Hartford Business Journal Special Editions

9 | DOING BUSINESS IN CONNECTICUT | 2018 2018 | DOING BUSINESS IN CONNECTICUT | 9 "We are really kind of the first door that an entrepreneur would walk through, or one of the first doors, along with the SBDC (Connecticut Small Business Development Center) and DECD," she said. "We provide access to resources, space and [the expertise of key people in the industry] to help with companies. The idea is to bolster that innovation and entrepreneurship throughout Connecticut, through the resources that we provide." The legislation that created CTNext also gave rise to Innovation Places, a program which offers innovative live-work-play settings conducive to collaboration and encouragement of entrepreneurial environments. Stamford, New Haven, Hartford and New London-Groton all have Innovation Places established, and CTNext has allocated $6.9 million for them, Berman said. "The intention is to really begin the process of attracting entrepreneurs and transforming areas into business-friendly centers of innovation and growth," she said. "It's the combination of utilizing the anchor institutions in the areas, such as the insurance companies in Hartford, Electric Boat in Groton, and the bioscience companies in New Haven." River Innovation Place, in the Groton-New London area, is working on an undersea supply-chain consortium, capitalizing on proximity to the General Dynamics submarine facility, which, in addition to its contracts to build submarines for the military, leverages its expertise in markets adjacent to its core business. In New Haven, the Health Haven co-working space downtown will focus on attracting medical device and digital health startups. "It'll be a really collaborative environment for medical device and digital health startups, which I think will be a great addition to the ecosystem there," said Berman. Each Innovation Place has its own fiduciary to manage the project. CTNext isn't looking for a monetary return from its investments in providing the space, because the long-term goal, she explains, is to "put Connecticut on the map as a place where people want to come and live, work and play within these cities." "We have some of the most innovative companies, both big and small, here in the state," said Smith, of the DECD. "It's a great place for entrepreneurs, as well as for companies who are interested in being at the leading edge of their industries, to locate and take advantage of our terrific educational institutions and the faculty, and to continue to make strides in their respective industries." It's also about partnerships with Connecticut's higher-education community, Thames said. "We were able to bring 35 presidents of higher-education institutions from around the state – from both public and private institutions – and engage them through a strategic-planning process on how they see higher education really contributing to the long-term economic viability of the state," said Thames. "Through that, we were able to create a fund which has fostered collaboration between the UConns, the Yales, the Quinnipiacs, the UNHs, and even our smaller community colleges like Capital, Housatonic, across the state." CI also underwrites an investment competition called Venture Clash, in which companies vie for part of a pool of $5 million in venture- capital funds by presenting their business plans (finalists present their business ideas to a live panel of judges) in financial, insurance, health and "Internet of Things" technology sectors. Startups are not the only companies taking advantage of Connecticut's newly collaborative business environment. The historically strong insurance industry in the state is collaborating to support Hartford InsurTech, a technology-based incubator in which entrepreneurial companies can connect with investors, mentors and insurance industry stakeholders to develop innovative solutions for changing insurance industry needs. Ten startup companies were chosen to participate in the first round of the InsurTech program. "They are working very closely with the insurance companies, and the idea is that they will have pilots or some kind of project or further engagement with the insurance companies, which are huge anchor institutions in the state of Connecticut," Berman said. "Of these 10 startups, we think that at least a handful will stay in Hartford area, which is a huge win for the city." Attracting and retaining businesses of all kinds requires resources like access to funding, human talent and the ability to collaborate with partners seamlessly, said Berman. "These ecosystems and these innovation places, we hope, are so robust that people can find what they need within them, or go to one of the other hubs across the state that become connected through these programs," she said. "So, if you think about doing biosciences, New Haven pops into your mind, and if you live in Groton or New London, you have access to those resources as well. We need to focus on the connectivity among our cities and our towns to foster that collaboration." Ali Berman, CTNext program manager

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