NewHavenBIZ

8 n e w h a v e n B I Z | J a n u a r y 2 0 2 2 | n e w h a v e n b i z . c o m By Michelle Tuccitto Sullo N ew Haven has become a destination for state organi- zations focused on retaining and recruiting businesses in Connecticut. at's according to the latest one to make the Elm City its home. AdvanceCT, the state's nonprof- it business-recruitment arm, moved into the popular office/coworking space known as District in late Sep- tember. It followed behind CT Innovations (CI), the state's quasi-public venture capital arm that relocated its head- quarters from Rocky Hill to District's New Haven innovation campus at 470 James St., about two years ago. Peter Denious — president and CEO of AdvanceCT, which also had previously been in Rocky Hill — cites multiple reasons for the organization's move to southern Connecticut. "We were ready to be in a new space," Denious said. "at [Rocky Hill] space was a little old and tired, and it didn't really represent us, our brand or the image we are trying to sell to people outside of the state. A move was long overdue." Once the decision to move was made, the question was where to go. "Why New Haven and why District? We wanted to be in a place and a part of the state that spoke to what we are trying to do," he said. "New Haven is a young city, it is a very diverse city, it is a university town. It is rooted in innovation and has got a very exciting innovation ecosystem, particularly in the life sciences, a key sector we are focused on trying to develop further." New Haven's central location was also a factor, according to Denious, who noted that the organization's staff can travel to all 169 towns and munic- ipalities more quickly, with the I-95 and I-91 corridors converging here. AdvanceCT, formerly known as the Connecticut Economic Resource Center, now has 22 people working at District, a rehabilitated former bus garage known for its modern, open atmosphere. AdvanceCT's new space was reno- vated to suit its needs. "[District] is filled with innovation, and people and activity, and it is right in the middle of the state," Denious said. "Our space is simple, clean and inviting. We are able to show Con- necticut off when we bring a client here. e coworking space here, and the other companies that are here make it a great way to showcase Con- necticut and New Haven." David Salinas, CEO and co-found- er of District, said he would like to think that CI and AdvanceCT have relocated there solely because of what District has created. "I don't think these choices are a reflection on Hartford, but more so a realization that New Haven is the nucleus of the state," Salinas said. "[It is] a center point between New York City and Boston, the middle ground of the state between the major cities." Education hub David Sacco, a faculty member with the University of New Haven's Pompea College of Business, said the two organizations' decisions to open locations in the Elm City, "indicates a willingness to accept realities of the market." Sacco echoed the geographic appeal of being between Boston and New York, both hubs for innovation. "Being along the I-95 corridor makes more sense, it is bound to attract people who want access to other areas," Sacco said. "New Haven itself is an education hub. It is not an accident that Silicon Valley is where it is, with engineering schools nearby." Being located near Yale University makes sense, Sacco noted, given its history of spinning off companies. Area talent and Yale's research capa- bilities are also key attractors, accord- ing to Sacco. "Startups need talent and financing, being in New Haven puts you closer to both of those than being in Hart- ford," Sacco said. "You have proximity to Yale and Fairfield County financial markets, and proximity to New York City." e state's population density is also a factor. Bridgeport, Stamford and New Haven are the state's three most populous cities, followed by Hartford, according to 2020 U.S. Census data. AdvanceCT's new location is right next door to CI, which has invested in dozens of companies, such as New Haven's Biohaven Pharmaceuticals and Arvinas. e quasi-public agency, which also has satellite locations in Hartford and Stamford, has indicated it plans to invest some $200 million in Connecticut startups in the coming years. CI CEO Matt McCooe has said the move to New Haven allowed it to be close to the Elm City's life science Flying South AdvanceCT is latest statewide economic development agency to make New Haven home PHOTO | GARY LEWIS Peter Denious is the president and CEO of AdvanceCT.

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