Issue link: https://nebusinessmedia.uberflip.com/i/992084
73 | DOING BUSINESS IN CONNECTICUT | 2018 2018 | DOING BUSINESS IN CONNECTICUT | 73 Small But Mighty State's small businesses are 'absolutely critical' to the economy By Taryn Plumb In their case, "small" equals fierce: There's simply no underestimating the influence of small businesses in Connecticut and across the country. Small standing alone but collectively enormous, they are an essential driver of the economy; many experts say the economic structure would collapse without them. They are "absolutely critical," said Emily Carter, state director of the Connecticut Small Business Development Center (CTSBDC). In turn, recognizing the crucial role they play, a number of programs across the state are dedicated to helping small businesses and entrepreneurs not only establish themselves, but grow and thrive. Small only in name All told, there are more than 339,000 small businesses in Connecticut (defined as having 500 employees or less) and they ultimately comprise of 99.4 percent of the state's total business, according to a 2017 report from the U.S. Small Business Administration Office of Advocacy. What's more, they employ almost half of the state's workforce, noted Peter Gioia, vice president and economist at the Connecticut Business & Industry Association (CBIA). Their influence is palpable on a number of levels, he said – not the least of which is their role in the supply chain, particularly for the state's largest corporations, including General Dynamics Electric Boat, United Technologies Corporation and Sikorsky Aircraft, now a Lockheed Martin company. "There's a strong connectivity between larger corporations and smaller businesses," Gioia said, describing a synergistic linkage. "They both need each other and help each other." Meanwhile, in addition to paying a significant portion of taxes to the state, they are "extremely innovative" and represent a wide breadth of industries, ranging from manufacturing to construction to hospitality. Carter said the CTSBDC has recently seen particular growth in the tech start-up space, as well as in biomedical and medical device companies; meanwhile, the service industry continues to be strong, she said. She also noted a continued uptick in women-owned and minority-owned companies. But looking across Connecticut, there's no shortage of innovation in small business: You'll find anything from specialty food companies to consulting firms to sports endeavors dedicated to kitesurfing and skateboarding, just to name a few. As a means to help them, Connecticut's SBDCs offer no-cost business counseling at 30 offices across the state. That help ranges from initial business-plan development to the implementation of growth strategies. The organization is funded through the U.S. Small Business Administration and the state Department of Economic and Community Development. In 2017, according to Carter, it helped more than 1,300 small Connecticut businesses, provided access to $54 million in funding and assisted more than 62 startups. She pointed to recent standouts Waterbury-based aquaculture company Ideal Fish, which has raised $10 million in venture capital Eric Pedersen, the founder of Waterbury-based Ideal Fish, created a land-based, high-tech fish farm where he and his team are raising Branzino, a European sea bass that's popular in high-end restaurants. All of the Branzino shipped to the U.S. is raised overseas in the Mediterranean, meaning the fish is at least five days old before it is served. SMALL BUSINESS [Photo courtesy of CTSBDC]