Q&A talks to Bruce Carlson, CEO of the Connecticut Technology Council, which recently unveiled its 2018 Marcum Tech Top 40, an annual recognition of the fastest-growing technology companies in Connecticut. Tech Top 40 companies are determined by their revenue growth over the past four years across several industries including: advanced manufacturing; energy, environment, and green […]
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Q&A talks to Bruce Carlson, CEO of the Connecticut Technology Council, which recently unveiled its 2018 Marcum Tech Top 40, an annual recognition of the fastest-growing technology companies in Connecticut. Tech Top 40 companies are determined by their revenue growth over the past four years across several industries including: advanced manufacturing; energy, environment, and green technology; IT services; life sciences; new media, internet and telecom; and software.
Q. What are the most interesting storylines of this year's Marcum Tech Top 40 class?
A. One of the most impressive aspects of the Marcum Tech Top 40 is that each year we not only have a number of repeat winners, but we always have first-time winners. To highlight the repeat winners, we created the Marcum Tech Top 40 Hall of Fame — celebrating companies that have won for at least five years. Going into our 11th year of the Tech Top 40, we have 28 companies that are in the Hall of Fame. To celebrate rising stars in the tech sector, we have the Accelerator designation for companies that don't quite meet the requirements for company longevity but are worthy of recognition.
The most exciting thing about 2018 is the expansion of the Tech Top 40 program into the ConnectiTECH Awards, which will highlight the most disruptive technology and the coolest tech workplace.
Q. The Tech Council has now done the Tech Top 40 for just over a decade. What was the original reason for doing this? Has it achieved the goals you originally set out for it?
A. Connecticut offers an environment that helps great technology companies grow, but we saw a need to highlight and elevate that environment and those companies. The Marcum Tech Top 40 showcases these companies on a year-in and year-out basis. When you think about the fact that we have 28 Tech Top 40 Hall of Fame companies, it shows that Connecticut has been consistently a great place to grow tech companies.
Q. What is the key to growing the number of fast-growing tech companies in the state?
A. While there isn't a single secret to success, when you look at the companies that have won the Tech Top 40, the most common factors are top quality product and excellent management team. We have lots of young growing companies with great products, but our shortfall is in the availability of experienced C-level managers to help grow these companies.
The state could help by developing a better integrated network where these young companies could connect with the C-level management that is available to help accelerate their growth. We need to create better communication within the industry so that the young companies interested in growing can connect with more established companies either as a customer or for mentorship.
Q. Talent shortages within Connecticut's technology industry have been a problem in recent years. Is this still an issue and what steps are being taken to fill that workforce pipeline?
A. Talent availability is the single most important factor that will determine growth in the tech industry in Connecticut. We have companies that are growing or getting ready to grow, but they are finding it increasingly difficult to source the talent they need.
A number of companies are opening satellite offices in other locations to tap into the talent that is available there. To capture growth in Connecticut, we need to more fully address the issue of talent availability and acquisition.
Again, a multi-pronged approach is needed. We need to keep more of the talent that is trained at our colleges and universities in the state. One way to do this is by creating a more robust set of internship offerings, as studies have shown that over 70 percent of interns end up as employees for the company they intern at.
We need to apply the apprenticeship model that has worked great in other industries and embrace it in the tech sector. We need to look at relatively untapped markets, like recent veterans that leave the service with a great deal of technical training and knowhow, and develop feeder programs into the tech sector.
And finally, we need to recognize that the talent we seek is looking to live in urban environments that for the most part don't exist in Connecticut. More attention needs to be placed on developing these urban centers as a means to attract and retain the talent our companies need.
All of these are doable, but we need a focused approach to make them happen.
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