Innovative and Progressive Connecticut

Part
01
of one
Part
01

Innovative and Progressive Connecticut

Connecticut has been funding innovation in many different fields to support the growth of technology and attract new talent to the state. Some of the top employers in the fields of bioscience, fintech, medtech, and advanced manufacturing can be found in the state. An account of the industry-wise support for innovation, as well as the top manufacturers that have the potential to attract new talent to the state, is provided below.

Innovation in Connecticut

  • There are four "innovation places" in Connecticut that received $6.8 million in 2018 in order to promote projects that support entrepreneurial growth as well as attract new talent to the region.
  • The same places will also receive an additional $23 million over the next five years for supporting innovation.

Fintech

Blockchain Hub in West Hartford

  • A technology company named Ideanomics will be building a blockchain hub in Connecticut, specifically in West Hartford.
  • The company has hired an architecture firm in New Haven for the $283 million project. The state of Connecticut has also lent $10 million to the company in order to aid the building of the fintech center.
  • The company claims to create 330 jobs with the launch of the project and the state of Connecticut will waive the loan amount if the company successfully meets the job creation target.

Blockchain Education

  • UConn "has been at the forefront of discussion and innovation centered on emerging technology and its effects on business".
  • The university organized "the first-ever academic conference on blockchain, featuring research presentations from 25 international experts on the topic."
  • The School of Business at the university also launched the blockchain chapter by the name of DappDevs to attract leaders and entrepreneurs from startups and companies from the region.
  • The School is now offering related courses as well. It has also partnered with others to offer free workshops.
  • The School also offered three programs for participants at the Stamford Innovation Week in fall 2018 and gained a prominent position at the event.

Infosys's Innovation and Technology Hub

  • Infosys, a well-known technology company, inaugurated its technology and innovation hub at Hartford in December 2018.
  • The company hired more than 7,000 workers in the US within 18 months in order to accelerate innovation for enterprises operating in the US.
  • The company has launched an initiative by the name of Living Labs. Through Living Labs, the company aims to support companies in healthcare, insurance, and manufacturing by offering them technology including "blockchain, extended reality and cognitive capabilities together with design thinking, agile and dev-ops, in order to boost innovation."

MedTech

Digital Health CT

The MedTech Accelerator

  • Another startup accelerator was launched in Hartford, The MedTech Accelerator, which also aims to attract healthcare and medical technology companies to the city.
  • The accelerator "is a partnership between Trinity, Hartford HealthCare, UConn’s School of Business and CTNext, the state’s startup support organization." It will be located on the downtown campus of Trinity College.
  • The contributions to set up the program include $442,000 and $500,000 from CTNext in 2018 and 2019, $500,000 from Hartford Healthcare, $75,000 from Trinity College, and $5,000 from UConn.

VentureClash

  • VentureClash is a global venture challenge, worth $5 million, set up to support companies in digital health and fintech spaces.

Health Technology Hub in New Haven

  • A health technology hub is planned in the city of New Haven, CT. The hub will be called Health Haven Hub.
  • The hub is a project under the name of the Elm City Innovation Collaborative, which is an effort to leverage talent from Yale University in order to transform New Haven by attracting investors, entrepreneurs, and skilled workers to the city.
  • The hub will be funded by private sources, although it has asked for $100,000 from CTNext. The hub's total cost would be $370,000.

Advanced Manufacturing

Available Jobs

  • The vice president and economist of the Connecticut Business and Industry Association, Pete Gioia, thinks that Connecticut has approximately 10,000 jobs available in the manufacturing sector and if the same number of workers were to land in the state, they would be hired in no time.

Connecticut Manufacturing Innovation Fund (CMIF)

  • The Connecticut Manufacturing Innovation Fund is a $30 million fund approved a few years back to support manufacturers in the state of Connecticut and to create manufacturing jobs in the state.
  • The program aims to scale up small manufacturers and enhance their capabilities by funding research and development as well as the acquisition of new equipment and training.

Manufacturing Innovation Fund (MIF)

  • The Manufacturing Innovation Fund is another funding opportunity that provides direct loans, grants, and support to many initiatives, e.g. "encouraging company/university collaboration in research and development efforts; providing vouchers to assist with business development and technical needs; funding job training and educational programs that strengthen workforce skills; and providing matching funds for federal grants."
  • The fund aims to support many different types of organizations including "aerospace, medical device or other corporate/nonprofit organizations specializing in technologically advanced commercial products or services; state or federally certified education and training programs designed to meet an anticipated demand for appropriately skilled and trained workers; and entities desiring to leverage federal grant funds to support advancement in manufacturing."
  • The fund supports different types of objectives aimed at the growth of manufacturers, e.g. accelerating growth, facilitating innovation, cultivating talent, and investigating careers.

Top Employers

BioScience

FinTech

MedTech

  • Medtronic is a global company with more than 86,000 employees globally. The company has the largest manufacturing and research space in Connecticut, which is spread across an area of 1,098,000 square feet.
  • HOYA is a Japanese company with offices in Bethel, CT and South Windsor, CT. The company has 37,412 employees globally.
  • Conmed has 3,100 employees with locations in Hartford, CT; Milford, CT; and Stamford, CT.
  • CareCentrix is located in Hartford, CT and has a total of 1,343 employees.
  • AtriCure has 620 employees with an office in Hartford, CT.
  • Butterfly Network is a company located in Guilford, CT, and has 234 employees.

Advanced Manufacturing

  • United Technologies Corporation is located in Farmington, CT, and has 243,200 employees globally.
  • Amphenol has approximately 74,000 employees globally and the company is located in Wallingford, CT.
  • Stanley Black & Decker is located in New Britain, CT, and has 60,767 employees globally.
  • Henkel is a German company with office locations in Darien, CT and Rocky Hill, CT. The company employs 53,700 people.
  • ASML is a manufacturing firm, which has 20,044 employees. It is a Dutch company with an office in Wilton, CT.
  • Terex is located in Westport, CT, and has 9,500 employees globally.
  • PEZ has 152 employees and is located in Orange, CT.

Research Strategy

In order to identify the top employers in each industry, we went through credible sources published by the Connecticut government, e.g. Choose Connecticut. In some cases, top employers were not available through these sources, so we had to consult other sources, e.g. Business Insider.
Although these sources listed some of the top companies in Connecticut, we went through the profiles of the companies listed in these sources in order to shortlist those with the most number of employees. To finalize our search results, we have compiled a list of companies in descending order with companies having the highest number of employees being at the top of the list. We have provided more than 3 companies for some industries where information was readily available.
Moreover, the companies have been sorted according to the industries they operate in. We did this by going through the products/services that the companies provide and then manually sorting them into the relevant industries, including BioScience, FinTech, MedTech, and Advanced Manufacturing.
Sources
Sources