Hartford Business Journal Special Editions

Doing Business In Connecticut 2015

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Page 69 of 115

Digital Media & Film 70 Doing Business in Connecticut | 2015 Department of Economic and Community Development (DECD), the Small Business Ex- press program has provided more than 1,000 companies with capital for expansion efforts. e program works by supplying low-interest loans and grants to small businesses (100 em- ployees or less) that agree to additional hiring. e SBA's Connecticut District Of- fice works closely with a variety of strategic partners to enhance the vibrancy of small business in the state. It also ensures that no matter who walks through the door with a business idea or concern, essential resources and advice are always within reach. Strategic partners include the UConn-led Connecti- cut Small Business Development Center (CTSBDC), with 12 locations throughout Connecticut, the eight branches of SCORE located in the state, and three Women's Busi- ness Centers. "Small business is making up the ma- jority of job creation in the recovery," said Emily Carter, who took over as state director of Connecticut's SBDC in 2013. "e trend is going in an upward trajectory." at upward swing not only includes new businesses but expansion efforts and investments in infrastructure. Said Carter, "We're not just here to start new businesses, but to help others to grow and sustain." e goal of the organization, she said, is to "support them so they aren't distracted from their [core] business." One business that has worked closely with the CTSBDC is Woven Orthopedic Technologies, located in Manchester. e innova- tive bio-textile company uses patented technol- ogy to help orthopedic screws better adhere to bones, thereby reduc- ing pain and repeated surgeries. Although CEO Ilana Odess was an experienced serial entre- preneur before launch- ing the new business, she found a tremendous level of value in working with CTSBDC advisor Patty Meagher. Meagher helped her recruit new employees and gain in- sight into state resources, and introduced her to members of the invest- ment community. "e company is currently in the pro- cess of executing its product design testing — bench, biomechanical, and animal," said Odess. "Preliminary results are very promis- ing and the next few months will provide some more quantitative proof regarding how transformative this technology really is. In the past few months alone, we've doubled our patent portfolio, met with the FDA to establish our U.S. and international regula- tory strategy, and made some great headway in optimizing our technology." Asked what it takes for successful entrepreneurship, Odess had a lot to say. Besides filling an unmet need and develop- ing a thorough business plan, she noted the INDUSTRY SPOTLIGHT › Small Business Ilana Odess founded Woven Orthopedic Technologies. PHOTO/WOVEN ORTHOPEDIC TECHNOLOGIES > Continued from page 69 Peter Olaussen's business, SuperBasket, makes shopping easier. PHOTO/PETER OLAUSSEN Employment in CT by industry and firm size Number of employees Small firm % of industry Health care & social assistance 134,368 50.0% Accommoda on & food services 85,490 63.7% Manufacturing 77,353 50.3% Retail trade 68,832 37.4% Other services 52,982 88.7% Professional, scien fic & tech. services 52,673 51.3% Construc on 43,806 88.6% Admin., supp., waste mgt. & remed. services 42,952 47.7% Wholesale trade 39,802 55.0% Finance & insurance 31,787 27.5% Educa onal services 24,192 36.7% Source: Small Business Administra on, Office of Advocacy

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