Why New Haven is a Destination for Entrepreneurs and Startups

Article written by Matthew Storeygard / Senior Investment Associate / Connecticut Innovations

Please click here to view his article online

Four reasons for entrepreneurs to be excited about where the Elm City is headed

 

1. New Haven’s residents are educated

Companies are finding a strong base of talent across industries. The city demonstrated the 5^th highest growth rate in college degree attainment between 2000 and 2010. The talent pool includes many graduates from Yale University, as well as other colleges and universities in the region.

The high number of well-educated residents also means a stronger economy. Those with advanced degrees earn more money, on average, and can afford to spend more locally. New Haven has been seeing this trend for several years now.

2. New Haven has culture

New Haven offers more food, art, and culture that most cities of similar sizes, making it an attractive place to run a business. It has the best pizza in the country (I’m partial to Frank Pepe’s – try the bacon and clam), is home to the world’s first hamburger, the Yale Art Gallery, which is completely free to the public, and the Peabody Museum. Combine this with exciting nightlife and beautiful scenery, and you’ll understand why the city has been getting a lot of attention for its culture in recent years:

• “New Haven is Happening” – New York Daily News
• “Yale and Hearty” – New York Post

3. The region has a diverse industry base

Not dependent upon one large employer or industry, the region’s sectoral diversity has helped it weather economic and social changes. It was even named one of the country’s 20 recession-proof cities during the recent economic downturn. While education and medicine represent New Haven’s core strengths, the city also has a base of talent in finance, IT, manufacturing, and other industries.

4. New Haven’s relationship with Yale has improved dramatically

Perhaps most import of all, Yale and the City of New Haven are working together to move the city forward. The divide between town and gown was previously a wide chasm, with a baseline of antipathy that occasionally erupted into larger demonstrations of tension and differences. By the time I came to New Haven, the leaders of both New Haven and Yale had recognized the symbiotic relationship, and have fostered a much closer partnership. A good example is the New Haven Homebuyer Program in which Yale provides financial incentives to employees and faculty to purchase homes within designated areas of New Haven.

Day of Caring

Every year, we close all of our offices for a day and work at non-profits in one or more of the communities we serve.  This year, we chose to work at Connecticut Hospice in Branford, which had been battered by winds and tide during Hurricane Irene.  Over 50 of us went with rakes, paintbrushes, chain saws, and leaf blowers to clean up debris, repaint furniture, wash windows, and remove wet leaves from the bottom of the swimming pool, as well as to work indoors on materials for Hospice's big annual service for families in late September.  We estimate that we worked about 250 man (person) hours, and did the work that contractors had bid large amounts to complete.  We astounded the maintenance staff at Hospice, who were skeptical about the work ethic and expertise of a group of volunteers, and we once again proved that we put our muscle where our mouth is. 

By the end of the day, eating pizza on the patio and looking out over what we had accomplished, there was a wonderful feeling that comes from honest work and tired bodies, combined with the knowledge that we had made other peoples' lives a little bit better.  Thanks to all who participated, most of whom don't get paid and do it out completely out of the kindness of their hearts, and thanks to Hospice, which welcomed  us and worked alongside us to meet our goals.  It's one of our favorite days of the Pearce year, and one that we will look forward to again next September.