Issue link: https://nebusinessmedia.uberflip.com/i/881000
OCTOBER 2, 2017 • HARTFORD BUSINESS JOURNAL | 99 CT must build a bioscience cluster Ed Liu President and CEO, The Jackson Laboratory How will Connecticut's bioscience industry change over the next 10 years? Connecticut's bioscience industry should adapt to not only the prevailing scientific and market trends, but also to its unique geo-economic position in the Northeast, and the talent pool it can draw from. We should focus on the emerging companies, including startups, that cover a wide swath of product space that can be described as the 'Biotech of Things.' This is the term I use to refer to the ubiquity of products made to optimize individual health and to navigate diseases. This new sector includes wearable sensors, medical informatics and big data processing, medically oriented apps, medical devices, nutraceuticals, and gene and cellular therapy. What must Connecticut do to better compete with some of the top bioscience clusters in U.S., including those in nearby Boston and New York City? Connecticut should build its own brand of bioscience cluster, one brick at a time. This includes opening incubators and accelerators, giving entrepreneurs tax breaks to start their companies, providing social connectivity and business mentoring (perhaps with our regional venture firms). This is especially important for companies that arise from our Connecticut institutions: our universities and organizations rooted here. Signaling business-friendly regulatory and tax structures is key in the competitive environment. Two large infrastructural developments would be transformative: the building of new work-community environments tailored to the creation-based workforce such as the iQuilt concept in Hartford, and high-speed rail to and from Boston. Our proximity to Boston and New York should be considered an asset rather than a detriment. The state's assistance in converting spaces like abandoned pharma campuses into incubator and accelerator space for biotech/tech startups are yet other possibilities. Absolute reliance on either government funding or commercial investment to launch such a new approach will inevitably fail. Public-private partnerships to build a knowledge-based economy will be necessary going forward. Technology, personalized service to change banking industry Martin Geitz President and CEO, Simsbury Bank How do you expect Connecticut's banking industry to evolve over the next decade? Connecticut's banks — of all sizes — will be challenged by customer demand for personalization and convenience. Since introducing the ATM in the early 1970s and accelerating in the past 20 years with internet and mobile banking, the banking industry has empowered businesses and consumers to bank when, where and how they choose. The ability to adapt quickly and provide personalized advice and service will continue to drive the success of community banks, while regional and national banks will continue to benefit from their scale to deliver commodity financial products at a low cost. More recently, non-bank innovators have developed technology-based solutions for providing consumer loans, small business loans, student loans and mortgages. Look for community banks to partner with these innovators to deliver convenient and easy-to-access banking products to businesses and consumers. What is the biggest economic development opportunity that the state should leverage over the next decade? Manufacturing. I know I'm supposed to say biosciences, medical devices and information technology. These technologies are very important to the future and Connecticut should aggressively attract them, too. However, Connecticut has many manufacturers that have evolved and refined their businesses to efficiently offer world-class competitive products. The Pratt & Whitney, Sikorsky and Electric Boat supply chains fuel Connecticut's manufacturing base and many of their suppliers also sell other products manufactured here in Connecticut to companies around the world. We need a business climate and workforce development strategy that keeps manufacturing companies here and attracts others. "We need a business climate and workforce development strategy that keeps manufacturing companies here and attracts others." " Our proximity to Boston and New York should be considered an asset rather than a detriment. " Q/A THE FUTURE