Hartford Business Journal

14 HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 Dan O'Keefe, a former managing partner at New York City-based technology investment firm Apax Digital, is the state's first chief innovation officer. HBJ PHOTO | BILL MORGAN Entrepreneurial Mindset CT's first chief innovation officer aims to jump-start economic growth By Andrew Larson alarson@hartfordbusiness.com G ov. Ned Lamont has quietly created a new high-profile position in state government: the state's first chief innovation officer, who will serve as an advocate for the innovation economy, focusing on economic growth, workforce development and job creation in a burgeoning sector. Chief Innovation Officer Dan O'Keefe started his new full-time position working for the state Depart- ment of Economic and Community Development (DECD) on July 5. The new role will be similar to that of Chief Manufacturing Officer Paul Lavoie, except O'Keefe's focus will be on innovation. Both men report to DECD Commissioner Alexandra Daum. O'Keefe previously served as managing partner of Apax Digital, a New York City-based technology investment firm. There, he helped technology companies grow by providing capital and expertise, while developing and fostering ecosystems to support innovation. O'Keefe said he decided that after 25 years in the private sector, he wanted to pivot to the public realm, where he believes he can have a greater impact and improve equality of access. Through a connection, O'Keefe said he procured a lunch meeting with Lamont and pitched the idea of the position to the governor. O'Keefe was considering a job with the federal government at the time, but Lamont convinced him to stay local. "He said, 'Listen, if you really care about impact … don't go federal, go state …. Things happen at the state and local level, so just meet my team, and if it seems like there might be a fit, we'd love to have a conver- sation about what that fit might be,'" O'Keefe said, recounting his conver- sation with Lamont. "That's how it started." O'Keefe met Daum and other state leaders, and a position was built for him at DECD. O'Keefe said he plans to leverage his skills helping technology compa- nies to improve Connecticut's innovation economy, which describes new ideas and technologies that spur business and job growth. "The innovation economy is, in my mind, something that can change people's lives," O'Keefe said. "And it can increase our economy in incred- ibly compelling ways. We have to invest in it though. You have to foster these economies, these ecosystems of growth." He wants to help position the sector for future growth by building "muscle" and long-term viability. That means attracting more capital to the state, in addition to entrepreneurs willing to take risks. "The key is to continue to make Connecticut a place where inno- vation can thrive, and capital will follow," O'Keefe said. And there's more to the innovation economy than just medical research, pharmaceutical and tech compa- nies. O'Keefe said he sees his role as supporting any businesses that leverage "innovation as a source of competitive differentiation." "It really is quite broad," O'Keefe said. "It could be everything from a software company, to a coffee roaster who sought a new and inno- vative way to produce coffee." O'Keefe does not have an employ- ment contract with the state, but said he plans to stay in the position for as long as he's needed. Although he reports to Daum, he also will work on "special projects" for Lamont. O'Keefe will take healthcare bene- fits but no salary. Private sector O'Keefe began working for Apax in 1999, then became general partner at TCV, a large investment firm based in Menlo Park, California, where he focused on investments in the internet and software sectors. He rejoined Apax in 2016, but recently retired from the private sector — though, at 48, he's loath to use the "R-word." His trajectory is similar to Daum's and her predecessor, David Lehman, who both worked in the private sector before landing government jobs. Daum, a Harvard Business School grad who worked for commercial real estate and investment giant Trammell Crow Residential before founding a small New Haven real estate invest- ment firm, became DECD's deputy commissioner in 2020. She was appointed commissioner in 2022. Her predecessor, Lehman, was a partner at investment giant Goldman Sachs before Lamont tapped him to lead DECD in 2019. Daum said having a chief innova- tion officer will allow DECD to better serve Connecticut's growing inno- vation economy, including its cluster of life science and biotechnology companies in New Haven, and fintech and insurtech businesses in different parts of the state. DAN O'KEEFE Chief Innovation Officer State Department of Economic and Community Development Education: MBA, Harvard Busi- ness School; Bachelor's degree, Brown University Previous job: Managing Partner, Apax Digital Age: 48 Alexandra Daum

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