolescents and is not significant, the study’s abstract points out.

“Our results suggest that policies that increase incomes of the working poor can improve children's welfare, especially younger children, quite substantially,” the authors conclude in their 70-page article on the study.

"Money matters," Bullinger noted on sciencedaily.com. "When caregivers have more disposable income, they're better able to provide a child's basic needs such as clothing, food, medical care and a safe home. Policies that increase the income of the working poor can improve children's welfare, especially younger children, quite substantially."

More than 30 states had minimum wages exceeding the federal requirement by an average of $1 during the study period, allowing the researchers to track changes in the number of reports to child protective service agencies with increases in the minimum wage.  Data from the National Child Abuse and Neglect Data System was used in the research.

The substantial decrease in child neglect cases is concentrated among toddlers and school-age children, but changes in the minimum wage had little impact on reports of neglect of teenagers. The researchers found no variation based on a child's race.

“Families with low incomes have a great ability to make a dollar go a long way. On average, the weekly SNAP (Supplemental Nutrition Assistance Program) food stamp benefit for a family of three is about $30. That’s about what a one dollar an hour minimum wage increase translates into for full-time workers. Other studies show that a $1,000 tax refund results in similar declines in child maltreatment – neglect, specifically. So for really low-income families that probably have pretty severe material deprivation or economic hardship, that extra dollar can make a really big difference,” Raissian told UConn Today.

Raissian’s research interests are linked by a common focus on child and family policy, according to the university’s website.  Her dissertation, “Assessing the Role and Impact of Public Policy on Child and Family Violence,” evaluated the efficacy of policies designed to reduce violence directed towards intimate partners, children, and other family members. Her professional background includes nearly 10 years of government and nonprofit sector experience, which focused on serving abused adults and children.

Bullinger is associate instructor in the school of public and environmental affairs at Indiana University at Bloomington.  Both attended Syracuse University’s Maxwell School of Citizenship and Public Affairs.

“Most of the states don’t have a minimum wage at or above $10; Connecticut does. It’s possible Connecticut may be at the threshold,” Raissian said in an interview featured in UConn Today. “It’s also really important to note that, while our study looks at the minimum wage, this could really be an income story – remember other studies find similar results when incomes are increased in other ways. Our very low-income families might be facing other reductions in their incomes that will be costly to us as a state. We should consider that, moving forward.”

Charter, Henkel Select Connecticut for Growth, With Some Help from the State

Charter Communications has 92,000 employees worldwide.  The company’s headquarters is in Stamford.  Henkel employs 50,000 people worldwide.  The company’s world headquarters is in Dusseldorf, Germany; their Consumer Goods R&D Headquarters is in Stamford.  Both companies have announced major growth in the city, bringing jobs and boosting the economy in the region. They are the flipside of Aetna, Alexion and GE, whose corporate leadership drove highly publicized departures from the state.

Henkel is #158 on Forbes magazine’s Global 2000 list of Top Multinational Performers, and #307 on the list of America’s Best Employers.  Charter Communications is #38 on the Forbes list of Growth Champions and ranks #107 on the Global 2000.

Henkel operates worldwide with leading brands and technologies in three business units: Laundry & Home Care, Beauty Care and Adhesive Technologies. Many are unfamiliar with the corporate name, but know their products well:  Dial, Snuggle, All, Purex, Sunlight, and Surf, among many others.  The company’s United States Adhesive Technologies R&D headquarters is in Rocky Hill.

Just over a year ago, in September 2016, Henkel acquired Wilton-based Sun Products Corporation.  Jobs became available almost instantly for a variety of positions across Henkel’s Connecticut footprint – with locations in Trumbull and Rocky Hill as well as the new office planned in Stamford.  With the acquisition, Henkel reached the number two position in the laundry care market in North America, behind only Cincinnati-based Procter & Gamble.  North America is one the most important regions for Henkel, according to the company, and the U.S. accounts for the highest sales globally.

A month later, the state announced it would be providing the company with up to $25 million in state aid to support the company’s move of employees from Arizona to Connecticut (and Wilton to Stamford) as part of a consolidation and growth plan.   The Department of Economic and Community Development, as part of its “First Five” program, is to provide a 10-year, $20 million low-interest loan to support the project., and the company may be eligible for up to $5 million in tax credits for capital investment on eligible projects.  Projections were for 266 jobs in Stamford initially, with a workforce of 500 anticipated, according to published reports.

The move began into new headquarters began this summer, with about one-third moving here from Arizona, one-third from Sun Products, and one-third employees new to the company, Fairfield County Business Journal reported.

Henkel North America Consumer Goods Headquarters is a “new workspace” that will “showcase a forward-thinking office design, fostering a high level of creativity and collaboration, which are fundamental for growth and success as a thriving consumer goods business,” officials said.  The company’s website now features a video touting the advantages of Stamford, and why it was selected.

“We look forward to moving into our exciting new home, with the space and opportunity for growth,” the video narration declares. “Stamford is a vibrant community, brimming with restaurants, arts and entertainment within walking distance of our new office.  The city is a transportation hub, with easy access.”

Most Connecticut residents may also be unfamiliar with Charter Communications.  Connecticut has 24 cable franchise areas; Charter provides local cable service in only three of them, in the western and northeastern regions of the state for about 35 mostly rural communities.  The larger franchise owners in Connecticut are Cablevision, Comcast and Cox.  But the Connecticut map is deceiving – nationally Charter is the second largest cable provider in the nation.

Last month, Charter announced plans for a new 15-story headquarters building in Stamford.   The new building at the Gateway Harbor Point development along Long Island Sound is projected to have 500,000 square feet of work space. Employees are expected to move in during 2019.

“Since relocating Charter’s headquarter operations to Stamford in 2012, the company has undergone a transformation to become the second largest cable provider in the U.S.,” said chairman and CEO Tom Rutledge in a press release. “This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth. ”

The Department of Economic and Community Development (DECD) will provide a 10-year, $10 million low-interest loan to support the project through the state’s First Five Plus program. The company may be eligible for loan forgiveness based on job creation and if employment obligations are met. Charter Communications will also receive up to $10 million in tax credits through DECD’s Urban and Industrial Sites Reinvestment Tax Credit program. Additional tax credits are available if the company exceeds job targets.

In a news release, the Governor’s Office indicated that “following its commitment to create and retain 400 jobs under the state’s First Five Program in 2012, Charter has committed to create an additional 1,100 new corporate headquarters jobs and has agreed to a total of $100 million in planned capital expenditures in Connecticut over the next several years. It was Stamford’s largest real estate announcement of the year. The new headquarters would become the first commercial facility with “direct access” to the station’s platform, company officials said, citing the location’s proximity to both rail and Interstate 95.

Charter’s growth is drive by the acquisitions during the past year of Time Warner Cable and Bright House Networks.  That expanded Charter’s reach to about 50 million homes and businesses and earned them the ranking of second-largest cable company in the country, just behind Philadelphia-based Comcast.

Varied Economic Development Projects, People and Programs to be Celebrated by State

The Connecticut Economic Resource Center, Inc. (CERC) has named top economic development projects, programs and leaders from throughout the state to be honored at the annual CELEBRATE CT! event on November 30, 2017 at The Bushnell in Hartford. The 21 honorees were selected by economic development officials in each of 10 regions across Connecticut for their contribution to the state’s economy – such as consistent or growing employment levels, playing a critical role in changing the character of its community or civic engagement, strong public/private collaboration to encourage new investment, or leadership resulting in growth or improvements.

The honorees include initiatives, businesses, organizations and individuals that are widely known in their communities, and some that are less well-known.  Reflecting the growth of the craft beer industry in Connecticut, the honorees include three breweries: Stony Creek Brewery in Branford,  Beer'd Brewing Company in Stonington, Alvarian Beer Company in New Britain. 

“These awards acknowledge key people, programs and projects that are stimulating new jobs and investment in our economy,” said CERC President and CEO Robert Santy. “They are well earned and well-deserved, and CERC is proud to recognize the 2017 honorees and their noteworthy accomplishments that are having a positive impact on Connecticut’s business environment.”

The 2017 honorees also include the UCONN Hartford Campus, which began operations this fall in downtown Hartford, the long-running Goodspeed Musicals, and the Heirloom Food Company in Danielson, an organic cafe and juice bar.  The state's increased emphasis on rekindling the manufacturing industries is reflected in the selections of Pegusus Manufacturing and Hurley Manufacturing.

This is the eighth year the event is being hosted by CERC, a nonprofit corporation and public-private partnership that provides economic development services, working closely with an extensive network of state, regional, local and utility partners to leverage Connecticut’s unique advantages as a premier business location.

Nearly 200 economic development and business professionals from around the state are expected to attend CELEBRATE CT! (To register or sponsor the event, visit www.cerc.com/celebratect)

The 2017 CELEBRATE CT! award honorees:

• Capitol Region/Hartford Joining Technologies UCONN Hartford Campus
• Central/New Britain Alvarium Beer Company Jasko Development LLC
• South Central/New Haven Stony Creek Brewery Mike Freda (for Amazon Fulfillment Center, North Haven)
• Southeastern/New London Beer’d Brewing Sean Nugent (for Preston Riverwalk)
• Lower CT River Valley/Middlesex Goodspeed Musicals Pegasus Manufacturing
• Naugatuck Valley/Waterbury Basement Systems Bristol Centre Square Project
• West/Danbury-Fairfield BRT General Corporation Ferguson Library (1 Million Cups) Inspira Marketing Group
• Metropolitan/Bridgeport Corvus Capital Partners LLC Future Health Care Systems
• Northeastern/Windham Heirloom Food Company Thompson Branding Plan
• Northwest Hills/Torrington Hurley Manufacturing Whiting Mills

Innovation Drives Start-Up Businesses to Receive CTNext Funding

When CTNext, described as state’s leading resource for entrepreneurial support, distributed $54,000 to five Connecticut-based businesses at the annual CTNext Entrepreneur Innovation Awards, they instantly became five to watch. The fledgling businesses are among a growing number of start-ups that are being encouraged by state and private funding sources as Connecticut seeks to become a place where innovation, often driven by millennials, can thrive.  Such financial support aims to increase the odds of a business succeeding, while at the same time making it more likely that the company founders would stay in the state, at a time when many millennials are heading elsewhere.

The companies, selected from 10 that sought the CTNext funding of $10,000 per company, were:

• FallCall Solutions (Stratford): Creating a telemonitoring system for Apple Watch and other mobile systems for elders and caregivers
• Rumble Helmet (Bridgeport): Developing a smart bicycle helmet that has embedded features designed to communicate the cyclist’s intentions to other road users
• Sitrep (Cheshire): Creating a system for better communication of heating, ventilation and air conditioning (HVAC) problems
• Deo2Go (Norwalk): Creating a topical delivery device that can be filled with a variety of products, such as deodorant, lip balm and sunscreen
• EZ ICE: Manufacturing a kit for a custom and portable backyard ice rink that can be assembled in under an hour, with no tools and on any surface

For the second consecutive EIA, Deo2Go took home the $2,000 Crowd Favorite award. Rumble Helmet won an additional $2,000 as Judges’ Favorite, at the awards ceremony held in Hamden.

Rumble Helmet, founded in January 2017, is a smart bicycle helmet that has an embedded adaptive light system consisting of front flash light, back light, turn signals, and uniquely designed sidelights to communicate the cyclists' intentions to other road users, according to a GoFundMe page, now seeking financial support. The light system can be activated using hand signals. The smart helmet can detect vehicle presence in the cyclist's blind spot. Moreover, it can be paired with a mobile navigation application. This invention has a utility patent and design paten granted.  CEO Reem AlAttas, a University of Bridgeport Ph.D. candidate, is a co-founder.

Sitrep, based in Cheshire, was founded in 2014 to “develop monitoring systems that are intuitively usable.”  Principals are Harland Christofferson, Gary Martin and Michael Byrne.

The mission of Stratford-based FallCall Solutions, LLC is “to become the premier innovator in simplified communication solutions for the geriatric population and their caregivers.” The company website explains that the company aims to maximize elder independence and caregiver peace of mind by “building software based solely on the needs of the consumer rather than the trying to create and introduce new ecosystems into our customers’ lives.”

EZ ICE began in 2010 as a small Rhode Island company constructing ice skating rinks in families’ backyards in the Providence and Boston Suburbs, according to the company’s website.

Since launching the Entrepreneur Innovation Awards in 2014, CTNext has now held 13 total events in the state, awarding a total of $642,000 to 58 unique companies.  All companies – including the most recent selections - must be registered with the Secretary of the State’s Office in Connecticut before receiving any grant dollars from CTNext.

“It’s exciting to see the innovative ideas moving toward commercialization by our state’s entrepreneurs, and we are so pleased to be able to provide support to help progress those ideas to the next level,” said Glendowlyn Thames, Executive Director of CTNext.

Award-Winning Accelerator Prepares for Next Cohort of Start-up Businesses

reSET, a Hartford-based non-profit organization supporting entrepreneurs, has opened applications for its highly regarded business accelerator program for 2018. Tailored for impact-driven businesses but available to early-stage ventures across all industries, reSET’s Impact Accelerator was a winner of the U.S. Small Business Administration Growth Accelerator Competition, and was the only Connecticut accelerator to receive the award, in 2015. Running from next January through May, the five-year old program will provide entrepreneurs with access to the knowledge and resources they need to grow their businesses and impact. Applications are being reviewed on a rolling basis; the final deadline is December 8, 2017.  Applicants are not limited to the Hartford area or Connecticut; in previous cohorts, participants have been from other states and nations.

reSET is a nonprofit organization whose mission is advancing the social enterprise sector. Its strategic goals are threefold: to be the “go-to” place for impact entrepreneurs, to make Hartford known as Impact City, and Connecticut the Social Enterprise state. reSET meets entrepreneurs wherever they are in their trajectory and aims to help them take their businesses to the next level.

The accelerator program has graduated 80 businesses to date. Recent participants have experienced success in advancing their businesses, including competitor acquisition, venture capital investment, and nationwide sales and recognition. 

Among the businesses are Almasuite, CareerPathMobile, Phood, Pelletric, Eureeka, Save America, and Genius Box. Kate Pipa, co-founder of Genius Box, which develops and sends science kits to elementary and middle-school age children, credits the Impact Accelerator with helping her business gain traction.

“reSET’s Impact Accelerator was a great stepping stone for getting introduced to and more involved in Connecticut’s startup scene.  Just being in reSET’s community allowed for access to workshops, mentors and service providers to answers questions and provide advice on different challenges that can come up when starting your business.”

Over the course of four weekend summits during the accelerator program, participants selected for the 2018 cohort will be connected to customers and industry-specific mentors. Up to 20 entrepreneurial teams will have access to:

• 20+ optional workshops covering a range of topics in business and social enterprise
• Numerous structured and unstructured opportunities to engage with investors and advisors
• 1-year reSET membership (includes access to co-working, programming and the on-site Entrepreneur-in-Residence)
• Exclusive discounts on business software packages and other resources

The accelerator will be free for accepted entrepreneurs and no equity will be taken from their operations. Graduates will also have an opportunity to compete for $20,000 in unrestricted funding at a culminating Venture Showcase in Spring 2018.

“As an entrepreneur myself, I have experienced the ups and downs of launching a new business,” said Jeremy Szechenyi, reSET’s Programs Manager. “Between reSET’s physical office and programs, we give entrepreneurs the resources and network that is critical to surviving and bringing their work to the next level.”

An information sessions will be held at reSET  (1429 Park Street, Hartford) on October 26 from 12:30-1:30pm, and November 15 from 5:30-6:30pm.  The sessions will be informal and meant to address prospective candidates questions.

reSET serves all entrepreneurs, but specializes in social enterprise ― impact driven business with a double or triple bottom line. In addition to providing co-working space, accelerator and mentoring programs, reSET aims to inspire innovation and community collaboration, and to support entrepreneurs in creating market-based solutions to community challenges.

Enfield, Backed by Western Mass., Goes After Amazon HQ2

The State of Connecticut is throwing its muscle behind Hartford and Stamford in their bids to become the home of Amazon’s second headquarters.  The Economic Development Council of Western Massachusetts, however, has issued a letter supporting a bid by the town of Enfield. In addition to Enfield, the cities and towns of Bridgeport, Fairfield, New Haven and Stratford submitted a joint proposal; Danbury also applied.

The bid by Enfield is perhaps the most ironic, as the Boston Globe pointed out in a front page article .  The central location being proposed is currently the Enfield Square Mall, which has seen its anchor stores – Macy’s, JC Penney’s and Sears – leave in recent years, followed by numerous smaller retailers.  The proposal is on the agenda of the next town Economic Development Commission, scheduled for Wednesday morning.  The Enfield proposal suggests Hartford, West Hartford, Windsor, Meriden and New Haven and Springfield as "potential satellite campuses" and stresses Enfield's place at the center of the Knowledge Corridor, which runs from Springfield to New Haven.

“It’s a scene repeating itself in dying suburban malls around the country,” the Globe reported, “a sweeping economic disruption known as the Amazon effect.”  Industry analysts have predicted that 20 percent of the 1,200 shopping malls in the U.S. will “meet their demise,” the Globe indicated.

Amazon.com has received 238 proposals from cities and regions across North America.  Amazon said Monday that 54 states, provinces, districts and territories in the United States, Canada and Mexico were represented in the bids. The number of applicants underscores the interest in the contest, which Amazon announced last month. The world’s largest online retailer said it would invest more than $5 billion and create up to 50,000 jobs for “Amazon HQ2”. The deadline for submitting proposals was last Thursday.

"There are no state boundaries for our region's workforce, company supply chains and students," Rick Sullivan, president and CEO of the Economic Development Council, wrote in a letter supporting Enfield.  The town is along the so-called "Knowledge Corridor," the economic region that includes Springfield as well as Hartford and New Haven, and follows the Interstate 91 corridor in Massachusetts and Connecticut.  The corridor is expected to benefit from the introduction of regular commuter rail service, being introduced next year; the Enfield proposal provides Amazon with a map of the new Hartford Line rail route.

The Enfield bid touts its proximity to higher education, Bradley International Airport and major highways, as well as arts and culture. Also highlighted are major businesses located in the community, including Lego, MassMutual, Brooks Brothers, and Eppendorf, according to published reports. The Enfield proposal opens with a stylized newsletter of the future, including facts about Enfield and the region, led by the headline “Internet Retail Giant Pumps Life Back into Dying Mall!”

"With a population of nearly 50,000, Enfield’s 33 square miles are at the center of the New England Knowledge Corridor, Enfield provides quick and easy access to several US Highways, airports and rail systems," the 12-page Enfield proposal explained.  "Tax Increment Financing (TIF) districts are being created in Enfield and surrounding towns to support new development and growth. Abatements and Regional Revenue Sharing are all available to sweeten the deal. Connecticut has the lowest corporate tax rate in the North East."

After having received more than a dozen potential bids, state economic development officials opted to promote Hartford and Stamford as its leading candidates to land the headquarters, developing a website to promote the two regions, under the headline “The Talent You Need.  The Lifestyle They Want.”  The submission noted that "if Connecticut were a country, we’d be the sixth most productive in the world—ahead of Germany, Japan and Hong Kong."

A letter of support jointly signed by the state’s seven-member Congressional delegation and included with the state’s submission did not indicate a preferred location in the state, advocating “full support of Connecticut as the home of your second headquarters.”  A similar letter was signed by legislative leaders of both political parties, along with the co-chairs of the state’s Commission on Economic Competitiveness.  That letter noted that “Connecticut has already made a major commitment to Amazon, with facilities in Windsor and Wallingford, and another planned for North Haven.”

The Hartford bid was supported by the Mayors of Hartford, East Hartford, and West Hartford, along with Chip Beckett of Glastonbury, Chair of the Capital Region Council of Governments.  A joint letter was included in the state’s overall package.  A similar letter supporting Stamford came from that city’s Mayor.

An additional letter of support for the state’s bid was signed by 57 business leaders from throughout the state, accompanied by another from nearly three dozen higher education leaders from public and private institutions.

It was, some have suggested, a show of unity that has been generally lacking during the four months that the state has operated without an approved state budget, the longest such period in the state’s history.

Some communities, most notably the joint proposal by the cities of Bridgeport and New Haven, along with their immediate suburban neighbors, didn’t make the state cut, but submitted proposals nonetheless.  The Enfield proposal touts the entire region, along the I-91 corridor.  Locations in Enfield, including the mall, are suggested, as are other communities north and south of the state line that could host various divisions of an Amazon headquarters, according to reports on the proposal.

Portions of artists renderings included in State of Connecticut proposal advocating for Stamford and Hartford.