Support of and Smart Investment in Businesses of All Sizes
Under my leadership, Connecticut will become a national leader in the promotion and support of startup companies. Most businesses fail within their first year, but new companies that have the support of incubators have a significantly higher chance of success. We therefore must establish and enhance incubators to give Connecticut startups the best opportunity to succeed. These incubators should also be strategically located in our urban centers and other areas with significant economic need to promote growth in the parts of our state that need it the most.
State government should help startups with smart and agile use of grants and loans to promote innovation in emerging and growth industries. We should provide tax relief for businesses who partner with the state to promote startups.
Incentives for veteran-owned startups should also be included. Our state is particularly fertile ground for veteran-owned small businesses, with some 30,000 plus businesses out of a veteran-working population of 90,000 (a ratio of better than 1:3). Veteran-owned businesses contribute approximately 9 percent to our state’s gross domestic product, some $20 billion annually. By promoting veteran-owned startup companies, we can build on the success of veteran-owned businesses to date and see additional innovation and job growth in the future.
We have to make sure that we provide the companies that are already doing business in Connecticut with the support they need to grow, scale-up, and add more jobs. Investing in scale-up companies will lead to the growth of more and better-paying jobs across the state. It is critical that we identify small and midsize businesses with growth potential. I will also establish and enhance provider networks to give Connecticut businesses the best opportunity to grow by making sure that they have affordable access to resources that make sense for their business.
As Governor, I will work with small businesses to identify their needs and remove barriers to growth. We have to focus on emerging and growth industries and supply chain businesses that support our largest employers. One of the chief concerns I have heard from the business community is that doing business in Connecticut has become unpredictable. It is essential that we create fiscal predictability and stability so businesses can plan with confidence.
As Governor, I will maintain continuously open lines of communication with the business community, including chambers of commerce around the state, so that we can meet evolving talent needs, fill talent gaps, and promote growth. It is critical that we foster collaborative, mutually beneficial ongoing relationships and maintain constant dialogue, not just when businesses threaten to leave. By partnering with business leaders, my administration will create an environment for business expansion and relocation. As with our smaller businesses, it is essential that we create fiscal predictability and stability so businesses can plan with confidence. I will also incentivize more corporate citizen community initiatives. Moreover, we need to examine other ways to make the cost of doing business in Connecticut cheaper, including through the promotion of clean, renewable energy.