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A Business Plan for Connecticut
Get Government Working Again
1. Change Government's Business Model
If my company still did business today the same way we did 20 years ago, we would have gone bankrupt several times over. Yet state government continues to do business the old way, and our competitors are starting to pass us by. I will hire top talent—strong executives from in and out of government, Republican and Democrat—to work with our state employees and make Connecticut the best-managed state in America.
Our economic development program is a relic of a bygone era. We spend $580 million per year on 102 initiatives administered by 24 separate agencies.5 Our corporation tax credits exceed $300 million annually, 100 times what they were 20 years ago,6 yet we haven’t created a single net new job in those 20 years.7 We are sinking hundreds of millions into renting jobs for only so long as the tax credits last while our real job creators, small and new businesses, face higher taxes. None of this brings our families lasting prosperity. As Governor, I will:
Make government move faster. Time is money, and too often our government moves at a snail’s pace. It’s time we brought it into the 21st century.
Imagine one of our top manufacturers wants to hire 100 people and open a factory in Torrington to capitalize on its latest breakthrough—the Department of Environmental Protection (DEP) can take a year to grant approvals. By the time the facility is approved and built, the invention may no longer be cutting-edge, and China may be on the brink of producing it at half the price.
➢ l will accelerate the approval process at DEP. Across government, I will hire first-class managers and institute efficient, lean processes, the same our top businesses already employ.
➢ I will establish a 24-hour, 1-800 line and easy-to-use, one-stop website where entrepreneurs can get help to start, fund, locate, staff, or expand a business as quickly as possible. Businesses will get an advocate from day one who shepherds them through the process, cuts red tape, and answers their every question.
Stop ineffective tax giveaways and instead make strategic, long-term investments. We can’t just invest in ribbon cuttings for next year. Rather than renting jobs for $100,000 apiece, I will make long-term, strategic investments in Connecticut’s future.
I will refocus our efforts on the state’s strategic advantages. For instance, UCONN and Yale have spun out scores of high-tech firms, and Connecticut is fast emerging as one of the country’s top centers for biotech research and manufacturing. Like anchor stores in a mall, these institutions and companies can be a magnet for new business and new jobs.
➢ I will ensure we finance promising startups and support leading companies when they seek to expand.
➢ I will provide property tax relief for new businesses in urban areas, helping businesses get off the ground and encouraging investments in our cities.
I will also direct our state investments where they’re most needed. Right now, funding for early stage businesses is scarce. We must offer financing to enable entrepreneurs to turn innovative ideas from lab experiments into commercially viable products. Our economic development agencies, like Connecticut Innovations (CI), must provide some of the critical funding for these startups, making smart investments in early stage companies to prepare them for private capital.
➢ I will make sure our agencies lend a hand earlier, when entrepreneurs have little but a dollar and dream, when it’s either get $20,000 from CI or close shop. We have the nation’s worst business creation rate; I will make certain more small businesses have the support they need to get off the ground.
As we make these strategic decisions, we must look to the future and focus on growth areas where we already have the wind at our backs. Our companies lead the world in fuel cell technology. These clean energy sources, made in Connecticut, are quickly finding customers across the globe. But our state government has offered too little support to one of our state’s most promising industries.
➢ I will provide incentives to install fuel cells in new schools and public buildings, giving our manufacturers the guaranteed sales necessary to build another facility, add another shift, and create good jobs.
2. Get Connecticut Back on Offense
As Governor, I will focus like a laser on bringing jobs back to Connecticut. For too long, our Governor has sat at home while other leaders pound the pavement to grow and attract business. While Texas Governor Rick Perry is calling manufacturers in New Britain, our companies seldom hear a thing from our economic development leaders. When I ask local entrepreneurs about their interactions with the state, too often I hear, “What interactions?” Meanwhile, they need only tune to Connecticut public radio to hear how great Virginia is for business.
I will reestablish Connecticut’s global brand as a hotbed of innovation so we can compete not just against Texas and North Carolina, but against the world. I will:
Zero in on business and job creation. My number one priority as Governor will be bringing businesses and jobs back to Connecticut for our working families. Nearly all job creation will come from small and new businesses already in state:8 my work will start with them.
➢ I will reach out to businesses across Connecticut and empower a network of ambassadors to do the same. These ambassadors, retired executives who know their industries inside and out, will ensure my government is dialed into business needs now, and threats and opportunities in the future.
➢ If I catch wind that a company is considering downsizing or moving out of state, I will dispatch a SWAT team of business leaders and economic development specialists to make certain Connecticut keeps those jobs. We will be the first to know about announcements like UTC’s; we won’t get our business intel from the newspaper.
Create a culture of innovation. Not only must the state work closely with businesses, but we must also help businesses work closely together. Too often our entrepreneurs don’t know of promising opportunities in their own industries, let alone other ones.➢ I will also advertise Connecticut internationally and ensure the Middletown export center that promotes our products abroad is fully staffed—our companies have world-class products, and I will help sell them around the world.
➢ I will work with Connecticut Technology Council, Connecticut Center for Advanced Technology, Connecticut United for Research Excellence, Connecticut Economic Resource Center, and others to sponsor forums and grant opportunities that bring together leaders of different industries to learn about each other’s needs and skills.
For instance, our aerospace and defense industry controls thousands of patents, many of which could be crucial to our biotech industry. Cutting-edge optical technology for fighter-jet cameras may be exactly what our researchers need to look into human cells and invent the next life-saving drug, creating hundreds of high-paying jobs, from PhDs to GEDs. It’s precisely this sort of collaboration I will foster as Governor.
Read the complete plan by clicking the links below:
Get Government Working Again
1. Change Government's Business Model
2. Get Government Back on Offense
Build the Foundation for Success
1. Modernize Our Transportation Infrastructure