Hartford Business Journal

20 HARTFORDBUSINESS.COM | AUGUST 7, 2023 John Bourdeaux, AdvanceCT's current president and head of business development (left), will assume leadership of the economic development nonprofit after current CEO Peter Denious (right) steps down in September. HBJ PHOTO | MICHAEL PUFFER Fighting Back Outgoing AdvanceCT chief Denious leaves behind sharper, more effective business recruitment tool By Michael Puffer mpuffer@hartfordbusiness.com I n the four years since Peter Denious left a venture capital firm to become head of the Connecticut Economic Resource Center, he's helped reshape the orga- nization's name and mission. Denious, 56, oversaw CERC's rebrand to AdvanceCT, and shifted the private nonprofit's focus beyond a research and troubleshooting call center for businesses, to being a far more prominent part of the state's efforts to recruit, retain and grow companies. Today, staff maintain ongoing discussions with hundreds of busi- nesses, not only helping them access state assistance and programs, but reporting out their concerns and suggestions to state officials with the power to create policy changes and financial support. AdvanceCT has also developed stronger ties with site selectors and out-of-state companies, staff say, to ensure Connecticut is on the radar of businesses looking to relocate to, or add a presence in the Northeast. "We had to fight back," Denious said of competition with other states. "For a long time, Connecticut didn't have to do that. Right up until the global financial crisis, everything was great. We had over 30 Fortune 500 companies. We were kind of king of the hill." Denious announced last month he will be stepping down as CEO in September. He recently sat down with the Hartford Business Journal to reflect on his past four years in the role. He will be replaced by John Bourdeaux, AdvanceCT's current president and head of business development. During Denious' tenure, Advan- ceCT has grown from about 14 to 22 employees, all but three of whom are new, while its budget doubled to just under $5 million. More than half of that funding comes from nearly 50 companies that provide financial support. That's up from just a couple utility company contributors when Denious started, he said. The organization's board is now made up of some of the state's highest-profile executives, including co-chair Margaret Keane, the former CEO and current executive board chair of Stamford financial services company Synchrony Financial, as well as the CEOs of Stanley Black & Decker, Otis Worldwide Corp., and Charter Communications. AdvanceCT also has a far closer relationship with the state Depart- ment of Economic and Community Development, along with improved collaboration with workforce training centers, higher-education institutions and other arms of state government. Big wins AdvanceCT's 2022 annual report touts its role in helping support 2,400 new jobs and $1.7 billion in announced capital projects for busi- ness investment and expansion. The report claims an assist in several big developments, including a $200 million, 1,000-job expansion of advanced technology manufacturer ASML in Wilton; medical researcher Cure Rare Diseases Inc.'s decision to build a 30,000-square-foot lab in Woodbridge; and Australian defense contractor Birdon's purchase of two marinas in Portland to satisfy a $190 million rescue boat repair and retrofit contract with the U.S. Coast Guard. "The biggest difference was CERC was more of a passive organization," said AdvanceCT board member Jim Smith, the former CEO and chairman of Webster Bank who now runs a bank consulting firm, JC Smith Advisors. "It did good research, but it was not active in business development." Smith, along with former PepsiCo CEO Indra Nooyi, was hand-picked by Gov. Ned Lamont to lead the AdvanceCT board as it tran- sitioned to a more active business recruitment role. Together, they hired Denious. "Ned's vision was to have a busi- ness-driven, private not-for-profit focused on business development and marketing of the state that would work in partnership with the state," Smith said. "It probably has 15 or more people in the market every day talking to businesses. They have talked to thousands of businesses in the last four years. That wasn't happening before." AdvanceCT used its expanded outreach and connections to collect feedback that informed Lamont's $1.7 billion, five-year economic develop- ment plan, which was rolled out in 2021. It aimed to partner state dollars with private investment to create new jobs and housing that made the state a more attractive place to live and work. The plan included the Department of Economic and Community Devel- opment's $100 million Connecticut Communities Challenge grant program, which invests in tran- sit-oriented development and other housing projects. DECD Commissioner Alexandra Daum's agency has a roughly $2 million annual contract with Advan- ceCT to handle business outreach and recruitment. Daum, who joined DECD three years ago, said she's seen a "steady march" in AdvanceCT's capabilities and reach. The organization is a reliable conduit between the state and businesses, she said. "I know when I turn a company over to AdvanceCT, they are going to get great concierge service," Daum said. "This will make sure they know someone here cares and will get AdvanceCT funding allocation AdvanceCT has a budget of just under $5 million. Here's how that money was spent in 2022: Research 11% Operations, facilities, etc. 20% Marketing 21% Business development 24% Business retention and expansion 24% Source: AdvanceCT 2022 Annual Report Jim Smith

• Cover