But taxes, regulatory environment remain drags on growth

 

WALLINGFORD — Connecticut’s fastest-growing technology companies are bullish on the future. So found an annual survey of CEOs from this year’s Marcum Tech Top 40 companies, by the Connecticut Technology Council (CTC) and Marcum, LLP.  Results were revealed at the 2014 awards ceremony at the Oakdale Theatre in Wallingford.

More than three out of four companies (77 percent) expect to continue growing at their current fast pace. They credit their success to 1) workforce, 2) products, 3) intellectual property and 4) business strategy.

Thirty-one of the 40 finalists (78 percent) point to quality of life as Connecticut’s key attraction as a business domicile, while the other nine companies (23 percent) say location is what they most appreciate.

When asked their key worries about the future, finalists named:

• Availability of talent

• Government regulations

• The possibility of another economic slowdown

• Geographic limitations

• Foreign competition

 

In addition, given the opportunity, finalist CEOs said would ask Gov. Dannel P. Malloy to reduce the corporate tax burden and to provide more direct incentives to technology companies.

“This year’s survey findings underscore the great success Connecticut’s technology sector is experiencing and the challenges facing the state’s fastest growing tech companies,” said Bruce Carlson, CTC’s President & CEO (see related story, page 3).

Now in its seventh year, the Marcum Tech Top 40 recognizes technology leaders with at least $3 million in annual revenue and a four-year record of growth, in six industry sectors. Both privately held and publicly traded companies are eligible.

At the 2014 event on October 2, Norwalk -based Datto Inc. took top honors as the overall winner for the second consecutive year, with revenue growth of 1,436 percent since 2010, It also won in the IT Services category.  Other category winners included:

• Revolution Lighting Technologies Inc., Stamford (Advanced Manufacturing)

• FuelCell Energy, Inc., Danbury (Energy/Environmental Technologies)

• Alexion Pharmaceuticals, Inc., Cheshire (Life Sciences)

• iSend, LLC, Middlebury (New Media/Internet/Telecom)

• Square 9 Softworks, New Haven (Software)

 

For more information, visit ct.org.