InnovationAgenda.2011Connecticut’s economy is weakening compared to other States, and we enter 2011 worriedabout jobs and ...
Built on input from the recent Competitiveness Agenda Project, which asked successfulgrowing firms what they needed to bes...
Recommendation 1The Governor and top legislative leaders must actively supportand lead the development of an effective and...
Recommendation 2Targeted State action to promote growth and retention of highgrowth potential technology firms and divisio...
Recommendation 3Support major increases in Connecticut’s supply of early stagerisk capital.The state must be able to respo...
Recommendation 4Encourage, promote and deepen the productivity of university-busines s technology relationships.CEOs of fa...
Recommendation 5Maintain existing initiatives and commit to long-term policiesregarding tax credits, exemptions and sector...
Recommendation 6Support the development of dynamic networks among technologyentrepreneurs, investors, scientists and engin...
Recommendation 7Build a global Connecticut brand and international network.The state needs to create a presence through ma...
Recommendation 8Support effective transportation and communicationinfrastructure investments to improve Connecticut’s conn...
About the Connecticut Technology CouncilCTC is the largest and most broad based business association expressly serving the...
CTC 2011 Board of DirectorsSome board members are not listed due to corporate policies. This list does not constitute an e...
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Connecticut Technology Councils Calls for Support of High Growth Firms, Provide More Funding For Connecticut Innovations and Asks Governor to Oversee Building of Innovation Eco-System

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Connecticut Technology Councils Calls for Support of High Growth Firms, Provide More Funding For Connecticut Innovations and Asks Governor to Oversee Building of Innovation Eco-System. State's second largest statewide business trade association issues 2011 Agenda.

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Connecticut Technology Councils Calls for Support of High Growth Firms, Provide More Funding For Connecticut Innovations and Asks Governor to Oversee Building of Innovation Eco-System

  1. 1. InnovationAgenda.2011Connecticut’s economy is weakening compared to other States, and we enter 2011 worriedabout jobs and economic growth amidst a budget deficit. Still, there is reason for hope.The competitive skills of our talented citizenry, the diverse strengths of many firms spreadacross many key global growth clusters and the favorable access we enjoy to New Yorkand Boston mean we have the potential to re-create the successes our state has enjoyedduring past times of economic change and challenge.With new state leadership and the recognition that economic vitality is the key to highquality jobs growth, we now need to take action towards regaining our position as acrossroads of talent, capital, innovation, and generator of good jobs.The President in his State of the Union Address challenged all Americans to again positionus as the productive resourceful land of innovation and economic agility. Let us not forgetthat few states did better than Connecticut by capitalizing on their skills and ingenuityduring the last “Sputnik” moment.The question is, do we have the will and resources to capture our share of the new globalinnovation economy? We say “yes”. We believe we must start down this road now withdirection and energy – while also acknowledging that for the next few years we face budgetlimitations.Once Connecticut was acknowledged as the home of Yankee ingenuity, and we were thetechnology center of the world. This created our high standard of living. Now we facetougher competition, and our leadership position has eroded through a confluence of globalchanges.We need to recreate a dynamic economy for growing high potential businesses, includingan innovation environment that will grow and attract the talent, technology, growthbusinesses and capital we need to generate new jobs and a strong tax base for the future.Targeting this objective will leverage our limited resources and produce the greatest impacton our long term prosperity. This agenda seeks to focus on the changes and actions thatwill transform decline into growth. 1 | InnovationAgenda.2011 — February 2011
  2. 2. Built on input from the recent Competitiveness Agenda Project, which asked successfulgrowing firms what they needed to best thrive, this Agenda represents the commitment ofall facets of the Connecticut technology community to create a globally competitiveenvironment in which to prosper and be active corporate citizens.We do not intend this Agenda to be comprehensive – it is mostly about issues pertaining toConnecticut’s economic innovation culture and systems, which offer the potential forsubstantial economic development and growth of good new jobs. We recognize there aremany other important areas, e.g. STEM education and urban revitalization, that are alsokey to our regional success, but outside our purview.Our recommendations are directed to State policy, and have common themes: leadership,global standards of performance and comparison, and a focus on creating an environmentor “eco-system” that will promote growth in existing companies and support thedevelopment of new firms.We look forward to being part of the debate and the fight to bring our state back to the topof the list of best locations for high potential technology-oriented economic growth.Kevin FrankKevin Burns, Agenda Task Force Co-Chair Frank Marco, Co-ChairFounder and CEO Precision Combustion Partner, Wiggin & DanaChris MatthewChris Kalish, CTC Chairman Matthew Nemerson, PresidentDirector, Edgelab Connecticut Technology CouncilFebruary 2011 2 | InnovationAgenda.2011 — February 2011
  3. 3. Recommendation 1The Governor and top legislative leaders must actively supportand lead the development of an effective and dynamicConnecticut Technology Business Growth Eco-system.Over the next decade, innovation-based job growth will be the critical factor inConnecticut’s economic development and growth. Returning innovation-basedjob growth to the State requires the direct involvement of the Governor – in theprocess of setting Technology Based Economic Development priorities andleading both the public and private sector with a clear vision.Action Steps: • State policies and actions should be designed to actively and expressly support the development of an effective Connecticut innovation eco-system in which existing and start-up technology businesses find a supportive and attractive environment in which to grow to their full potential. 3 | InnovationAgenda.2011 — February 2011
  4. 4. Recommendation 2Targeted State action to promote growth and retention of highgrowth potential technology firms and divisions of larger firms.The state must take specific action to support the development and growth ofnew and existing technology firms with high potential for growth and job creation.These include promising start-ups and small firms which begin or are attractedhere as well as mid-sized and larger firms that are investing in the developmentof new products or services that results in growth.Action Steps: • Implement policies and programs that create a supportive and sustainable growth environment to help grow high potential firms and divisions (e.g. so-called “gazelles”), such as: o State-wide business “acceleration” services with central case-management, o Center that facilitates corporate tech transfer to create new company development from underused and dormant technologies, o State-wide cluster and network development, and o Support for firms and projects seeking capital or federal revenues. • Establish short and near-term plans to assist identified early stage firms considered as having high potential for growth. • Create strategies and retention plans for identified high value-added firms and divisions of all sizes. • Collect key longitudinal and real-time data and conduct analysis on the entire “eco- system.” • Adopt a planning process and strategic approach to gain participation as one of the model state programs for the StartUp America and JumpStart America efforts to build impactful innovation acceleration networks in key regions with national foundation and federal support. 4 | InnovationAgenda.2011 — February 2011
  5. 5. Recommendation 3Support major increases in Connecticut’s supply of early stagerisk capital.The state must be able to respond more quickly to opportunities and to build amuch larger pipeline of high potential firms. The availability of adequate capitalat each stage an enterprise needs funding is critical to building and retaining newjobs.Action Steps: • Allocate at least an additional annual $10million of state funding to the state’s leading investment agency, Connecticut Innovations, Inc. (CI), to invest in early stage, high-risk opportunities, especially those that may be relocating to the state. • In any reorganization of state development functions, consider an expanded role for CI. • Pursue new mechanisms for investments in venture capital funds, such as incentives for private investment and a “fund of funds” created by the State Pension Fund. • Strengthen and expand state programs (such as the SBIR Office) to improve growing firms’ success in winning competitive federal research and development (R&D) funding. 5 | InnovationAgenda.2011 — February 2011
  6. 6. Recommendation 4Encourage, promote and deepen the productivity of university-busines s technology relationships.CEOs of fast growing firms point to their inability to quickly and easily createrelationships with universities, professors and students to work on productdevelopment projects and address customer issues.Action Steps: • Provide new and adequate funding to enhance the ability to match companies and faculty researchers through programs such as the University of Connecticut (UConn) “Innovation Connection”, CI’s “Yankee Ingenuity” fund and efforts at other schools, including at Yale University, to encourage and support the early key relationships that foster innovation eco-system growth. • Support Higher Education’s reorganization in Governor Dannel Malloy’s budget and transition document. 6 | InnovationAgenda.2011 — February 2011
  7. 7. Recommendation 5Maintain existing initiatives and commit to long-term policiesregarding tax credits, exemptions and sector-related investments.Business development and growth is a long-term undertaking. Temporary taxincentives have little influence, usually flowing to activities that would haveoccurred anyway. Sustained tax incentives and initiatives match the time frameof serious investments, reduce business risk, and affect decisions.The process needs political leaders who have patience, belief and stamina totake action and then remain supportive for sustained periods of time. A state thatshows consistent support even without quick success, will earn the respect andmore easily attract the talent and investors needed to fuel its innovation eco-system.Action Steps: • Maintain existing R&D tax credit policies and trade-in provisions to establish confidence and stability among businesses and investors. • Maintain the new Angel Tax Credit program and consider feedback from actual users to increase its attractiveness within the region. • Maintain sales and use tax exemption for biotechnology equipment. • Maintain $10million/year stem cell investment and funding program. • Review the focus and purpose of the Insurance Reinvestment Tax Credit to see if modifications are warranted. 7 | InnovationAgenda.2011 — February 2011
  8. 8. Recommendation 6Support the development of dynamic networks among technologyentrepreneurs, investors, scientists and engineers.The state needs to compete with New York and Boston for the best andbrightest. Stamford, Norwalk and New Haven are beginning to hold their ownagainst the “brain drain” out of the state. We need to do much more to build aninternational presence on key campuses and to build the next generation ofbusiness leaders.Action Steps: • Continue to support the development of self-energizing statewide networks through events, interactions, competitions, internships and other networking activities. • Provide incentives through efforts such as targeted internships, fellowships and international competitions - to bring to the state and develop from current residents - the talent that will stay here and contribute and compound over time to become key parts of the state’s new innovation based culture. 8 | InnovationAgenda.2011 — February 2011
  9. 9. Recommendation 7Build a global Connecticut brand and international network.The state needs to create a presence through marketing and targeted outreachin both North America and around the world about is goals and the role it canplay as part of a regional or global strategy as an operational beach-head and asa location for corporate R&DAction Steps • Design a brand for Connecticut national and international audiences. • Re-engage in various types of international initiatives to make new connections for the state’s companies to export and also to recruit foreign firms to establish North American R&D and headquarters in Connecticut. 9 | InnovationAgenda.2011 — February 2011
  10. 10. Recommendation 8Support effective transportation and communicationinfrastructure investments to improve Connecticut’s connectionswith a global economy.Winning the competition in a global economy requires the highest level of internaland external connectivity, achieved both physically through easy access andvirtually through world-class communications.Families need their highly skilled members to have access to a large field of goodquality jobs that may span multiple labor markets. Younger workers are hoping tolive with fewer ties to cars. Investors want easy access to their portfolio firms. Soquick, quality and connected travel options are key requirements for high growthcompanies as they seek the best locations.Action Steps • Utilize the State Transportation Strategy Board’s 2011 strategic plan for the State Department of Transportation with its focus on improving rail infrastructure, speeds and frequency, adding capacity to Bradley and Tweed airports and relieving congestion on our major highways - especially between Bridgeport and New York State. • Consider a regional infrastructure bank and other revenue sources to develop multi- state support for major projects and also the means to develop them successfully and keep Connecticut in a key geographical position. 10 | InnovationAgenda.2011 — February 2011
  11. 11. About the Connecticut Technology CouncilCTC is the largest and most broad based business association expressly serving the needs ofenterprises involved in areas relating to technology, innovation, and the commercialization of thesciences. Representing almost 300 members and a community of some 2,500 companies and severalhundred thousand employees, CTC strives to serve its members and the general interests of the Stateof Connecticut as they relate to the growth and success of technology based development.The CTC works to make Connecticut a vibrant location for innovation and growth by helping toadvocate for a set of networks, attitudes and performance standards that will give our region a key rolein the new “flat world.” Working with an active board of directors composed of technology andprofessional services leaders, the CTC offers a rich selection of programs and services all intended tobuild a community of successful innovation and technology based businesses operating in a globallycompetitive environment.Our ProgramsMarcum Tech Top 40: A program that honors the 40 fastest growing Connecticut technology companies in thestate. This fall event recognizes growth based on revenue over a four year period.Innovation and Entrepreneurship Summit: This annual event is part of a larger event that now includes anortheast region angel investor forum. The event, now in its fifth year, honors start-up technology companies inseveral awards categories and includes CTC’s unique poster fair and elevator pitches from select companies.Women of Innovation: The Connecticut Technology Council annually celebrates the states leading women intechnology in a gala dinner event each January. This year’s seventh annual dinner at the Aqua Turf is expected todraw 575 attendees to this statewide event. Visit the CTC website, www.ct.org for a recap of finalists and winners.CEO Forum: This is an exclusive once-a-year event for CEOs or Presidents of companies with revenue greaterthan $3 Million. Participants come from all the technology verticals for an evening of networking, dinner and akeynoter. CTC also hosts facilitator-led, monthly CEO Forums for tech company executives whose revenue isgreater than $3M and for the CEOs of companies doing less than $3M.CIO Forum: This event is held in November of each year and is aimed at senior IT executives. The event is a halfday forum at which attendees discuss topical issues. Innovation@Work (I@W): A private forum at which smaller, selected companies are invited to present theirtechnology to a large, host company per a prescribed set of technology criteria developed by the host company..CTC seeks large companies to host this event and will customize it to meet the host company’s requirements. A2010 I@W was hosted by Pitney Bowes.PowerMatch: A networking program based on a highly successful professional business networking modeldeveloped in Silicon Valley, It is held monthly around the state at alternate sites in Hartford, New Haven,Stamford, New London and Danbury.The Connecticut Growth Network: A grassroots networking effort to have the state’s technology practitionersmeet informally and regularly in small groups to discuss tech issues and to hear guest presenters. Visit the CTCcalendar at www.ct.org to see when the next growth cell convenes.The CTC Web Site, Social Networking Groups and Master Calendar: Bringing diverse elements of the 2,00firms and 200,000 members of the regional technology together and keeping them in touch.Management and coordination of the Connecticut Venture Group (CVG): The CTC works with and for theboard of the CVG to assure a model of synergy and joint goals between the two leading innovation tradeassociations in the state. 11 | InnovationAgenda.2011 — February 2011
  12. 12. CTC 2011 Board of DirectorsSome board members are not listed due to corporate policies. This list does not constitute an endorsement by thecompanies listed of the recommendations in this document.Tony Allen, The IMPACT Group, LLC (Vice Chair) Rich Mavrogeanes, Discover VideoPeter Armstrong, Triple Point Technology, Inc. Andy McCarthy, ComcastJames Boyle, Yale Entrepreneurial Institute Alan Mendelson, Axiom Venture PartnersVictor Budnick, Ironwood Capital Frank Milone, Fiondella, Milone, & LaSaracina LLPKevin Burns, Precision Combustion, Inc. David Mitchell, Open Solutions Inc.Mike Cantor, Cantor Colburn LLP Kevin Morris, Microsoft CorporationChristopher Cerrito, Dickstein Shapiro LLP Kristin Muschett, HABCO, Inc.James Cioban, Cierant Corporation Matthew Nemerson, Connecticut Technology Council (President & CEO)Robert Daigle, Rogers Corporation Chuck Pagano, ESPNJohn Emra, AT&T Connecticut David Parekh, United TechnologiesTom Flynn, Shipman & Goodwin LLP Leon Pintsov, Pitney Bowes, Inc.Rob Friedland, Proton Energy Systems, Inc. Carol Pride, Mohegan SunElliot Ginsberg, Connecticut Center for AdvancedTechnology, Inc. Ernst Renner, NEOS, LLCAndy Greenawalt, Continuity Engine, Inc. Eric Rosow, Allscripts CorporationRick Harris, Day Pitney LLP (Secretary) Gualberto Ruano, Genomas, Inc.Paul Hermes, Covidien Surgical Devices Jeffrey Rubin, Cronus Partners LLCRick Huebner, Visual Technologies, Inc. William Rucci, The Hartford Steam Boiler Inspection & Insurance CompanyJack Hughes, TopCoder, Inc. Joe Savage, Webster Bank (Treasurer)Chris Kalish, EdgeLab (Chair) Al Subbloie, Tangoe, Inc.Richard Leone, COCC, Inc. Peter Walsh, Sonalysts, Inc.Peter Longo, Connecticut Innovations, Inc. Kevin Williams, Gerber TechnologyJoe Lubenstein, Greater Hartford Academy of Math& Science Ira Yellen, First Experience CommunicationsFrank Marco, Wiggin and Dana LLPMatthew Nemerson, President & CEO Connecticut Technology CouncilMike Scricca, Director Memberhip 222 Pitkin Street, Suite 113Paige Rasid, Director Communications & Operations East Hartford, CT 06108Ann Discenza, Manager Programs & DevelopmentJack Antonich, Special Projects 860 289 0878 x335Casey Pickett, Competitiveness Agenda Project Dir. prasid@ct.org 12 | InnovationAgenda.2011 — February 2011

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