Hartford Business Journal

www.HartfordBusiness.com • June 25, 2018 • Hartford Business Journal 21 OTHER VOICES CT must confront economic, fiscal challenges By R. Michael Goman T here is a traditional Chinese curse that, when translated into English, says "May you live in interesting times." Clearly, we in Connecticut are liv- ing in "interesting times" and with the election this fall they are likely to become even more so. There are many good stories to tell about doing business in Connecti- cut. Real estate costs are lower than surrounding states and we have a well-educated workforce, top-ranked colleges and a good quality of life for our employees. Unfortunately, those good stories have been over- whelmed by the larger reality of a zero-growth market, state finances that are in disarray, high taxes and operating costs, and a burden- some regulatory environment. While Connecticut enjoyed a competi- tive advantage in terms of being the home for many top-ranked companies and a leading education system, the fact is that numer- ous markets have caught up with us and they are now at least our equal in these and other areas. We now compete with many markets having similarly attrac- tive attributes, but also more attractive environments for business expansion, growth and investment. The result of all this is that Con- necticut has had more than three decades of virtu- ally no population growth and no net increase in jobs or number of businesses. In contrast, most markets in the U.S. have seen steady growth over the same time. Some mar- kets, including Boston, Atlanta and Dallas, to name just a few, have seen substantial growth, creating hundreds of thousands of net new jobs while Connecticut has struggled to replace jobs lost during the last recession. Today, the reality is that Connecticut is at a serious competitive disadvan- tage in terms of attracting and keeping investment capital in the state. Our lim- ited ability to attract investment means fewer new jobs and new businesses. Perhaps most damaging, it also means that too many of the businesses within our state will choose to disinvest, mov- ing their capital to markets that offer a better risk/reward equation. So, where do we go from here? That's what we'll talk about in upcoming columns. In these times, we will benefit from a frank and open dialog about Connecticut's future. Can we agree on what that future should look like and, if so, can we then agree on a path that will get us there? More importantly, I hope that these columns contribute to the discussions that we, as a state, will be having over the coming months as we listen to the can- didates discuss their views of our future. This is an important election and we need to be engaged in these issues. R. Michael Goman is a principal of Goman + York Property Advisors LLC, an East Hartford-based real estate advisor. HARTFORDBUSINESS.COM POLL LAST WEEK'S POLL RESULT: Should the state Bond Commission allocate $50M to expand apprenticeships in CT? NEXT WEEK'S POLL: Is CT's goal to divert 60% of its waste through recycling smart public policy? To vote, go online to hartfordbusiness.com BIZ BOOKS How to think creatively in today's connected digital age By Jim Pawlak "In Praise of Wasting Time" by Alan Light- man (TED Books Simon & Schuster, $16.99). In our 24/7/365 connected world, we've become experts in not wasting time. At work, inboxes are on overflow, meetings abound, emails and voicemail remind us that there's still much to be done. After work, our personal schedules fill quickly yet we constantly check our smartphones and tablets for emails, use apps and post on social media. Sleep provides the only respite from being "on." Lightman believes that "not-waste- time" compulsion has an adverse impact on our creativity. Einstein spoke of his need for empty spaces for mental adventures. "Creativity thrives on unstructured time, on play, on 'divergent thinking,' on unpurposed ramblings." It needs its own time, too. A timed exercise: Sit in a chair in a dark room and completely turn off the outside world for 20 minutes. What are you thinking about? Connected people think about what they're missing and what they must check on after their "confinement" has ended. They become antsy and want to get out of the chair before the 20 minutes ends. Creative people, on the other hand, see the 20 minutes of disconnect as time to imagine, dream and explore. They appreciate the break with the outside world and turn to inner thoughts of what, why and how. The creatives aren't wasting time; they're using it. Lightman also advocates making time for meditation. I experienced meditation's benefits through Frithjof Bergmann, a philosophy professor (now emeritus) at the University of Michigan. Bergmann would wake at 4:45 a.m. and make a pot of coffee. From five until six, he would drink coffee, sit and think. From six until seven, he would call people whom he believed could provide insight into his thoughts. I look for- ward to his calls because his thoughts make me think, too. While I'm not call- ing at 6 a.m., I do collect my thoughts and discuss them with others; they reciprocate. It's a fantastic way to build a creative network. Takeaway: Unplugging from 24/7/365 provides the opportunity to connect with our creative "selfs." 53.1% No 46.9% Yes READER COMMENTS: "What makes you think that the apprenticeships reside in CT after the program? Make it contingent on a refund of the training costs if the individual fails to file CT income tax returns for x amount of years." "A better use of the money would be a $50M tax credit to businesses. Watch how many more they hire/ train. We don't need another government program." "Manufacturing needs to hire thousands of new workers over the next several years. Apprenticeship is a proven way, both in Europe and here, for young people to acquire the necessary skills to fill these important jobs." R. Michael Goman Jim Pawlak Book Review Today, the reality is that Connecticut is at a serious competitive disadvantage in terms of attracting and keeping investment capital in the state.

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