Norwalk, Stamford Gain New Businesses, Taking From Each Other

Octagon Inc., a sports and entertainment marketing and talent management agency, is relocating its headquarters to the Shippan Landing complex in Stamford. The company, which is moving from Norwalk, has signed an 11-year lease to occupy 57,009 square feet across the entire third floor and a section of the second floor of the property at 290 Harbor Drive along the Stamford waterfront. The move apparently comes without state financial incentives, and comes months after another corporate citizen made the reverse move – from Stamford to Norwalk – with a boost from state incentives.  Less than 15 miles and 15 minutes apart, two of Fairfield County’s leading cities are experiencing the corporate version of “Trading Places.”

Crius Energy, through its wholly owned subsidiary Regional Energy Holdings, announced plans last year to move its headquarters from Stamford to Norwalk, placing 200 jobs in the city and committing to add 225 more over the next four years, according to an announcement in May from the Governor’s Office.

Officials said the company – launched in Connecticut – has become one of the largest independent energy retailers in the United States, supplying electricity, natural gas and solar energy products to more than 900,000 customers across 19 states and the District of Columbia, including 100,000 in Connecticut. According to officials, Crius also has operations in Florida, Texas and Australia.  They had outgrown their Stamford facility, which led to plans for a $29 million project in Norwalk, to include the renovation of 48,000 square feet of an existing building. 

To encourage the move, the state Department of Economic and Community Development (DECD) said it would provide a 10-year, $8 million low-interest loan to support the project, funding that can be used for fixtures and equipment and leasehold improvements. Crius is also eligible for up to $2 million in tax credits through the Urban and Industrial Sites Reinvestment Tax Credit Program, as well as a $100,000 grant to train employees, according to state officials.

The Crius Energy website points out that “Although based in Connecticut, many members of our leadership team have relocated great distances to become a part of Crius Energy. Together, they bring more than a century of combined industry and functional expertise as well as a deep-rooted passion for transforming the retail energy sector.”

It was a year and a half ago, in May 2015, that the first lease signing was announced for the then newly-renovated five story, 185,000 s/f office building within the 17-acre Shippan Landing waterfront office park in Stamford. That tenant was Stamford-based Workpoint, a provider of co-working environments geared to the needs of media firms along with independents and professionals.

Published reports indicated that since being acquired in 2012 by George Comfort & Sons in a partnership venture with Angelo Gordon & Company, the six-building, 758,000 s/f office park, formerly known as Harbor Plaza, saw an extensive repositioning and modernization program, which was then nearing completion. Workpoint leased a total of 15,173 s/f, including a 1,000 s/f multicamera studio with green screen, control room, and editing facilities on the building’s second floor, according to published reports at the time.

“Shippan Landing continues to be the preferred destination for some of the nation’s top creative companies and we are pleased to welcome Octagon to our tenant roster,” said Peter S. Duncan, president and CEO of George Comfort & Sons.  Among Octagon’s many clients are household names from the sports world - Stephen Curry of the Golden State Warriors, members of the World Series champion Chicago Cubs and other major league players, current and retired, and Olympic gymnast Simone Biles.

Shippan Point offers what the company describes as “truly is the best business location in the Stamford area,” with “spectacular grounds and magical stretching views.”

Back in 2013, the state Bond Commission approved $1 million in borrowing to help an emergency home repair company move its headquarters from Stamford to Norwalk.  The bonding was aimed at assisting the HomeServe USA Corporation in relocating its headquarters as part of an agreement to create 130 jobs and maintain another 109. In addition to a $1 million grant, the company was also eligible for a $3 million, partially forgivable, loan and up to $5 million in tax credits, local media reported.  The company’s customer call center is located in Tennessee.

And last May, the State Bond Commission approved $22 million in grants and loans for the world's largest hedge fund despite what press reports described as bipartisan complaints that the wealthy company can afford the move without state incentives.  The commission voted 7-2 to award the package to Bridgewater Associates, a financial industry powerhouse operated by Greenwich billionaire Ray Dalio, one of the nation's wealthiest individuals.

At the time, state officials indicated that the financial package helped to prevent the company from potentially relocating from Connecticut to nearby Westchester, N.Y.  The money was expected to be used to renovate and expand the firm's Westport headquarters, along with operations in Wilton and Norwalk, published reports explained. In addition to the loan, Bridgewater was said to also be eligible for two grants: $3 million for energy-efficiency upgrades and $2 million for job-training efforts.  The state apparently initially offered Bridgewater $130 million in loans and grants but the amount was scaled back after the company scrapped plans to build a new corporate complex in Stamford, south of I-95, in the face of local opposition, reports indicated.

https://youtu.be/7mfWZhlN4rE

Legislatures Consider Changes in Transportation Safety in CT, Nationwide

The National Conference of State Legislatures (NCSL), in cooperation with the National Highway Traffic Safety Administration, is tracking legislation on a range of traffic safety subjects that have been introduced in the 50 states and the District of Columbia – and is providing updates on the organization’s website.  The site reflects 14 proposed bills in Connecticut, being considered in the General Assembly session that began last month.   Traffic safety topics being tracked nationwide include: Aggressive Driving, Automated Enforcement/Photo Monitoring, Child Passenger Protection, Distracted Driving, Driver’s Licensing, Impaired Driving, Motorcycle Safety, Pedestrian and Bicycle Safety, School Bus Safety, Seatbelts and Occupant Protection, Senior Drivers Issues, Slow-Medium speed vehicles, Speed Limits, and Teen Driver Issues.

Among the proposals being considered in Connecticut is one that would require three-point seat safety belts for school buses and require passengers of a school bus to wear seat safety belts.  A similar proposal would require three-point seat safety belts for school buses that are model year 2019 or newer.  NCSL reports that 20 state legislatures are considering a variety of school bus safety proposals. 

Three proposals would increase fines for distracted driving offenses, including texting or using a hand-held mobile telephone while driving, and one calls for additional funds to be appropriated to the state Department of Emergency Services and Public Protection to “combat distracted driving.”  Connecticut is one of 14 states that have seen distracted driving bills suggested. 

Legislative proposals also include one that would mandate the use of helmets by motorcycle operators and passengers, and another that would regulate the operation of high-speed and low-speed electric bicycles in the state. Twenty-six states in addition to Connecticut have motorcycle safely proposals under consideration.

Members of the legislature’s Planning and Development Committee will consider proposals that call for modifications to urban street design guidelines, in order to “improve the safety, economic life and vibrancy of urban streets.”

Among the nation’s states, the largest number of legislative proposals relate to impaired driving, followed by motorcycle safety, pedestrian and bike safety, drivers licensing, drivers licensing, and school bus safety.

Forty-seven states have begun their 2017 legislative sessions.

Nominations Open for State's First Connecticut Entrepreneur Awards

A consortium of public and private associations and agencies, higher education institutions and entrepreneur-assisting nonprofit and for-profit organizations is launching the CT Entrepreneur Awards, designed to celebrate “the entrepreneurs and support system that make Connecticut work.” The inaugural awards, to be presented this spring, will recognize a variety of individuals and organizations that connect, collaborate and communicate amongst each other to help entrepreneurs succeed, according to organizers of the initiative. Nominations are now open for the CT Entrepreneur Awards, which will recognize the individuals and organizations that are instrumental in running the state’s ecosystem. From community builders and events to government officials and advisors that continuously support entrepreneurs, the awards are intended to highlight local leaders “that make a difference.”

Award categories include: Venture, Community Builder, Program, Space, Event, Education, Funding, Corporate/Institutional, and Government.

The CT Entrepreneur Awards are described as “community driven,” reflecting the easy online nomination form. The nine main categories were established in an effort to gather and honor “a broad array of leaders that create the foundation for entrepreneurs to succeed.” Individuals are asked “to nominate as many leaders that deserve recognition for their work in the community.”

During January, nominations are being sought and collected. From that broad list, the consortium will narrow the field and hold final online voting in February. Plans are to hold an awards in late March or early April, with event serving to “bring together all of the people dedicated to supporting entrepreneurs throughout the state.”

The CT Entrepreneur Awards are a product of the CT Entrepreneur Event Organizers consortium, an all-volunteer cooperative effort of people and organizations that host and facilitate entrepreneur facing events in throughout the state.  Proceeds from the CT Entrepreneur Awards will be directed to fund the statewide Entrepreneur Events Calendar, www.ctevents.co.

Consortium members include Accelerated Ventures, Axis 901, Baypath University, BEACON, Bridgeport Innovation Center, Business New Haven, CBIA, CCSU, ColoDesk.com, Congressman Jim Himes, Connecticut Economic Resource Center, Inc., Connecticut Innovations, CTNEXT, Connecticut Small Business Development Center, Connecticut Technology Council, CountMeIn!Hartford, Crossroads Venture Group, CT Entrepreneur Meetup, CT Hackerspace, CT Invention Convention, CT User Experience, Design Professionals CT ,Women's Small Business Development Council, CURE, and Danbury Hackerspace.

Consortium members also include the state Department of Economic & Community Development, Digital Surgeons, Economic Development Corp of New Haven, Enhanced Capital, Entrepreneurship Foundation, Fairfield University, Founderstood, Goodwin College, Hartford Business Journal, Help CT Grow, Innovate Hartford, Innovation Destination: Hartford, Launch EZ, LEARN TO PROGRAM MEDIA, LootScout, M5 Information Services, Madison Mott, MakeHaven, MakerspaceCT, Metro Hartford Alliance, Miles Finch Innovation, and MJX Asset Management

Also participating in support of the initiative are National Invention Convention, New Haven Chamber of Commerce, New Haven Lean Startup Meetup, Remarkable Technologies, reSET, SCORE – Hartford, SCORE - Western Connecticut, Senator Chris Murphy’s office, Spark, SPARK MakerSpace, Stamford Innovation Center, Stamford Tech Meetup, Startup Grind - New Haven, Startup Hartford, TAN2000 International, Test My Pitch, The Business Council of Fairfield County, The Diversion, The Grove, The Refinery, Thrise, Town of Old Saybrook, and Transactions Marketing, Inc.

Members also include the U.S. Small Business Administration, University of Connecticut, UConn - Connecticut Center for Entrepreneurship and Innovation, UConn - Entrepreneurship and Innovation Consortium, UConn - School of Business, UConn - School of Engineering, UConn - Technology Incubation Program, University of Hartford - Entrepreneurial Center, University of Hartford - Women's Business Center at Entrepreneurial Center, University of New Haven - Tagliatela College of Engineering, Wesleyan University, Western Connecticut State University, Westfair Communications, Whitneyville Cultural Commons, Yale Center for Molecular Discovery, Yale Entrepreneurial Institute, Yale Office of Cooperative Research & Yale Entrepreneurial Institute, Yale School of Management, and Yale University.

Seven CT Businesses Among 500 Fastest Growing Tech Companies in US

Where in Connecticut are the fastest growing technology companies?  New Haven, Branford, Trumbull, Madison, Norwalk, and Farmington. Seven Connecticut companies earned a ranking rank on the recently released 2016 Technology Fast 500 rankings of the fastest-growing tech companies in North America, compiled by professional-services firm Deloitte.  That’s the same number of Connecticut firms on last year’s list.

Four of the state’s representatives produce software, aligning with the dominance of that sector, with some 58 percent of this year’s Fast 500 companies in software. Two of the Connecticut companies work in biotechnology, which comprised the second-most represented segment on the list, covering 13 percent of firms.

New Haven-based Achillion Pharmaceuticals ranked highest among Connecticut companies, at No. 43, posting 2,436 percent growth. It was ranked #12 among biotechnology/Pharmaceutical companies. Achillion Pharmaceuticals, Inc. is a "science-driven, patient-focused company leveraging its strengths across the continuum from drug discovery to commercialization to provide better treatments for people with serious diseases," according to the company website.  

Following at No. 239, Farmington-based Evariant Software recorded a 303 percent increase. Next came HPOne, a Trumbull health-insurance solutions firm, which recorded 199 percent growth.  Madison's Clarity Software Solutions was No. 385, Norwalk-based software company etouches ranked No. 461, with 132 percent growth.  Rounding out the Connecticut tech firms earning a slot among the top 500 were Branford-based Core Infomatics at No. 469 and Alexion Pharmaceuticals, now headquartered in New Haven, at No. 473.

New York City and California firms accounted for nine of the top 10 companies on the list. By region, the San Franciso Bay area had 20 percent of the companies, New York 17 percent,  Los Angeles 8 percent,  Washington 6 percent and New England 5 percent.

Los Angeles-based Loot Crate, which delivers entertainment and pop culture-themed collectibles, ranked No. 1 overall, with 66,661 percent growth between 2012 and 2015. Founded in 2012, Loot Crate has more than 650,000 subscribers worldwide in 35 countries. The ranking summary points out that "Loot Crate’s position at the top of this year’s list showcases how innovation isn’t always about new technology and invention, but also about ingenuity, the recombining of existing assets, and know-how in new ways to maximize value."

Yieldbot, a New York City-based company focused on media, ranked No. 2.

"Amid a fierce business climate, there seems to be no shortage of new and established companies that are unlocking a seemingly unlimited potential for growth and advancement through technology’s continued disruption and proliferation across industries," said Sandra Shirai, principal, Deloitte Consulting LLP and US Technology, Media, & Telecommunications leader.

The focus of the Connecticut firms that made this year’s list reflected the overall composition of the rankings, which were based on companies’ revenue growth between 2012 and 2015.  Software continues to have the greatest impact across technology sectors, representing 58 percent of the entire list and five of the top 10 winners overall.

"Combining technological innovation, entrepreneurship, and rapid growth, Fast 500 companies—large, small, public, and private—hail from cities far and wide across North America and are disrupting the technology industry," the introduction to the rankings emphasized.

Rate of Success Obtaining Venture Capital is High in Hartford, Study Finds

A look at the nation’s 50 largest metropolitan areas to see how entrepreneurs have fared in their quests to secure money from venture capitalists, angel investors, and online crowds brought a somewhat surprising result – among the cities mentioned as ranking high in venture funding success rates was Hartford. Connecticut’s Capitol was listed among a handful of cities with success rates for businesses seeking venture capital that “are about twice as high as the national average.” According to a new report issued this month by the Kauffman Foundation, roughly $68 billion was invested in venture capital (VC) deals in the United States in 2014 and 7,878 employer businesses reported receiving venture capital funds. Thirty percent of those recipients were located in just four metro areas: New York, Los Angeles, San Francisco, and Boston. The national average was 0.2%.

Among the metro areas that rank highly in terms of those venture funding success rates, according to the report “Trends in Venture Capital, Angel Investing and Crowdfunding,” include: San Francisco, CA (0.8%), San Jose, CA (0.8%), Boston, MA (0.5%), Hartford, CT (0.5%), Memphis, TN (0.4%), Minneapolis, MN (0.4%), Philadelphia, PA, (0.4%), Richmond, VA (0.4%), Washington, D.C. (0.4%). Among the lowest ranked of the 50 largest metropolitan regions in the nation, at 0.1 percent, were Baltimore, Denver, Jacksonville, Las Vegas, Orlando, Riverside, and Tampa.

The report noted that “Some perhaps unlikely metro areas rank highly in terms of those venture funding success rates: Hartford, Memphis, Richmond, and Buffalo. This doesn’t necessarily mean that there are higher quality firms there, and, of course, the volume of firms seeking VC is smaller…And, these data don’t mean that all the funding came from local sources: venture capital firms in New York could be investing in Hartford businesses. But these numbers lend credence to arguments…that high-quality deals can be found everywhere, and that firms in these regions can succeed in raising equity capital.”

While 10.3 percent of entrepreneurs report using personal credit cards when starting their business, nationally, only 0.6 percent initially received venture capital, the analysis found.

The metros with the highest percentage of firms receiving venture capital funding when starting include: San Jose (2.4%), San Francisco (1.5%), Salt Lake City (1.3%), Austin (1.2%), Baltimore (1.1%), Birmingham (1.1%), and Nashville (1.1%).

According to the report, based on the 2014 Annual Survey of Entrepreneurs (ASE), “the primary sources of initial financing for new businesses in the United States are: personal and family savings, bank business loans, and personal credit cards.”  The report notes, however, that “entrepreneurs also tap other sources of funding, including venture capital, which “can be disproportionately important for business growth.”

The ASE, conducted by the U.S. Census Bureau, is the largest annual survey of American entrepreneurs ever done, and is done in a public-private partnership between the Census Bureau, the Kauffman Foundation, and the Minority Business Development Agency. The ASE samples approximately 290,000 employer businesses across all U.S. geographies and demographics, the report explained.

The top metropolitan statistical area for crowdfunding success in 2014 was Charlotte; for angel investing, San Jose led the way.  The report concludes that the concentration of venture capital firms in California, Massachusetts, and New York, “is well-correlated with the relative concentration of firms that receive VC investments.” Crowdfunding campaigns in Minneapolis and Oklahoma City, the report indicates, “may not be entirely due to local funders.”

“The ASE data add quantitative confirmation to what we know from other sources: high-quality entrepreneurs can be found—and can get funding—in nearly every corner of the United States.”

Including Hartford.

National Cyclocross Championships Arrive in Hartford in January

Hartford’s Riverside Park will play host to the 2017 Cyclocross National Championships January 3-8, 2017, as another popular sport brings a national caliber event to Connecticut’s Capital City.   “The cyclocross national championships are the pinnacle of cyclocross racing in the United States each year,” said Micah Rice, Vice-President of National Events, USA Cycling. Cyclocross is a very specific type of bike racing, as described by Cyclocross Magazine. For the most part, the course is off-road but there are sometimes portions of pavement included in the course. Riders can expect to encounter grass, dirt, mud, gravel, sand, and a whole slew of other assortments and combinations. The races are based on a set time (measured by numbers of laps), not distance. Depending on your category, a race can be as quick as 30 minutes (for beginners), or as long as 60 minutes (for pros).

‘Cross is wildly popular in countries like Belgium and Holland and is currently the fastest growing cycling discipline in the U.S., according to USA Cycling.  Cyclo-cross specific bikes look very similar to a road bike but have more clearance around the tires for mud, have a different type of braking system — either a cantilever or disc brakes — and have wider tires with knobs on them similar to mountain bike tires.

The event schedule for Hartford details a range of competition for various age categories, men and women, 9-10 year olds to seniors, throughout the week, capped by awards ceremonies at the end of each day.  The 2017 USAC National Cyclocross Championships is organized via a three-way partnership between the CT Cycling Advancement Program, Riverfront Recapture, and USA Cycling. As the local organizing committee (LOC), the CCAP and Riverfront are committed to hosting a high-quality event that supports and highlights both organization’s non-profit missions, the regional cycling community, and the city of Hartford, the organization's website explains. "Our responsibilities and activities include the management of the event venue, the management of emergency city services, the recruitment and management of volunteers, and fundraising for the event." Local volunteers are being sought, with a number of opportunities prior to and during the week-long Championships.  

“The USA Cycling cyclocross national championships is an exciting first for Connecticut, and Hartford’s selection is the result of a great partnership between the Connecticut Cycling Advancement Program, Riverfront Recapture, the city of Hartford, and the Connecticut Convention & Sports Bureau,” said Bob Murdock, the Connecticut Convention & Sports Bureau’s director of sports marketing.

“Our state capital’s Riverside Park is a prime venue for this dynamic winter sports event and offers many design options for a challenging course that will satisfy thrill-seeking competitors and spectators alike. We look forward to welcoming cycling enthusiasts from all over the nation,” Murdock added.

According to the USA Cycling website, there are two cycling clubs in Connecticut, based in Middletown and Storrs.   The UConn Cycling Team, based at the main campus in Storrs Connecticut, is a recognized club sports team and a member of both the ECCC (Eastern Collegiate Cycling Conference) and USA Cycling.

The vision of USA Cycling is to make the United States of America the most successful country in the world of competitive cycling, and the championships planned for 2017 and 2018 underscore that effort.  Reno, Nevada, will host the 2018 USA Cycling cyclocross national championships.

“Going from the East in 2017 to the West in 2018 with Hartford and Reno is indicative of how quickly the sport is spreading from coast to coast, and these two cities will do an excellent job of helping us crown the best in the sport in the coming years,” Rice said.

Connecticut has a long and storied heritage within cyclocross and the annual Connecticut Series of Cross series “seeks to continue that,” according to the 8-race series website.  2016 marks the 5th annual Connecticut Series of Cross, described as designed to encourage true "grassroots CX racing".  All the events are unique and reflect the style and passion that each promoting club/team has for the sport of cyclocross.

​The final event in the series will be December 18 in New Haven, just weeks ahead of the National Championship in Hartford.

CT Ranked 9th Among Small States in "Main Street Entrepreneurship," Showing Improvement

Improvements in Connecticut’s “Main Street Entrepreneurship” has pushed the state’s ranking to 9^th among the nation’s 25 smaller states, up from 12^th a year ago, in the latest analysis from the Kauffman Foundation. The nation as a whole and most states and metro areas are experiencing higher rates of small business activity, according to the 2016 Kauffman Index of Main Street Entrepreneurship.  Nationally, there was a sharp uptick in the survival rate of businesses in the last year. At the same time, Main Street entrepreneurship activity gained ground in 47 states and 38 of the 40 largest metropolitan regions.

Among the nation’s smaller states, the top ranked entrepreneurial states were South Dakota, Vermont, Montana, North Dakota, Maine, Iowa, Nebraska, New Hampshire.  After Connecticut, Oregon rounded out the top ten.  Connecticut was one of only two states to move up three positions in the ranking.

The state’s rate of business owners was 6.55 percent; the percentage of the adult population that owns a business as their main job, according to the survey data.

The number of established (older than four years) small (less than fifty employees) businesses per 1,000 firms was 649.9 in Connecticut.  In Massachusetts, which ranked third among the nation’s 25 larger states, it is 684.7.  The top ranked larger states were Minnesota, Wisconsin, Massachusetts, Colorado, Pennsylvania, Maryland, Ohio, Louisiana, California and Illinois. 

"The Main Street Entrepreneurship Index provides additional evidence that U.S. small business activity has rebounded from the downturn and continues to gather strength," said Arnobio Morelix, senior research analyst at the Kauffman Foundation. "More new businesses are making it through their first five years of operation. While this could indicate that a lack of dynamism is allowing less-productive firms to hang on longer, overall the entrepreneurial increases bode well for the established, small businesses that underpin much of our economy."

Among the larger states, the rate of businesses surviving through their first five years ranges from 44 percent in Arizona to 53.3 percent in Pennsylvania. Among the smaller states, the business survival rate ranges from 43.4 percent in Nevada to 58.1 percent in North Dakota.  In Connecticut, the rate is 51.35 percent, the 8^th highest among the 25 smaller states.

In start-up activity, Connecticut ranked 22^nd out of 25 smaller states, a drop of two positions since last year.  The Survival Rate of American businesses is the main driver of the recent improvements in Main Street Entrepreneurship in the United States, and has reached a three-decade high of 48.7 percent—meaning that almost half of new businesses make it to their fifth year of operation.

U.S. Census Bureau business statistics show that established small businesses represent almost 68 percent of all employer firms in the country.   The five metros with the highest Main Street entrepreneurship activity are Pittsburgh, Boston, Portland, San Francisco and Washington, D.C.

The Kauffman Index of Main Street Entrepreneurship captures business activity in all industries and is based on both a nationally representative sample size of roughly 900,000 responses each year and the universe of all employer businesses in the United States, in a dataset that covers approximately five million businesses.

Stamford-based Harman to be Acquired by Samsung

Even as Connecticut’s economic development leaders toil diligently to retain and attract industry-leading businesses to the Land of Steady Habits, market forces at times pull in different directions.  That is again in evidence as Samsung has announced it will buy Stamford-based Harman for $8 billion. The acquisition of will make Samsung a major player in automotive technology, and removes an independent corporate headquarters from the state’s roster. Earlier this year, Harman was one of four Connecticut-based companies to be named among the most innovative companies by Fast Company magazine.  Harman ranked seventh on the Fast Company ranking of the 10 most innovative companies in the automotive sector.

Upon closing, Harman will operate as a standalone Samsung subsidiary, and continue to be led by Dinesh Paliwal and Harman’s current management team, both companies indicated in a news release.  Harman has a workforce of approximately 30,000 people across the Americas, Europe, and Asia and reported sales of $7.0 billion during the 12 months ended September 30, 2016.

“Samsung is pursuing a long-term growth strategy in automotive electronics, and plans to retain Harman’s work force, headquarters and facilities, as well as all of its consumer and professional audio brands.  Samsung believes the combination will increase career development and advancement opportunities for the employees of both companies,” the news release stated. 

“This compelling all-cash transaction will deliver significant and immediate value to our shareholders and provide new opportunities for our employees as part of a larger, more diversified company,” Harman Chairman, President and CEO Dinesh Paliwal said.

For Samsung, it is the biggest overseas acquisition ever by a South Korean firm, according to the news service Reuters. The Harman acquisition is subject to regulatory approvals and is expected to close in mid-2017, reports indicate. The agreement has been unanimously approved by the boards of directors of both companies.

Harman's products, which provide infotainment, telematics, connected safety and security services, are used in more than 30 million vehicles made by automakers such as BMW, Toyota Motor Corp and Volkswagen, according to its website. Harman’s portfolio of audio brands includes AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson®and Revel®

Harman executives will be at the Fleet Europe Forum and Awards on November 16 in Barcelona, Spain to highlight Harman's premium products for the fleet industry , which caters to businesses, government agencies and other organizations that purchase or lease groups of vehicles to support their services.

Aerospace Components Manufacturers to Convene in Hartford

Aerospace Components Manufacturers (ACM) “Future WorkForce Opportunities” Fair and Trade Show draws over 850 students to learn about the many career paths available in the local aerospace manufacturing industry. The event takes place the afternoon of Nov. 9 at the Connecticut Convention Center in Hartford. ACM comprises one of the largest, most experienced concentrations of world-class aerospace companies, the world's AEROSPACE ALLEY! ® The organization points out that member firms grew up where aerospace was born. Today, precision components manufacturer in the state take to the skies every day, in every corner of the globe, as they have since the inception of powered flight.

ACM member companies are “united by a single goal; be the world leader in providing customers with aerospace components of unsurpassed quality, at competitive prices and always, on-time delivery.”

To achieve that goal, officials work with peers and with regional, national and international experts to ensure continuous improvement of our products and services. The cornerstone of the effort is an aggressive program for adopting and implementing lean enterprise practices and conducting ongoing workforce training and development.

Student attendees of the event will have an opportunity to meet and talk with representatives of 100 top suppliers, all in one place at one time.  Last year, over 800 students and teachers visited from 32 schools spread across Connecticut and southwestern Massachusetts to learn about the array of career choices available in the aerospace manufacturing industry.

CT's Science and Technology Ranking Rises to 6th in the Nation

Following three consecutive finishes ranking ninth in the nation in the State Technology and Science Index (STSI), Connecticut has moved up to number six in 2016, it’s highest finish in more than a decade.  The state ranked ninth in 2010, 2012 and 2014 in the analysis produced every other year by the Milken Institute, following a 7^th place ranking in 2008 and 10^th in 2004.  The ranking was the highest for the state in all seven releases of the STSI index. The STSI 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 institute’s website explains.  

“We view the STSI as a measure of a state's innovation pipeline. The index isn't intended to be a measure of immediate economic impact, but rather to demonstrate that the return on science and technology assets will accrue in future years.”

The top five states in 2016 are Massachusetts, Colorado, Maryland, California and Washington.  Rounding out the top 10, after Connecticut, are Minnesota, Utah, Virginia and Delaware.

In specific categories, the state’s ranking varied, with considerable improvement in some categories. In the Technology and Science Workforce composite index, Connecticut ranked 10th, an improvement from rankings of 16th in 2014, 13th in 2012 and 14th in 2010.  This composite measures the relative presence of high-end technical talent, and consists of 18 eighteen various indicators.

The STSI's 107 individual indicators are sorted into five composites: Research and Development Inputs, Risk Capital and Entrepreneurial Infrastructure, Human Capital Investment, Technology and Science Workforce, and Technology Concentration and Dynamism.  The report indicated that "Connecticut showed major improvement in the Technology Concentration and Dynamism index, going from 21st to 10th. This dramatic rise marks one of the larger overall changes on this index. While modest increases were seen in the Research and Development Inputs index and Human Capital Investment index, these two indices have a much heavier focus on stock measures, and Connecticut’s aerospace and defense sectors help anchor the state’s performance in these areas."

Connecticut also ranked 10th in the Technology Concentration and Dynamism composite index, the state’s highest ranking in that category, and largest jump from two years ago.  In 2014, Connecticut ranked 21st.  In the two previous analyses, Connecticut was 12th in 2012 and 18th in 2010.

In the Human Capital Investment composite index, Connecticut ranked third, as it did in 2014 and 2012, after ranking fifth in 2010.  In Research & Development, Connecticut placed eighth, its second highest finish, after ranking tenth, seventh and seventh in previous indexes.  Connecticut ranked 11^th in Risk Capital and Entrepreneurial Infrastructure, up from 14^th two years ago, but not as high as sixth place in 2012 and third in 2010.

The Human Capital Investment composite index looks at how much is invested in developing the workforce—the most important intangible asset of a regional or state economy. Twenty-one indicators are included in this composite index.  The R&D composite examines a state's R&D capacity to see if it has the facilities that attract funding and create innovations that could be commercialized and contribute to economic growth, and includes eighteen indicators.  The Risk Capital and Entrepreneurial Infrastructure Composite Index determines the success rate of converting research into commercially viable products and services. It includes 12 indicators.

While Connecticut was gaining ground, other states were bottom dwellers.  The analysis raised alarms regarding the prospects for those states.

“The states with the weakest innovation assets and ecosystems for starting and growing innovative firms face a bleak future unless changes are made. West Virginia, Arkansas, Mississippi, Kentucky, and Louisiana make up the bottom five in this year's STSI. They are the least knowledge-intensive and their residents exhibit weak entrepreneurial skills. All of them have undertaken efforts to change their position in technology and science but have had limited success.”

Massachusetts remained in first place with a score of 83.7, retaining the position it has held since the inaugural STSI was released in 2002.

Wyoming, the most improved state, climbed 10 places, to 36th. The state had broad gains but benefited most from the broader definition of occupations in the Technology and Science Workforce category, which included its talent in mining engineering, the analysis pointed out. Missouri rose six spots, to 28th; seen as primarily attributable to a 24-place leap in Risk Capital and Entrepreneurial Infrastructure.