Connecticut Technology Council

Innovation Ecosystem

By Tim Coates

It always takes time for what we know to become what we do. This is true in many areas, but particularly economic development. Recent research from the Kauffman Foundation, an economic think tank, found that job growth comes not from small business, as is often believed. It comes from new companies and is especially pronounced in fast growing companies under two years of age.

For the past three years the Connecticut Technology Council been looking at what this means for Connecticut. From the Council’s Competitiveness Agenda project, it was found that the state has not kept up with our neighbors in terms of how well we help new company formation and growth. That effort, along with the work of many like-minded colleagues, has supported the state in launching an exciting new initiative called the Innovation Ecosystem (IE). Led by Connecticut Innovations and the Department of Economic and Community Development, the Innovation Ecosystem’s goal is to significantly increase the quality and quantity of support for new, fast growing companies in the state.

Given that cities like New York and Boston work because of density, critical mass and rich networks of relationships among diverse people, the IE helps our suburban state act more like a city. Programs are developed and seeded at local “Innovation Hubs” which concentrate activity. At the state level, system management ensures that programs are linked, reinforcing, and everyone stays focused on the goal of supporting the companies with the highest potential.

CTC formed a partnership with the Connecticut Economic Resource Center (CERC) and was successfully selected as the IE’s System Manager. We’re responsible for keeping everyone on the bus and keeping the bus travelling in the right direction. The work has already begun. Over the past several weeks we’ve been working with leading organizations from across the state to launch a dynamic system that can diagnose and quickly respond to the needs of the state’s most promising new companies. There’s still a lot of work to do before an official ribbon cutting. But in a state like CT, where home rule is often the default approach, efforts thus far have already proven that more is possible when we work together. It’s a project that could become a national model for technology based economic development.”

SkillPROOF Connecticut IT Job Market Report, June 2012

There is lack of optimism in the current IT job market in Connecticut. The number of job openings for IT professionals dropped 12.3% in May ringing in the slower summer season.

Last year in May the IT job market corrected downward in a similar way. The difference is that today’s IT labor demand is about a third lower. Surprisingly, employers in Healthcare were the biggest contributors to the drop. So far employers in this industry were the support of the IT job market in Connecticut after employers in Financial Services left the market last year. Now it seems that employers in Financial Services are regaining interest. Their IT labor demand is on the rise since the beginning of the year. Unfortunately these new job opportunities do not yet compensate for the losses.

The technology job market in Massachusetts is also retreating. Job seekers there faced 4.8% fewer opportunities. The New York Metro area improved slightly (up 1.3%). The national average held steady with an insignificant drop (0.3%).

Download Skillproof IT Connecticut Report for June 2012

Bigger Than Chicago and You’ve Never Heard of It…

The CTC’s Matthew Nemerson travelled to China this March with a delegation from Connecticut including Marcum LLP senior partner John Schuyler who is also chairman of the Connecticut – US Commerce Department Export Council, senior staff from CT Innovations, a partner from Wiggin & Dana, LLP and Daniel Drew, the new mayor of Middletown.  Unlike most trade missions, the goal was not to sell products per se, but instead to seek direct investments from Chinese government and private entities that are looking to purchase or take positions in American firms with technologies that are of interest to the Chinese.  Quite a turn of the screw from 25 years ago when Connecticut first set sail for China with an official trade mission led then by Governor William O’Neal. The hope in 1987 was to land big contracts for manufactured goods to sell or make them – inside in a growing country. Now, with trillions of US dollars on hand in various types of organizations and a growing group of internationally savvy investors, China is a legitimate and huge source of venture capital. 

Along the way if the companies can find partners to exploit growing Chinese markets that is more upside, but for the forty or so firms – some CI portfolio firms, others clients of Wiggin & Dana or Marcum and seven established CTC members – were all being pitched as if this were the old CVG Crossroads event.

Eighty government officials and curious investors showed up in Jinan City, Shandong Province and two days later nearly 100 were on hand in Shenyang, Liaoning Province – a bulging city of 4 million with a software incubator itself larger than a few northeast corner Connecticut towns. 

CTC firms represented by Matthew included Axxun, Directedvision, i-Mark, Secure RF, Spot On Networks, Tribute Creations and VR Sim.  All of the companies seemed to be of some curiosity to business people in the two audiences, but no deals have been completed to date.

In addition to the meetings and presentations, the delegation was shown the site of a newly planned 1.7 million person “Bio-Tech City” in Liaoning province. Still under construction, it will be complete in five years time, together with a 180-mph high-speed rail connection to Beijing.  They sure seem to do things differently over there!

 

 

CTC Open House May 3, 4:30 pm in East Hartford

CTC invites you to join an open house celebrating the magnificent contributions of Paige Rasid during her seven years here as Marketing, Communications & Operations Director.

Please join us for a send-off party in her honor at CTC Offices in East Hartford.

Thursday, May 3, 2012 4:30-6:30pm

RSVP to Ann Discenza, adiscenza@ct.org
860-289-0878, x345

Paige will be joining Connecticut Innovations as a program manager in the CT SBIR Office where she will continue to help CT tech companies!  

Entrepreneurs Flourish in New Haven

In recent years, New Haven has been a hotbed of entrepreneurial activity, launching large public companies and small startups. New Haven boasts numerous educational assets, plentiful lab and office space, and a vibrant cultural scene that is attracting young talent interested in working for exciting startups. This trend is exemplified by the popularity of the Grove a shared workspace that serves as an incubator where entrepreneurs can share ideas and networks, and CTech, a technology business incubator managed by Connecticut Innovations. 

Check out a recent article in Fast Company that references CI’s CTech and TechStartinitiatives. 

Now Accepting Applications for Marcum Tech Top 40

On Thursday, September 27, 2012 the 5th annual event of this popular awards program will be held.  This program recognizes technology companies on the basis of revenue growth.  Eligible companies must have
revenues of $3 Million and have been in business at least four years. 

Forty companies are recognized each year in six technology verticals. The six technology verticals are:Software, IT Services, New Media/Internet/Telecom, Life Sciences, Advanced Manufacturing, Energy/ Environmental Technology (including green technologies).

To Read More about Marcum Tech Top 40 Click Here.

To apply for Tech Top 40, click here to apply The deadline for application is May 31, 2012. 

 

To Register for the Networking Event. Click Here

 

Connecticut Innovations Makes $500,000 Follow-on Investment in Innovatient Solutions Inc.

 

 

 

Rocky Hill, Conn., April 16, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based innovation and economic development, today announced that it has made a follow-on investment of $500,000 in Innovatient Solutions Inc. (Innovatient) of Farmington, Conn., through its Seed Investment Fund. This investment is part of a Series A extension round of $2 million, led by CI and involving company founders and angel investors. In 2011, CI made its first investment of $500,000 in Innovatient under the first part of the Series A round.

Innovatient is developing a patient-centered information system aimed at improving communications between hospital care providers and patients in order to enhance clinical outcomes and patient satisfaction.

“It is highly encouraging that Innovatient’s tool addresses a sizeable and growing market that is being favorably affected by federal mandates on healthcare institutions,” said Claire Leonardi, chief executive officer and executive director of CI. “Our continued support of Innovatient will enable the company to address a portion of this market while supporting Governor Malloy’s goal of promoting innovation in the state.”...................

Click Here to read the Press Release

 

Connecticut IT Jobs Report April 2012

Labor demand for IT specialists in Connecticut declined slightly in March. Online job postings decreased 2.5%, with employers providing a daily average of 770 opportunities. Nevertheless,the job seekers in Connecticut fared better than those in other states.

Employer participation in the job market was mixed. While postings in Healthcare and Financial Services declined, there were additional openings with HiTech and Insurance companies.

Read the Full Report:Download Skillproof IT

Connecticut Report April 2012.                                                        

View Archive of Connecticut IT Jobs Trends Reports

Click here for a range of data and articles on the

economic outlook for Connecticut, prepared                                                       

by the US Bureau of Labor Statistics

See the data for unemployment among

all New England States

CTC's, Matthew Nemerson Speaks to WNPR from Jinian, Shandong Province, China

Harriet Jones of WNPR reports: Shandong is Connecticut’s sister state and Matthew Nemerson, CEO of the Connecticut Technology Council is among a few of the original delegates from the first mission back in the 1980s to have returned to Shandong this week.

“A very small and hopeful state 25 years ago. Now a larger economy than Germany, it seems.”

Speaking to WNPR from the city of Jinan he says business meetings have been proceeding alongside diplomacy.

For the entire Transcript click here

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In the news: 3/14/2012 article by David Krechevsky, Republican-American -
State, feds to promote Conn. firms during trade mission to China The Republican-American.

3/14/2012 Back to Shandong Province - Opportunity for Tech Firms

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For other articles on this subject

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Connecticut Innovations Launches CT iHUB App

 Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based innovation and economic development, today announced that it has launched CT iHUB Mobile, a mobile application that allows members of Connecticut’s innovation community to connect with one another and with out-of-state partners 24/7 through mobile devices including iPhones and iPads. Users must be registered with CT iHUB (https://www.ctihub.com/), an online collaboration site for members of Connecticut’s high-tech community, including entrepreneurs, business and investment partners, and service providers. These groups may use CT iHUB Mobile to post comments, upload photographs, access CT iHUB’s public content and private collaboration areas, and follow news postings via iNEWS, a daily-updated stream of innovation-related news from across Connecticut.

“Collaboration is a critical component of economic development in Connecticut, and our state agencies are responding accordingly by making it easier and more convenient to spur discussion and invention among Connecticut’s entrepreneurs,” said Claire Leonardi, chief executive officer and executive director of CI. “The Malloy administration has put a great emphasis on capitalizing on new technologies to promote business growth and enhanced communication. CT iHUB Mobile will nurture and encourage the out-of-the-box thinking that is a hallmark of our innovation community.”

Some of the key features of the app include:

• Activity Streams – where users may share their thoughts.
• News – where users may find a filtered compilation of innovation news in Connecticut.
• Business Associates – where users may find and connect with other members of the high-tech community.
• Photos – where users may share work-related photos.
• Events – where users may access information about upcoming events.
• Collaboration – where users may collaborate with others in private work groups.

Deb Santy, CI’s SBIR director, added, “The CT iHUB Mobile app is one more important step in our continued pursuit of making Connecticut the most entrepreneur-friendly state in America.”  

The mobile app can be downloaded for free at http://itunes.apple.com/us/app/ct-ihub/id506652594?ls=1&mt=8.

About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.