CT’s Economic Summit: An Insider’s Tale

Posted on October 7, 2011. Filed under: Uncategorized |

Yesterday, CSCPA Director of Finance and Operations Julie McNeal was our eyes and ears inside Gov. Dannel Malloy’s jobs summit at the  Convention Center. Sounds like it made for an interesting day! I asked Julie to share some of her notes with us.

“Connecticut’s Economic Summit boasted an impressive array of speakers, physically or virtually. Their insights clearly articulated the necessary business environmental changes.

Here are a few key points I took away from each speaker.

 

Steve Cochrane, Managing Director, Moody’s Analytics

  • Community colleges are important.
  • [We need to] diversify the base of Connecticut’s economy; only about 50 to 60 percent of Connecticut’s SIC code industries have created jobs. Nationally, this rate is 75 percent.

Mitch Horowitz, Managing Director, Battelle Technology Partnership Practice

  • Pay attention to every link in the development chain.
  • Global competition is irreversible. We need to differentiate.
  • Open innovation – look for ideas across non-traditional lines of cooperation.
  • Focus on the details.

Bryan Hancock, Principal, McKinsey Global Institute

  • High skill = Technical skills.
  • High share = Compete against the world.
  • High speed = Remove impediments.
  • High spark = Innovate, innovate!

Michael Porter, Professor, Harvard Business School

  • The future of the state is a collaborative process. Not business, not government, but a collaboration of both.
  • What is competiveness? Not lowest wages, not cheapest products, not lowest taxes. Competiveness is productivity that supports high wages and a high standard of living. This is the central challenge.
  • It’s not what is done, but how things are done.  We need to build on our strengths.
  • There are disturbing signs that CT’s dynamism is slowing.  Productivity is slowing; patent innovation is slowing. This may be for three reasons:
    1. Quality of business environment: This must be relentlessly improved.
    2. Cluster development: Connecticut made a good start in the 90s but has since lost energy.
    3. Coordinate economic policy across levels of government and geography.

As CEO of The Startup America Partnership, Scott Case’s high-energy call to entrepreneurship was the perfect send off for attendees to discuss how to make Connecticut a better place to start and grow businesses.  Case has first-hand knowledge – he’s a technologist, entrepreneur and inventor and founding CTO of Priceline.”

 

Thanks, Julie, for the insider report! You can read more coverage from the Hartford Courant and the Connecticut Mirror.

Were any of you there? What do you think – are you excited? Is Connecticut ready to turn things around?

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