Hartford Business Journal

2014 | Doing Business in Connecticut 15 SPONSORED REPORT T o stimulate business success, remove the obstacles. That's why the state is streamlining its agency processes, using the same Lean philosophy that major manufacturers apply to their operations. As a result: • The Department of Energy and Environmental Protection now issues 90% of its permits in 60 days. 19 • The Department of Transportation's State Traffic Commission has reduced permit-processing time by 83%, with 70% of applications now being approved in 30 days or less. 20 • DECD's Small Business Express Program has a 45-60 day turnaround time for funding. 21 Part of that innovation is sparked by partnerships with the state's leading universities, which have dedicated 81 percent of all academic R&D expenditures to bioscience. 13 In fact, Connecticut stands No. 4 in the nation for per-capita business R&D — double the national average. 14 A powerhouse for fuel cell innovators The drive for new ideas is one reason why green energy companies think of Connecticut as The Fuel Cell State. Thirty percent of all the fuel cell jobs in America — and 50 percent of those in the region — are right here. 15 Since the 1960s, Connecticut-made fuel cells have powered NASA's Apollo and Space Shuttle technologies. Today, they're powering the world's largest fuel cell parks. A hub for advanced manufacturing Connecticut's centuries-old manufacturing tradition has given rise to a new generation of high-technology companies. They choose Connecticut for the fine-tuned skills of its workers, since their products have to meet the most demanding specs in aerospace and other leading industries today. Connecticut's high concentration of high-tech companies enables both the leaders and the startups to work together. Businesses are close to their key suppliers, and it's easy for companies with new ideas to get access to industry leaders. The result: a symbiosis for innovation and a business infrastructure for better service. A new global media center Connecticut is also center stage to new media developments. Superstars like ESPN and NBC Sports Group form a powerful cluster with emerging companies, including digital animation pioneer Blue Sky Studios. Around them, a new community of suppliers and service providers is finding new opportunities here. Top ten for venture capital investments All this innovation also attracts investors eager to help fuel the momentum. That's undoubtedly why Connecticut is a top-ten state for venture capital deals. 16 Startups here not only get a head start on funding, but they also join a supportive business community that has flourished by sharing ideas and expertise. State support for job creators While the businesses and their leaders are the real heroes of this success story, state and local government are stoking the economic development engine on many levels: • CTNEXT, a joint project of the Department of Economic and Community Development, and Connecticut Innovations, works with entrepreneurs and local governments to attract and retain companies with high-growth potential. • The First Five program offers incentives for large-scale businesses to expand, relocate and create a minimum of 200 jobs. • The Small Business Express Program has provided funding and technical assistance to more than 1,000 companies. 17 "We're also working with local municipalities to unlock the economic potential of vacant and underused areas," noted Commissioner Smith. "Through investments in Brownfield Redevelopment, the arts and housing, we're making our cities more attractive places for our talent to live." In total, the state's efforts have helped generate 50,000 private-sector jobs in the past few years. 18 It's a bipartisan commitment shared by government, corporate and small business leaders who look at Connecticut's future and see one small state making giant leaps in progress. More Action in Less Time 1. International Monetary Fund, World Economic Outlook Database, April 2013, in U.S. Dollars. New England state data from U.S. Bureau of Economic Analysis 2. 2014 Connecticut Economic Review, Connecticut Light & Power and Yankee Gas 3. U.S. Census, American Community Survey, 2012 3-year estimates 4. 2014 Connecticut Economic Review, Connecticut Light & Power and Yankee Gas 5. Measure of America, 2013-2014 6. 2014 Connecticut Economic Review, Connecticut Light & Power and Yankee Gas 7. 2014 Connecticut Economic Review, Connecticut Light & Power and Yankee Gas 8. Connecticut's Economic Development Strategy, 2014 9. U.S. Bureau of Labor Statistics; Calculations by CERC, 2013 10. "Most Innovative in U.S.," Bloomberg.com 11. U.S. Patent Office, County-Level Data 12. Connecticut's Bioscience Industry, OLR Research Report, 2011 13. Connecticut's Bioscience Industry, OLR Research Report, 2011 14. National Science Foundation; U.S. Census Bureau; Calculations by CERC, 2012 15. Connecticut's Economic Development Strategy, 2014 16. SSTI from PricewaterhouseCoopers Moneytree Survey; U.S. Census Bureau; Calculations by CERC, 2012 17. Connecticut Department of Economic and Community Development 18. Connecticut Department of Economic and Community Development 19. Connecticut's Economic Development Strategy, 2014 20. Connecticut's Economic Development Strategy, 2014 21. Connecticut's Economic Development Strategy, 2014 Sources:

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