NewHavenBIZ

8 n e w h a v e n B I Z | M a r c h 2 0 2 0 | n e w h a v e n b i z . c o m T R E N D I N G : B e y o n d t h e H e a d l i n e s 'New Haven is Connecticut's neuroscience play' Bridgeport feels the urge...to surge? E C O N O M I C D E V E L O P M E N T N o one doubts that last spring's announcement by Yale New Haven Health of plans to develop an $838 million neurosciences facility on its St. Raphael campus is a game-changer — the Elm City's largest econom- ic-development project in years. But is it merely the next ma- jor development step by the city's largest employer and state's largest health system, or a true game-changer for an entire indus- try whose evolution has profound implications for Connecticut and beyond? e 505,000-square-foot facility would house 204 beds and facilities for research and treatment of dis- eases such as Alzheimer's, Parkin- son's, multiple sclerosis, epilepsy and strokes. But neuroscience research and clinical practice represent much more than new construction and new patient beds — it may be at the center of an economic devel- opment strategy for the city and region for years to come. And its growth is not a function solely of what takes place at Yale New Hav- en and its namesake university. At the beginning of this year the city hired a consultant, Kevin Hively of Ninigret Partners of Providence, R.I., to offer an overview of the industry and its potential for New Haven and the region. In early February Hively reported his findings at a meeting of the city's Development Com- mission at City Hall. New Haven's current participa- tion in the neuroscience indus- try lies in three principal areas, Hively said — clinical enterprise, biopharmaceutical development and research. Much of the latter is conducted today at Yale, which is already a major industry player: In 2018, "prime awards" to Yale from the National Institutes of Health (NIH) exceeded the totals of 37 states. From 2016 to 2018, those awards totaled in excess of $405 million, making Yale the sev- enth-largest recipient nationwide. NIH investment here, Hively add- ed, is expected to double by 2030. Moreover, neuroscience already accounts for a larger share of NIH spending than cancer research — 26 percent of total spending in 2018. In key sub-fields of neuroscience research, Yale is also a major player. It topped the list of NIH mental-health grants in 2018, Hively noted, with more that $80 million. It also was among the top 20 nationwide of recipients of 2018 NIH grants for studying degenerative diseases, totaling about $36.5 million. "e [bioscience research] talent we have in New Haven is changing health outcomes all over the world," said city Economic Development Administrator Michael Piscitelli. "e combination of strong patient care and research can be a real opportunity for us." n Yale New Haven's planned neuroscience center, slated for completion in 2024. M E T R O P O L I TA N A R E A S T here are three kinds of lies, Mark Twain famously ob- served: lies, damned lies, and statistics. Sometimes all three varieties can be found in a single specimen. Take, for instance, the solons at Startup Genome, a San Francis- co-based research and policy advi- sory firm that helps governments nurture their entrepreneurial ecosystems. As such firms oen do to build brand and buzz, Startup Genome last month released a ranking of startup ecosystems in 150 U.S. cities. e "Surge Cities Index" ranked metro areas on a number of metrics including job creation, population growth, net business creation, rate of entrepreneurship and early-stage finding deals. Tally them all up, the website suggested, and you get a pretty good idea of the best places to start and grow a new company. e list for 2020 is littered with many of the usual suspects for en- trepreneurial energy — Durham, N.C., Austin, Tex., Charleston, S.C., Colorado Springs. en scrolling down to No. 25 (just aer Atlanta, but one step ahead of Sac- ramento) was (drum roll, please) Bridgeport? Some of the numbers Startup Genome summoned were real eye-poppers: "19,200 businesses created in the first half of this year [2019]" and "skilled labor pumped in by the 18 colleges and universi- ties within a 50-mile radius." Overall Surge Cities ranked the Park City No. 3 nationally in "Rate of Entrepreneurship" and No. 10 in overall wage growth. For a reality check, we sum- moned our own data-resource center, informally known as the WTF Index. e first question to be addressed was, what is Startup Genome's definition of "Bridge- port"? Is it Fairfield County? Is it the state labor department's Bridgeport-Stamford labor market area? e notion of nearly 20,000 new companies in a city of 160,000 simply didn't hold water. e reality is something a bit more to scale: Between Jan. 1 and June 30, 2019, 757 new companies were formed within the actual city of Bridgeport. at's according to the Secretary of the State's office, which is Connecticut's official repository of legal filings pertaining to companies. By contrast, the figure for Stam- ford over the same period was 903 new companies. In New Haven, 610 new companies were formed in the first half of 2019. n Bridgeport may be Connecticut's largest city — but it's not 19,000-new-companies large.

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