Opinion: CT reinvents itself as a national leader in...

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Overview

Connecticut has transformed from a state in economic decline to a premier destination for high-growth startups, venture capital, and visionary business builders under Governor Ned Lamont. The state now competes with innovation hubs like New York, Boston, Miami, Austin, and Silicon Valley across sectors such as AI, pharma, and fintech.

Key Achievements

• Connecticut Innovations (CI), the state’s strategic venture capital arm, is ranked No. 1 in New England for portfolio exit value and top five on the East Coast among all venture capital firms, outperforming renowned funds like General Catalyst and Insight Partners.
• Over the last 12 months, Connecticut generated $7.5 billion in completed "exits" (company sales or IPOs), netting over $100 million for the state.
• Notable exits include:
  • Halda Therapeutics, acquired by Johnson & Johnson for $3.05 billion (the largest private biotech M&A deal globally in the past year).
  • Veradermics, which had the best-performing biotech IPO globally in the last 12 months.
  • Quantum Circuits (QCI), acquired by D-Wave for $550 million in a landmark quantum computing deal.
• Connecticut has attracted and retained global multinational corporations, supported by AdvanceCT’s leadership.
• The state’s economy ranked 12th nationally for real GDP growth in 2025 (2.4%) and has gained the most population in the region since the pandemic.
• Over 100,000 new jobs and $100 billion in private-sector investment have been created in the last four years.
• Connecticut secured its first bond rating upgrade in two decades and now has one of the top-performing public pension funds in the nation.
• The state jumped 12 places in CNBC’s Top States for Business rankings.

Drivers of Success

• Fiscal Stability: Governor Lamont balanced the budget without raising income taxes, delivered record surpluses (over $11 billion since 2020), and enacted the largest income tax cut in state history.
• Academic Partnerships: Strong ties with Yale and UConn have positioned them as national leaders in biotech and advanced manufacturing innovation.
• Leadership: Key figures include:
  • Matt McCooe (CEO of Connecticut Innovations), whose venture capital expertise has driven CI’s success.
  • John Bourdeaux (AdvanceCT), who has attracted global corporations to the state.
  • Treasurer Erick Russell, who transformed Connecticut’s pension fund performance from one of the worst to among the best nationally.
• Workforce: Connecticut now has the highest concentration of trained workers in advanced manufacturing, aerospace, and financial services in the U.S.

Impact

Connecticut’s innovation ecosystem is creating wealth, saving taxpayer dollars, and generating jobs that would not have existed otherwise. The state’s success serves as a model for how strategic investments in education, infrastructure, and fiscal responsibility can drive economic growth.