July 23, 2018
newhavensky

New Haven Today, But Tomorrow – Two Views

The streets of the City of New Haven are well packed with young people and even suburbanites for the first time in decades. Apartment rehabs and new complexes have sprung up across the Elm City. The numbers are real and big,…
July 19, 2018
trifecta

Non-Profit Water Company Makes “Venture” Investment In Indoor Farming…

MERIDEN, NEW HAVEN: The South Central Connecticut Regional Water Authority (RWA) announced a $500,000 investment in Meriden-based Trifecta Ecosystems. The RWA said the investment will “bring innovative, sustainable farming…
July 20, 2018
Screen Shot 2018 07 20 at 9.40.52 AM

Road Show On Federal Funding of Tech - Coming To New Haven

NEW HAVEN: The SBIR Road Tour is coming to New Haven on Tuesday, August 21, to convey the "nondilutive technology funding opportunity" provided through the Small Business Innovation Research (SBIR) and Small Business…
July 23, 2018
water wars top2

Connecticut Disses Eversource New Offer and Resubmits Original Merger to…

CLINTON: The Connecticut Water Service [Nasdaq: CTWS] is moving forward with their merger plans with its cross-country transaction with the San Jose Water Company [NYSE: SWJ] as its rejects Eversource’s [NYSE: EV] most…
June 20, 2018
Screen Shot 2018 06 20 at 11.30.00 AM

New Haven Biotech Inks $150 Million Cash Now - Deal

NEW HAVEN: Biohaven Pharmaceutical Holding Company Ltd. [NYSE: BHVN] based in the city’s downtown has just shown the wisdom of its licensing and developing programs. Royalty Pharma a New York based bioscience investment firm…
June 20, 2018
Screen Shot 2018 06 19 at 1.54.19 PM

Report: Greater New Haven Real Estate Showing Some Big Moves

NEW HAVEN: A detailed real estate report by the real estate firm Colliers International shows that new developments in the recently ended 1st Quarter combined to produce a positive outcome for New Haven’s office market.…

People's Buying Farmington Bank

Jun 19, 2018
farmingtonbank
BRIDGEPORT: People's United Financial, Inc. [NASDAQ:PBCT], the holding company for People's United Bank, N.A., is acquiring…

Connecticut Water To Move Forward With Cross Country Merger

Jun 19, 2018
water
CLINTON: Connecticut Water Service, Inc. [NASDAQ: CTWS] has rejected Eversource’s [NYSE: EV] offer and said it has received…

Eversource Not Ready To Lay Down On Connecticut Water Takeover Proposal

Jun 20, 2018
water2
HARTFORD: In spite of the announcement by Connecticut Water Services [Nasdaq: CTWS] that it is going ahead with its merger…

Alexion Hopes To Leverage “Complement” Experience Makes VC Style Investment In Start Up Biotech

Jun 19, 2018
Screen Shot 2018 06 19 at 10.40.15 AM
By Mitchell Young NEW HAVEN, AMSTERDAM: Alexion Pharmaceuticals, Inc. [NYSE: ALXN] has taken another, albeit small step to…

Water War Words Coming To A Boil

Jun 06, 2018
Boiling Water
By Mitchell Young CLINTON: The water war over the purchase of Connecticut Water Service [Nasdaq: CTWS] is heating up and the…

CBIA and Manufacturing Consultant CONNSTEP – Forge Partnership

Jun 07, 2018
GEARS
HARTFORD: The Connecticut Business & Industry Association and CONNSTEP, a non-profit business consulting firm that…

Connecticut Water Board Backs Up, To Solicit New Bids for the Company

May 31, 2018
wallace ctwater
Connecticut Water Board Chair, Carol Wallace: Board Opens Bids for Company. CLINTON: After weeks of refusing to address a…

Offshore Wind Set To Power New London’s Deepwater Port

May 30, 2018
newlondon port
By Mitchell Young NEW LONDON: Connecticut will be making a $15 million investment at the Connecticut State Pier in New…

Feds Giving The Go Ahead For East Windsor Casino – MGM Says Still In the Fight

Jun 01, 2018
caino
EAST WINDSOR: Federal officials are giving the go ahead for Connecticut’s Mashantucket and Mohegan Tribes for a jointly…

UI Parent Avantgrid and Wind Power Set To Take Off With Massachusetts Selection

May 24, 2018
vineyardwind
By Mitchell Young BOSTON, MA, PROVIDENCE, RI, ORANGE: United Illuminating parent company Avangrid [NYSE AGR] based in Orange…

Health

Medical Practice Consultants Relocate to Shelton

vascular
SHELTON: U.S. Vascular Management Group of Trumbull has leased 8,600 SF of premier office space at International Place, 6 Research Drive in Shelton.…

Quinnipiac Appoints Dean of Nursing School

Lisa OConnor
NORTH HAVEN : Lisa G. O’Connor of East Haddam has been appointed Dean, of the School of Nursing at Quinnipiac University, O’Connor had been associate…

Hartford HealthCare To Acquire Bridgeport’s St. Vincent's Medical Center

hartfordhealthcare
BRIDGEPORT: St. Vincent’s Medical Center in Bridgeport and its parent Ascension Health have signed a non-binding letter of intent with Hartford…

Anti-Marijuana Organization Cites Potential Costs to Legalization

nomarijuana
HARTFORD: While Advocates for legalization of recreational use of Marijuana in Connecticut cite economic benefit to the state an anti-legalization…

Advocates for marijuana sales point to big economic boost

marijuana
By: Keith M. Phaneuf |ctmirror.org Advocates for legalizing recreational marijuana use in Connecticut — and taxing its sales — are hoping a holistic,…

Breaking down this year’s Access Health CT open enrollment

cadeuces obamacare2
By: MACKENZIE RIGG | ctmirror.org In all, 114,134 residents enrolled in private health insurance through the state’s health insurance exchange,…

Wallingford Medical Device Company Launches Product To Control Internal…

zmedica
WALINGFORD: Z-Medica, LLC, a developer of hemostatic devices, announced that QuikClot Control+® approved by the FDA in June of 2017 is now…

Children's Hospital Invests In Mass. Biotech

Biostage 1st patient
HARTFORD: Connecticut Children's Medical Center has made an investment in a small Massachusetts based biotech company Biostage, Inc. [OTCQB:…

State Seeks More Medical Marijuana Sellers

cadeuces
HARTFORD: US Attorney General Jeff Sessions may be trying to arrest the increase in marijuana sales in states across the country, but Connecticut is…

Chester Retirement Community Sold

chestervillage
CHESTER: Chester Village West set on 55 acres with 105 cottages and apartments was purchased by Masonicare, based in Wallingford, the state’s largest…

Technology

Stamford Creates An “Innovation Playground” For Start-Up And Large…

Madden Thomas Stamford 1
By Thomas Madden, AICP, Director of Economic Development, Stamford Stamford is preparing to be the city of tomorrow through a repeating $2 million…

Imaging Company Purchases Headquarters Building

kubtec
STRATFORD: Kubtec Digital X-Ray has purchased a freestanding building at 111 Research Drive for $1.045 million. The building, on 0.67 acre,…

Road Show On Federal Funding of Tech - Coming To New Haven

Screen Shot 2018 07 20 at 9.40.52 AM
NEW HAVEN: The SBIR Road Tour is coming to New Haven on Tuesday, August 21, to convey the "nondilutive technology funding opportunity" provided…

Non-Profit Water Company Makes “Venture” Investment In Indoor Farming…

trifecta
MERIDEN, NEW HAVEN: The South Central Connecticut Regional Water Authority (RWA) announced a $500,000 investment in Meriden-based Trifecta…

Legacy AV Company Shows Its Stuff With New Headquarters

hb
NORTH HAVEN: HB Communications, founded in 1946 is an audiovisual communication solutions company, has opened the doors to its newly renovated…

Tech Firm Relocates To Shelton Office Building

5 Research Drive Shelton
SHELTON, Dark Field Technologies has relocated their headquarters from Orange to Shelton, according to Jon Angel, president of Angel Commercial,…

New Haven Architects’ Design One of Six Selected for review for uberAIR…

Screen Shot 2018 05 17 at 2.37.23 PM
NEW HAVEN, LOS ANGELES: New Haven based Pickard Chilton working with Arup, Corgan, and The Beck Group was selected as one of six leading architecture…

Connecticut Innovations Funds 43 Companies in Final 2017 Quarter

globe money start
ROCKY HILL: Connecticut Innovations (CI), Connecticut’s venture capital arm and what they say is the “leading source of financing and ongoing support…

Fox Network Prevails Against Fairfield Video Search Company In Court

fox
FAIRFIELD: TVEyes, Inc. has lost in the United States Court of Appeals for the Second Circuit to Fox News Network, LLC, a decision preventing the…

OPINION: How Connecticut became the least likely innovation hub in the U.S.

Connecticut McCooe Horiz 300x200
By Matthew McCooe, Connecticut Innovations Think back to where Connecticut was 20 years ago. A National Hockey League franchise had just left the…

Real Estate & Construction

Greater Hartford Office Report Mixed Bag As City Gains – Suburbs Suffer

Screen Shot 2018 07 30 at 10.36.43 AM
HARTFORD: Cushman and Wakefield’s Hartford Office released its Qtr 2 real Esate review for the Hartford Office Market. While the report points to a…

East Hampton Takes Step In Preserving And Protecting Historic Village…

EastHampton
By Town of East Hampton EAST HAMPTON: In June the town council took an important first step in preserving and protecting its historic Village Center…

Putnam’s Economic Development Thinks Regional with Quinebaug Regional…

Putnam CY
The Y is Q's First Tenant By Putnam Economic Development PUTNAM: n the true spirit of community, the Quinebaug Regional Technology Park (The Q) is a…

West Hartford Transit Development Completed

POM 616 New Park
WEST HARTFORD: What developers ae calling “a pioneering mixed-use community,” located next to the new CTFastrak “rapid transit stop,” 616 New Park…

Apartment Building Next To SCSU Sold

Screen Shot 2018 07 30 at 9.37.21 AM
HAMDEN: An $8.7 million price tag was made for a 30 unit [130 bed] Hamden apartment building adjacent to Southern Connecticut State University…

Winstanley Investment In Distribution Facility To Exceed $100 Million

JCPenney
MANCHESTER: Winstanley Enterprises, LLC of Concord, MA has acquired the two million square J.C. Penney distribution warehouse facility located at…

Stamford Creates An “Innovation Playground” For Start-Up And Large…

Madden Thomas Stamford 1
By Thomas Madden, AICP, Director of Economic Development, Stamford Stamford is preparing to be the city of tomorrow through a repeating $2 million…

Imaging Company Purchases Headquarters Building

kubtec
STRATFORD: Kubtec Digital X-Ray has purchased a freestanding building at 111 Research Drive for $1.045 million. The building, on 0.67 acre,…

Casino Area Hotel Reflagged and Sold

uncasville marriot
UNCASVILLE: Fairfield Inn & Suites Uncasville, a recently renovated four-story 105-room hotel located off I-395 has been sold for $11.05 million.…

The “Greatest Small City” Is Undervalued According to Financial Website

2018 07 undervalued cities 2018 map
NEW YORK: Smartassets.com the financial resources website says “whether you’re a first-time homebuyer or a grizzled veteran of the home-buying…

Government

New Haven Today, But Tomorrow – Two Views

newhavensky
The streets of the City of New Haven are well packed with young people and even suburbanites for the first time in decades. Apartment rehabs and new…

The Collapse of New Haven

Joel image
By Joel Schiavone Enjoy your summer. This is the lull before the storm. Campaigning begins in earnest for state and local elections which will…

Mr. Smith Wants to Go to Hartford

SMITH COVERLR
OPINION: By Mitchell Young Or does he? Webster Bank Chairman and former CEO James Smith said on April 6 he wants to be Connecticut’s next Governor,…

Joel Schiavone: New Haven What Road To Where

Joel image
Joel Schiavone in New Haven magazine's first profile in 2007, on the Chaple Street that he layed the foundation for. Perhaps more than any single…

90's Era New Haven Developer Bob Mathews Indicted For EB 5 Visa "Scheme"…

mathewshome
The estate of former New Haven Developer Bob Mathews, now under federal indictment. The home was priced for auction at $26.5 million, but has been…

Bridgeport Concert Venue Design Revealed

ampitheater1024x1024
BRIDGEPORT: Torpedoes or lawsuits be dammed that is the plan of Bridgeport’s Mayor Joe Ganim, and concert amphitheater developers Howard Saffan and…

CT Lawmakers Explore Sports Betting Ahead of SCOTUS Decision

sports betting legalization
By: Keith M. Phaneuf and Clarice Silber ctmirror.org HARTFORD: House Democratic leaders are preparing to enact legislation this spring to launch…

Anti-Marijuana Organization Cites Potential Costs to Legalization

nomarijuana
HARTFORD: While Advocates for legalization of recreational use of Marijuana in Connecticut cite economic benefit to the state an anti-legalization…

Connecticut McCooe Horiz 300x200By Matthew McCooe, Connecticut Innovations

Think back to where Connecticut was 20 years ago.

A National Hockey League franchise had just left the state, it was one of the only places in the country where incomes were actually falling and we were known more for David Letterman’s speeding tickets than anything resembling innovation.

On the national economic stage, Connecticut was a punchline.

Yet, since then, Connecticut has steadily flown under the radar, evolving from a state that most investors would bypass to a place that saw exits for two homegrown unicorns — startups valued at more than $1 billion — in the past few months.

How is Connecticut suddenly topping lists of the most desirable locations for tech startups? It wasn’t easy, requiring that 20 years plus just the right combination of ingredients.

We’re pleased that AOL Co-Founder Steve Case’s Rise of the Rest fund is promoting venture capital investment in areas bracketed by the East and West Coasts. But Connecticut, quietly, is already there.

Here’s how things turned around.

An engaged university is a linchpin

Boulder’s startup success doesn’t happen without the University of Colorado. Austin’s doesn’t happen without the University of Texas. And the New Haven startup scene doesn’t happen without Yale.

But it’s not just a matter of having a major university in town. Plenty of college towns have very smart people and don’t have startup ecosystems. The university needs to be engaged in the process as well. In New Haven, Yale has embraced its role as the city’s biggest economic driver, offering mentorship and funding to seed new companies.

This has given Yale graduates new options when they look for fun, innovative places to work, enabling them to stay in town after graduation instead of leaving for nearby cities like New York or Boston.

Startups need passionate, forward-thinking talent willing to take lower salaries in riskier business models. Recent college graduates are the ideal candidates to fill those roles. As recent graduates gain experience, they may move on to roles at larger companies in the region.

It’s a cycle that benefits startups, established companies and universities alike. It can even revitalize entire cities: New Haven was once crime-ridden and virtually deserted in the evenings, where now it has lively nightlife.

But for this type of economy to thrive, universities must be willing to embrace and encourage it. Yale’s leadership in healthcare research has provided a beachhead for the region in the life sciences.

Entrepreneurs Create a Network Effect

Startup ecosystems need critical mass, and today more than 130 startups are in Stamford alone. Connecticut had to reach a point of startup density where investors and founders would recognize it as a viable location to start innovative businesses. Startups beget more startups, and there seems to be a point at which the floodgates open.

Connecticut has quietly become home to nearly 1,000 tech startups, and we expect that number to grow over the coming years.

Believe in Unicorns

Achieving unicorn status is what every founder and investor dreams of. Yet, it’s extremely rare. Some 57 startups joined the unicorn club in 2017, which was down from the peak two years ago, but two of those companies are based in Connecticut.

Datto, of Norwalk, was acquired in late 2017 after hitting a billion-dollar valuation, and New Haven’s Biohaven consistently trades near a $1 billion market cap following its IPO last year.

Success stories like these are attracting new attention to our state, with more investors and founders considering locating here.

Quality of Life Matters

It might sound simple, but being a nice place to live matters, and in this area Connecticut shines. The state offers easy access to several major cities at a fraction of the cost, a waterfront lifestyle and downtown areas that are bustling with activity.

The math is easy: New York City home prices average over $1,500 per square foot. But 45 minutes away in Stamford, that price drops to less than $270 a square foot. Startups can spend less and employees can enjoy a higher outdoor quality of life in Connecticut.

As more students stick around and new talent comes to Connecticut’s cities, local economies are also being rejuvenated. Anyone who visited 15 years ago would be surprised to see the number of restaurants, bars and other small businesses that now accompany the influx of tech companies.

It Takes an Ecosystem

We’ve come a long way, but there’s still plenty of work to do in Connecticut’s startup scene. Local government and business leaders recognize that investing in development, whether directly related to startups or not, will keep the momentum going. It takes everyone, from large companies to founders to local brew pub owners, for a place like Connecticut to turn into a thriving technology hub.

Connecticut will continue to need the guidance and support of all of its leaders, in all spaces, to ensure the state remains an affordable, attractive destination for technology innovators.

Will that bring the Hartford Whalers back? We’re still working on it.

 

Matthew McCooe is CEO of Connecticut Innovations, the state’s strategic venture capital arm and the leading source of financing and support for innovative, growing companies there. He can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it. and +1 860-563-5851.