Cities such as San Francisco and Boston have long been startup magnets, bringing together talent and capital to create some of the world’s largest companies. But a new generation of startup business owners are looking for new places to invest their time and talents into, and many of them are finding their way to Connecticut.
In fact, private-equity and venture capital investment into Connecticut-based startups rose 43% in 2015 to over $400 million, reports the Wall Street Journal. Hartford and New Haven in particular are drawing huge investments as companies seek out affordable office and factory space for their startups to grow. These factories that once built hammers and bullets are slowly being converted into new engines of economic growth.
New Haven alone currently counts over 100 active startups in its greater metro area, and incubators like reSET in Hartford are linking young business owners with mentors and co-working spaces to build a tight-knit startup community. There’s even a local podcast, CT Startup, dedicated to the Connecticut startup scene and it’s ever growing cast of players.
The growth of Connecticut startups couldn’t come at a better time either. Industrial juggernaut GE recently announced that it was leaving suburban Fairfield for Boston in pursuit of young new talent, and insurance giant Aetna has signaled that it could be next. The Nutmeg State needs new ideas and new talent to reinvigorate its cities and help breathe new life into a stagnant state.