Connecticut Technology Council

Connecticut's Total Effective Business Tax Rate

Connecticut is often accused of having tax rates that are too high and thus unfriendly to business.  You'll hear this criticism from all kinds of sources- newscasters on tv, angry contributors to internet forums, and occasionally even Texas Governor Rick Perry as he strolls through the State trying to lure Connecticutians away from the Northeast.

But we work with hundreds of businesses in Connecticut, on a regular basis, and the outlook is not so grim and taxophobic in our community.  Yes, the national economy is still in a period of recovery, and of course, everyone would prefer to have their taxes lowered, but Connecticut companies continue to thrive in the state and are as happy as ever to set up shop in the Constitution State.

The accounting firm Ernst & Young recently conducted a study in conjunction with the Council on State Taxation (COST) to take an objective look at the dense and dynamic world of state and local taxation across the United States.  Their results confirm and quantify something we've long understood: Connecticut's infrastructure, benefits, and potential for profitability drastically lower the explicit tax rate to a substantially lower effective tax rate.

How low?  Connecticut businesses pay the second lowest percentage of their gross state product back to the state in taxes.  We rank behind only North Carolina, and by only a fraction of a percentage point.

This image, from the review's Total State and Local Business Taxes findings, shows the nation in terms of the total effective tax rate that businesses are charged on a state and local level.  Connecticut is in the very lowest category.

Image via EY and COST.

East Haven Firm Links Crime Data To Connecticut Cops On The Road

Most police departments in the state could have iPads in the hands of at least a few officers out on the street in six to eight months — the next phase in public safety software technology.

Five police departments are now employing the electronic tablets using software from East Haven based NexGen Public Safety Solutions. The officers have access to the same information they would see in the station or in a patrol car.

NexGen, which started out in a small, 1,400-square-foot office on High Street in East Haven to a 5,800-square-foot Main Street office, has grown to serve 114 out of 169 police departments throughout the state, along with the University of Connecticut's Storrs campus, Central Connecticut University Police and Connecticut's Department of Public Safety, Mental Health and Addiction Services and the Department of Motor Vehicles.

The software helps address public safety officers' need to do more with less money, said John Travisano, chief development officer with NexGen. But more than that, it's made everything electronic, drastically curtailing paperwork and duplicate processes, and automating the way documents are submitted to state courts and judicial agencies.

 

Here is the entire Hartford Courant article by Sameea Kamal.

U.S. Commerce Secretary Visits Wallingford Firm

U.S. Secretary of Commerce Penny Pritzker joined Gov. Dannel P. Malloy on a tour Tuesday of the headquarters of APS Technology, which makes products for the oil and gas drilling industry.

The company specializes in measurement-while-drilling, rotary steerable, and vibration management products. Pritzker and Malloy viewed some of the latest technology from APS, geared toward lowering the cost and time involved in oil drilling.

"This kind of precision manufacturing is really what America needs to be doing more," Pritzker said.

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Read the rest of Sameea Kamal's article from the Hartford Courant.

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This is an excerpt from Secretary Pritzker's blog, posted this morning:

Secretary Pritzker ended the day in Connecticut, where she participated in a tour and roundtable discussion at APS Technology. APS Technology is a long time client and partner with the Department of Commerce’s International Trade Administration. Since 1993, the company has expanded from consulting services to developing, producing, and supplying proprietary tools for drilling operations. The company began exporting in 2003, and now exports account for more than 75 percent of its business. Earlier this year, the company earned the President’s “E” Award for exports, the highest recognition any U.S. entity may receive for making a significant contribution to the expansion of U.S. exports.

Secretary Pritzker believes it’s particularly important to connect with business and thought leaders early and often, both to hear their ideas on how government and the private sector can partner on strategic initiatives to grow business, and to promote the tremendous work the Department of Commerce does on behalf of U.S. companies. This trip and subsequent stops is part of Secretary Pritzker’s commitment to serve as a bridge to the business community–both domestically and abroad– so that the public and private sectors can work together to create jobs and opportunities for all Americans.

Silicon Valley & the Connecticut River Valley

It's no accident that innovation occurs in clusters.  It wasn't by coincidence that Da Vinci, Michaelangelo, Botticelli, and Raphael happened to all make their masterworks in late medieval Florence.  The kind of novel thinking and breakthrough discoveries that are truly novel, unique, and significant are products of a functional, progressive, motivated, educated, and prioritized ecosystem in which originality is encouraged, creativity is rewarded, and the support network is strong.

California's Silicon Valley is frequently praised for providing this envirnoment to businesses, inventors, and innovators.  French entrepreneur Loïc Le Meur told a European publication that he moved his company to Silicon Valley because:

"in the Valley, the best companies, entrepreneurs and investors are all in one place. It feels like a campus. Everything you do, from the morning run to the coffee run, is a networking opportunity. Compare this to the fragmentation in Europe, where the next meeting is always a flight away, and you can see why things simply happen more slowly over there. Thirty languages and insufficiently fluent English slow things down even further."

Additionally, the central Californian basin is situated near large metropolitan centers like San Francisco and Sacremento, and top-teir academic institutions like Stanford and UC Berkeley and Davis.

An image we recently discovered, produced by the Connecticut Economic Resource Center, made us stop to consider- doesn't Connecticut boast the same attributes that makes Silicon Valley so successful? 

The megalopolis that stretches from the nation's capital through New York City and into Boston envelops Connecticut in a sweetly convenient position to connect itself with ease to some of the most technologically and economically significant cities in the nation, beyond its own internal hubs like Stamford, New Haven, and Hartford. 

The interconnectedness of the Northeast, and especially within the relatively small Connecticut, provide the campus-like feel that Le Meur couldn't find in Europe.

Like Silicon Valley, Connecticut is home to dozens of well-respected academic centers, many of which, such as Yale, UConn, and Wesleyan, are known world wide.  Fanning out to include a a few nighboring states- 6 of US News and World Report's top 10 national universities are within reach.

Another factor that lead to the growth of Silicon Valley in the 1970-80s was venture capital- a force that is alive and well in Connecticut.  And in addition to investment from the private sector, the state is eagar to make investments in innovation to prove that the Connecticut River Valley is the Silicon Valley of the East.

Take a look at the CERC's image of Connecticut compared to the San Francisco Bay area, and to overlay Silicon Valley over a different community for geographic comparison, click here to use the BBC Dimension's How Big Really application.

Encouraging Women and Girls to Pursue Careers in STEM: Women of Innovation 10th Anniversary Celebration

In the fall of 2012, three million more young American women entered college than their male counterparts.  That’s a significant number, considering the entire population of the state of Connecticut is barely over three and a half million.  Women outnumber men in an even greater scale in postgraduate education. In 2009, 60% of Master’s degrees in the United States were given to women.

Yet, despite the formidable head start American women seem to have over American men by count, these institutions of higher learning continue to churn out more male than female scientists, engineers, mathematicians, computer scientists, and other high-tech, high-paying, highly-sought after graduates.  About three to one, in fact, according to the US Department of Commerce.

We at the Connecticut Technology Council have been striving to equalize this imbalance in Connecticut for a decade now.  Our Women of Innovation® program will be entering its 10^th year in 2014, recognizing dynamic, ground-breaking women in science, engineering, entrepreneurship, and other fields who have stood out as innovators in fields traditionally and historically occupied by men. 

Our goals are simple- to acknowledge the exceptional work of regional women who are leaders in their industries and communities, and to teach by example the next generation of would-be Women of Innovation® that being a researcher, engineer, physicist, or CEO is not only something they’re capable of, but something society truly wants to see them become.

 

Mark your calendars for the 2014 Women of Innovation® awards on March 27, 2014.  Our 10^th anniversary celebration will be bigger and better than ever. 

Nominations are open now!

Early nominations for finalists are already being accepted on our website.  We hope you’ll nominate an inspirational woman you know!

For any curiosities, comments, or clarifications, please contact Paige Rasid at 860.289.0878 x 335 or [email protected].

Hope to see you there!

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Tech Startup Seeks to Take Guess Work Out of Job Search

Employers want top-notch talent, workers with years of experience and people who have industry know-how that sets them apart from competitors. But hiring managers, experts say, are having a tough time finding the job-seekers they want.

Henning Seip, founder and CEO of SkillPROOF Inc. could be the matchmaker employers and job-seekers are looking for.

For more than a decade, Seip has been developing and honing technology behind his new job search tool, KRAZOOM, which he says matches job-seekers to employment opportunities faster and more efficiently by taking the guesswork out of keyword searches.

KRAZOOM is a database of job postings that allows job seekers to select requirements that match their skill set, instead of typing in keywords in a trial-and-error process, which is how most other online job boards, like Monster.com, work.

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Today, KRAZOOM has over 200,000 daily job postings, but a challenge the company faces is convincing more employers to list open positions. Seip said KRAZOOM will try to attract employers through its partnership with the Stamford Innovation Center, a tech incubator where Seip holds regular workshops on how to overcome the job search process.

Although Seip isn't making money from KRAZOOM yet, he expects to start earning revenue later this year when he starts charging employers to list jobs. Seip wouldn't disclose what he would charge, or what the market potential is for his business.

Peter Propp, vice president of marketing for the Stamford Innovation Center, said Seip's technology has helped startups find qualified job seekers. "With unemployment in the state at 8 percent, jobseekers are looking for new innovative ways to circumvent the job search process," said Propp. "KRAZOOM offers that new solution."

 

Read Becky Bergman's entire article from the Hartford Business Journal here.

UConn to Supercharge Energy Research Efforts

The University of Connecticut will seek to advance affordable and sustainable energy technologies with the help of a new energy research institute with Fraunhofer USA announced today by state and international officials.

The Fraunhofer Center for Energy Innovation (CEI) will research energy production, storage, and distribution, according to Gov. Dannel P. Malloy's office, which announced the development in conjunction with German Consul General to the U.S. Rolf Schütte, Fraunhofer USA President Georg Rosenfeld, UConn President Susan Herbst and Department of Energy and Environmental Protection Commissioner Daniel C. Esty.

CEI will be established at UConn's Depot Campus with plans to relocate to the school's technology park in 2015.

The center will be led by Prabhakar Singh and will work with industry and academics to develop efficient and cost-effective energy conversion and storage systems. The CEI will focus particularly on metals, ceramics, micro-and nanostructures, as components for fuel cells and electrolyzers.

"With the resources, talent, and expertise of UConn and Fraunhofer, we expect to see technological breakthroughs that will help deliver a cheaper, cleaner, and more reliable energy future for Connecticut, the nation, and the world," Malloy said in a statement.

 

Read the rest of this unattributed article from the Hartford Business Journal on their website.

 

More information can be found at Fraunhofer's website.

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New Art & Science Fusion Spectacle From a Former Women of Innovation Winner

The Connecticut Technology Council is pleased to share with you this press release, presented by Projects for a New Millenium, a non-profit co-founded by Joy Wulke, a Women of Innovation® Award Winner in our Community Category:

PRESS RELEASE

JULY 25, 2013

 

TERRA TRACTUS : The Earth Moves   A Dynamic Multimedia Epic! 

8 Shows . Thursday - Sunday September 19-22^nd (Fall Equinox) 6:00 PM

Stony Creek Quarry in Branford, Connecticut

Projects2k (Projects for a New Millennium), well known for its “Quarry Spectacles” produced in the Stony Creek Quarry, is collaborating with the Stony Creek Quarry Corporation and geologists from the Yale School of Geology and Geophysics to bring TERRA TRACTUS : The Earth Moves to this spectacular quarry location in September 2013.  This is Projects2k’s 20^th anniversary year as an Art/Sci/Environmental not-for-profit. The performance will feature the geological and human history of the Quarry, Connecticut and our geological connection to world through a dynamic multi-media spectacle including light, lasers, projections, music, and more.

 

Our last multi-media show, TERRA MIRABILA – If rocks could dream in 2005 told the geological story of the recipe of Stony Creek Granite from the beginning of know time into the future.  P2k’s events are always widely anticipated and continue to amaze all who attend.

 

WHEN

TERRA TRACTUS : The Earth Moves will have 4 performances only--Thursday-Sunday September 19-22^nd (Fall Equinox) .  There will be food trucks on site to include renowned New Haven restaurants Caseus and Lunch Box for audience pre-performance dining.  General admission is $35.00 with very limited seating. 

Tickets available at Neighborhood Music School, 203-624-5189 and Shoreline Arts Alliance, 203 453-3809, with your check.  More information and tickets available by calling 203-415-5613 or 203-215-2227, emailing [email protected], and visiting Projects2K.org.

 

HISTORY

The magnificent awe-inspiring Stony Creek Quarry in Branford, Connecticut. This active quarry has been providing their unique pink granite for over 150 years and is estimated to have enough granite for another 200 years. The granite can be found at the Statue of Liberty, Grand Central Station, Grants Tomb and West Point Monument, to name a few.

 

ABOUT PROJECTS2K

Projects2k has received a $30,000.00 matching grant from the Connecticut Department of Economic Development Office of the Arts and a $10,000.00 grant from The David Bermant Foundation towards the match. Join us at any level to help make this very special and high profile event happen.  Visit Kickstarter for our 30 day crowdsourcing campaign.  Become a Sponsor!  All donations are tax deductible to the extent of the law.

 

Please check out our short P2k introduction video  and our “20 years in 10 minutes” video .

NBC Sports Celebrates its Stamford Facility

STAMFORD -- NBC Sports' ribbon cutting and celebration of its new facility Wednesday was a special moment for one Stamford resident.

"My two grandfathers worked for Clairol, in this building," Gregory Walters Jr., a Stamford native and NBC Sports video operations specialist said after a ceremony featuring speeches by NBC Sports Group Chairman Mark Lazarus, Gov. Dannel P. Malloy and Stamford Mayor Michael Pavia. The officials even cut a ribbon with giant scissors, though workers have been in place at the facility since December.

Walters is working in the same building his grandfathers Vincent Walters and Hubert Green worked in. Clairol had operated in Stamford since the 1940s and employed more than 1,300 at one time. When Procter & Gamble announced it would close in 2010, about 615 jobs were lost in the state.

Today, NBC Sports employs nearly 600 in Stamford alone, according to executives.

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Read Rob Varnon's full article from the Stamford Advocate here, on their website.

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Connecticut- Coworking Towards the Future

Finding ways for great ideas and innovative solutions to evolve from brain cells to the store shelves is one of our biggest preoccupations. A recent workplace trend blossoming in Connecticut is looking to provide the facilities, atmosphere, and spirit to assist entrepreneurs in their most basic task- simply getting the work done.

This new paradigm in business workspace, known as coworking spaces, offers standard office staples- tables and chairs, electricity and internet, printing and scanning, and of course coffee- the sort of things you need to function as a budding business, but also a unique community of others in the same situation you’re in. Coworkers by a degree of separation.

Working side by side with other entrepreneurs, freelancers, thinkers, and tinkers allows for a highly fertile and powerfully productive ambiance in which to do, create, change, and sell. Coworking allows you the opportunity to get out of your home, or out of a crowded coffee shop, and become more productive in a real office setting at a fraction of the price. It works on a subscription basis, or alternatively, on a pay-as-you-come system.

Think of it like a gym membership- it makes more sense, for most people, at least, to pay a little bit per month or per year to share the tread mill and the dumbbells with your neighbors at the fitness center than it does to buy your own equipment. The same principle applies to a young company, who wants to have functional business space, yet is unable or unwilling to use precious capital resources to invest in an office of their own, stocked with furniture, rent, and insurance.

Joining a coworking space has been working for many individuals and teams throughout the state. If it sounds like it might be the right fit for you, here is a list of the active coworking spaces available in Connecticut at this time. Check them out to discover more about how the system works, and details on their particular facilities. And if you find a coworking space we don’t know about yet, please let us know! 

Good luck on your entrepreneurial journey!

 

B:Hive Bridgeport	Bridgeport	203-873-2008
reSET Incubator & Coworking Space	Hartford	860.560.9120
Axis901	Manchester	860-647-6029
The Grove	New Haven	203.654.9676
The Bourse	New Haven	203.980.8202
group88	Simsbury	860.658.9777
SONO Spaces	South Norwalk	203 838 5555
Stamford Innovation Center	Stamford	203.226.8701
The Soundview Club	Stamford	203.359.9333