Hartford Business Journal

2015 | Doing Business in Connecticut 93 Shaping Connecticut's Future By Catherine Smith, commissioner of the Department of Economic and Community Development C onnecticut's economic development strategy is informed by a core prin- ciple: until every person in our state who wants a job can find one, we have more work to do. Connecticut has much strength upon which we can build, and our compre- hensive economic development strategy is designed to learn, leverage and lead. Learn: One of Governor Malloy's early initiatives was to listen and learn from the busi- ness community. He is constantly on the road across the state, learning about what is helping and slowing business growth. Our economic development strategy is informed by this close contact with our business leaders. It was their input that shaped the governor's economic strategy — a strat- egy that touches virtually every aspect of state government. From investing in physical infrastructure to building an educational infrastructure that aligns with the needs of business, we are taking a comprehensive approach to strength- ening Connecticut's competitiveness. Leverage: e Malloy administra- tion is using all the tools it can to help revitalize our state. Below is a small sampling of the leverage our strategy is bringing to Connecticut — building upon and linking together the key resources that together will form the kind of business community that will propel us into a top tier state position. Business Support: We recognize the im- portance of hosting global industry leaders. at's why we fight to attract and retain these companies, with direct financial assistance as well as support for investment in research and development, green building and energy strategies, and technology development. We also know that small business is the backbone of any economy, creating most of the new jobs and providing our Main Streets with the services we all need on a daily basis. at's why we created the Small Business Express (EXP) program. So far, nearly 1,300 companies have received more than $186 mil- lion through EXP. ese companies are com- mitted to creating and retaining over 18,000 jobs as they make new capital investments and grow. Connecticut Innovations also supports startups with capital, technology and mentor- ing, helping fuel high-tech growth in our state. Talent: Perhaps most importantly, we are working closely with businesses and in- dustry organizations to address the challenge they consistently say is most important to their ability to grow: the next generation of highly educated, productive, and motivated talent. We are investing over a billion dol- lars in STEM education in the state schools, colleges and universities to ensure we can continue to offer one of the most productive and well-educated workforces in the world. R&D: We've partnered with organiza- tions such as Jackson Labs to establish Con- necticut as a leader in personalized medicine and bioscience. Collaboration between the state, CURE — Connecticut's bioscience industry cluster association — and Pfizer will create a bioscience incubator in Groton where talented and accomplished scientists can develop their research into commercial products that can become the basis for great Connecticut companies of the future. International Trade: DECD's Inter- national Office collaborates with the U.S. Department of Commerce Export Assistance Center, the U.S. Small Business Adminis- tration, the Connecticut Small Business Development Center and the Connecticut Center for Advanced Technology, to help our smaller and medium-size manufacturers navigate their way to exporting to foreign markets. Last year alone, we helped more than 50 companies attend trade fairs and trade missions, and engage in various other export activities around the world, growing their sales by $42 million. Green Technology: e Connecticut Green Bank is part of Governor Malloy's Comprehensive Energy Strategy — the first of its kind in the state's history — to lower energy costs for businesses and residents alike, increase utilization of renewable generation sources for electric- ity, and access North American natural gas. is strategy will help stabilize costs over the long term and reduce dependence upon foreign oil and gas. Transportation: Governor Malloy's strategy to transform Connecticut's ap- proach to transportation will expand labor markets for businesses, and job markets for individuals, and contribute significantly to the revitalization of our urban centers. In ad- dition, our Office of Brownfield Remediation and Development is funding the cleanup of brownfields near our transportation hubs so that private development can convert great old factories and the neighborhoods around them into mixed-use developments. Lead: Connecticut is already a great place to do business, and it's getting better all the time. Ernst and Young's annual analysis and comparison of state tax structures consistently gives Connecticut a top rating for business tax burden and value for taxes paid. at is part of the reason that Connecticut is home to 15 of the Fortune 500 corporate headquarters. Our brand, Still Revolutionary, recalls that Connecticut has long been known for innova- tion. We're building on that reputation, and looking ahead to our state's best days yet. ❑ Investing in Success State seeks to build on strengths to revitalize the economy, empower companies and grow the workforce PHOTO/HARTFORD BUSINESS JOURNAL FILE ' Until every person in our state who wants a job can find one, we have more work to do. ' — Catherine Smith, commissioner, Department of Economic and Community Development

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