Hartford Business Journal

14 Doing Business in Connecticut | 2014 SPONSORED REPORT Connecticut: A Haven for Today's Leading Innovators T he seventh-most-productive "country" in the world is actually a state. In fact, this state actually ranks higher than the entire United States in productivity, as measured by gross domestic product. 1 That state is Connecticut. Surprised? Not only is Connecticut home base to many established market leaders, it's a fertile environment for emerging leaders in many fields, particularly in the dramatically expanding sectors of healthcare, bioscience, green energy, technology and new media. "Connecticut has a unique combination of factors that make it prime territory for these industries — across both large companies and the small businesses that support them," said Catherine Smith, commissioner of the Connecticut Department of Economic and Community Development. "The talent and productivity of our people, our strategic location and the synergy of the public and private sectors — it's all stimulating some of the fastest growing sectors in American business today." So why is Connecticut such a gathering place for innovators? Because of a unique combination of factors that can stimulate growth. Highly educated, productive workforce To compete successfully today, companies must maximize their resources. That kind of productivity calls for intellect and experience — and few places in the world have more of it than Connecticut. The state ranks No. 4 in America for productivity, and its workforce generates a per-capita gross state product that is 28 percent higher than the national average. 2 There's also a shorter learning curve for the most challenging fields, from life sciences and biotechnology to digital information and advanced manufacturing. Businesses here can draw from one of America's most educated labor pools. Connecticut is the No. 3 state for people holding advanced degrees 3 , with 33 percent more scientists and engineers in our workforce than the national average. 4 In short: Connecticut offers businesses access to a workforce that can really hit the ground running. That workforce also lives in the healthiest state in America. 5 To employers, that translates to fewer sick days impacting productivity. To employees, that means a great quality of life. Major-market access — without major-market rates Regional, national and international businesses looking for a Northeast location find that Connecticut offers key strategic advantages — at lower prices than other major cities. Not only is more real estate actually available at attractive rates, but Connecticut also offers the nation's second-highest value for every energy dollar spent. 6 Within 200 miles of Hartford 7 , are: • 40 million people (13% of U.S. total) • 11 million people with associate's degrees or higher • 4 million residents with advanced degrees (18% of U.S. total) • Average household income over $83,000 (20% above U.S. average) • 21 million jobs • 2 million business establishments • A large share of the nation's best universities and corporations Connecticut is also an international business hub. Conveniently situated halfway between New York City and Boston, the state's own major ports and airports help propel it into the nation's top ten for per-capita exports and third for direct foreign investment. 8 Diverse array of growing industry sectors Of course, the world knows Connecticut as America's insurance capital — ranked No. 2 in the U.S. for employment in the entire financial/insurance sector. 9 But you could rightly call Connecticut "The Breakthrough State" — since it also ranks among the top four states in America for innovation. 10 One of its major cities, Hartford, is second only to San Francisco in the number of patents issued. 11 The new nucleus for bioscience In recent years, more and more bioscience companies have moved to Connecticut, making it a center for groundbreaking work, particularly in genomics and stem cell research. In fact, of Connecticut's patents, 45 percent have come from the bioscience sector. 12 Dr. Edison Liu, President and CEO of The Jackson Laboratory, appearing in a Department of Economic and Community Development ad to promote Connecticut as a great place to do business. Norwalk-based Datto, a vendor of hybrid cloud backup, disaster recovery and Intelligent Business Continuity solutions, is proud of its in-house Cloud Operations facility. PHOTO/Datto Inc.

• Cover