🔒At Yale summit, aerospace, biotech executives bullish on CT’s innovation future

Leaders in aerospace, biotechnology and venture capital say Connecticut is well-positioned to capitalize on emerging technologies, but that success will depend on innovation, workforce development and the ability to compete in an increasingly global marketplace. Speaking Thursday during the second day of the Yale Innovation Summit, hosted by Yale Ventures at the Yale School of Management, executives and investors participating in separate panels on aerospace and life sciences investing described a future shaped by artificial intelligence, advanced manufacturing, biotechnology breakthroughs and intensifying competition from China. Michael Winter, chief scientist at aerospace giant RTX, said demand for commercial aircraft and defense systems is at historic highs, driven by rising global air travel and growing geopolitical tensions. "The future is bright," Winter said, citing forecasts that call for roughly 44,000 new commercial aircraft over the next two decades. RTX, the parent company of Pratt & Whitney and Collins Aerospace, employs about 16,000 people in Connecticut and spends roughly $2.3 billion annually with suppliers in the state, Winter said. He argued that AI will increase productivity rather than replace workers, allowing engineers and researchers to focus on higher-value work while AI handles routine tasks. Connecticut's longstanding manufacturing base could benefit from those trends, according to state Department of Economic and Community Development Commissioner and Chief Innovation Officer Daniel O'Keefe, who moderated the discussion and noted that Connecticut remains a major supplier to the aerospace industry. Earlier in the day, the summit's life sciences investing panel painted a similarly optimistic picture, though investors said the biotechnology sector is becoming more selective. Moderator Eric Dimise, director of healthcare and life sciences capital markets for the New York Stock Exchange, said initial public offerings in the biotech sector have rebounded in 2026, with companies raising roughly $3.7 billion so far this year, compared to $1.6 billion for all of last year. The panel featured representatives from AbbVie Ventures, AstraZeneca, Osage University Partners and Canaan Partners, who all agreed that large pharmaceutical companies are increasingly seeking acquisitions and partnerships as they prepare to lose patent protection on several blockbuster drugs that collectively generate hundreds of billions of dollars in annual revenue. Venture capital firms, though, are placing greater emphasis on companies that can quickly generate human clinical data and demonstrate a clear path to commercialization, they said. Panelists also highlighted China's growing role in drug development. Several noted that Chinese biotechnology companies can often advance drug candidates faster and at lower cost than their Western counterparts. Despite that, the investors argued, the U.S. continues to hold an advantage in groundbreaking scientific discoveries and first-in-class innovation. Across both discussions, speakers stressed that future growth will depend on developing skilled workers, fostering collaboration among universities and industry, and embracing technologies such as AI and quantum computing that could reshape entire sectors of the economy. The two-day Yale Innovation Summit, now in its 12th year, is the largest of its kind in the Northeast, attracting more than 3,000 attendees. It featured more than 60 panels across six industry tracks — arts, biotech, civic, climate, health and technology — while also awarding more than $400,000 in grants to ventures participating in a pitch competition.