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Public Policy Agenda
1. Preamble:
Connecticut is poised to rapidly expand its technology sector. Building on the great
foundation in place, and utilizing some of the new tools that have been developed, many of the
technology companies in Connecticut anticipate growth in the next year, and other companies
could grow with the assistance of appropriate public policy actions. In order to help stimulate
and nurture that growth, the Connecticut Technology Council (along with the Crossroads
Venture Group and Angel Invesor Forum?) recommends the following Agenda for state policy
makers.
The State’s and CTC’s focus on helping start ups through funding and other means of
support is beginning show results. These efforts need to continue. However, the State’s
economic development and job growth is dependent on how well Connecticut recognizes
that it needs to identify ways to support the growth of companies that have matured
beyond the start up phase.
2014 CTC PUBLIC POLICY AGENDA
Corporate Sponsors: AT&T, Shipman & Goodwin LLP, The HB Group Inc. Major Program Supporters: Boehringer Ingelheim U.S.A. Corporation, Cantor
Colburn LLP, CohnReznick LLP, Comcast, Covidien, Day Pitney LLP, Dickstein Shapiro LLP, Economic Development Corporation of New Haven, etouches,
Fiondella, Milone & LaSaracina, First Niagra, Marcum LLP, Mohegan Sun, OneBeacon Insurance, Open Solutions Inc, Pullman & Comley LLC, Robert Half
Technology, TriNet HR Corporation, United Technologies, Visual Technologies Inc, Webster Bank, Wellstone Insurance
2. (Proposed Action Steps)
Workforce:
Nothing will slow or reverse the trend of tech company job growth faster than the lack of available workforce.
Anecdotal evidence is showing that job opportunities are abundant in software development, digital medial, and
advanced manufacturing.
Action Steps:
• Develop Data that will show the current demand and potential supply and where supply comes from.
▫ Survey of CTC Members for demand data.
▫ Information from Academic Institutions and others for supply data.
• Identify areas where public policy can play a role in ameliorating the identified issues. Make sure that
the technology community is aware of the programs currently available such as Step Up for Vets.
• Develop ways for the technology employee community to communicate easily about opportunities.
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Agenda
Develop short term policies that will assist CT Tech Companies attract talent they need to grow.
Therefore growing said workforce from CT residents.
Expand, revise & create funding mechanisms that target the assistence of growth companies.
Support the development of a statewide, ultra high speed, broadband network in order to attract
individuals to the state.
Develop ways to increase the interaction between the tech industry and academic institutions as a
means to support business growth
Market the state’s strong technology community by highlighting CT’s growing tech companies and
job opportunities.
Review regulations & other policies that are not business friendly or create business uncertainty in CT.
• Lack of available workforce to meet growing demand. Contributes to the difficulty in attracting
workers to CT
• Funding for new growth.
• Perception that CT doesn’t have a strong tech based economy. Contributes to the difficulty in
attracting tech workers to CT
• Business climate & tax policies
Challenges
(of the growing tech company)
3. Create Funding Mechanisms for growth companies
Following on the heels of the successful efforts to fund start ups, the funding gap moves further up the
continuum to the growth companies. Although there is funding in both the public and private sector for these companies, the technology companies are having a difficult time accessing these funds.
Action Steps:
• Identify best practices for funding these growth companies, including from other states.
• Create mechanisms where the public funds could incentivize and leverage more private investment.
• Create connections between corporations & early stage companies that could result in corporate
financing.
• Create opportunities for mentoring of promising businesses by larger organizations within CT.
Support the development of Statewide high speed broadband service
The internet is the highway of the future. Fast access to that “highway” will mean that Connecticut’s businesses will be able to better compete in the global marketplace and that Connecticut can remain competitive in
competing for new businesses. In the short run, as the State pursues its efforts to attract a younger workforce by being “cool,” having ubiquitous high speed broadband will help differentiate Connecticut as a high tech state and a place to live and work.
Action Steps:
• Advocate for state policy to create this high speed broadband network.
• Identify successful deployment models from around the country (world?) to assist policy makers in pursuing this goal.
Foster additional tech industry & higher education interaction
A strong, responsive higher education system is an imperative for a successful technology industry. There are a number of good examples of this interaction in Connecticut. However, we must continue to build on these examples and find new linkages that will support the technology industry.
Action Steps:
• Create opportunities for a dialogue between the tech industry and the higher education community. For example, as the CTC Workforce Committee takes shape, foster the conversation between them and the Engineering Deans’ Council about supply of new workers.
• Identify impediments to this interaction and work to remove these barriers. Look at methods to
expedite license transaction for industry to have access to the latest research.
• Build on the Jackson Labs model of industry and academic researchers working collaboratively.
Market the State as having a strong and growing technology community
The State’s marketing efforts have been focused predominantly on promoting the State’s quality of life and
attractions. In the globally competitive environment that we are in, we need to market our strength in
technology development to both potential companies and potential workers. A constantly expressed concern of people from out of state being recruited for a job in Connecticut is that if this job does not work out, he/she will have to re-locate again to find the next job.
Action Steps:
• Encourage the State to invest some of its marketing dollars in a campaign that will help brand the State
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as being on the technology forefront.
• Identify technology ambassadors that can be called on to talk to companies that are thinking about locating to Connecticut about the assets that Connecticut has to offer.
• Assist the State in international efforts to establish Connecticut as the ‘beachhead” into the US for that country’s tech industries.
Review regulations and other policies which hinder tech company growth
In a 2013 survey of tech company executives in Connecticut, government regulation was the second leading concern of these executives after availability of workforce. An onerous regulatory environment leads to the
perception of the State as having a poor business environment. We need to better understand the regulations that are most onerous to our membership and work to change them.
Action Steps:
• Support the Malloy administration’s effort to eliminate or modify regulations that are obsolete or
create unintended consequences.
• Work with the CTC membership to identify the regulations of greatest concern and work to have these regulations modified or eliminated.