The state’s quasi-public authority responsible for investing in technology companies says it has helped create more than a 1,000 jobs and tens of millions of dollars in state revenue each year since 1995.
According to a recently released report by the Department of Economic and Community Development, Connecticut Innovations created an average of 1,610 jobs per year from 1995 through 2008.
That job creation continued even during the current economic downturn, which has caused the state’s unemployment rate to skyrocket to nearly 9 percent, the DECD report said.
About 94,000 jobs have been lost in Connecticut since the beginning of the current recession.
“Each year, a growing number of entrepreneurs are attracted to our state as a result of the financial support and guidance that CI offers to them,” Gov. M. Jodi Rell said in a written statement. “The beneficial results for our state include leveraging private outside investment, increased state revenues and job opportunities for Connecticut residents.”
Connecticut Innovations was created in 1989 to promote statewide high-technology businesses through strategic, early-stage investments. Its mission is to provide seed-stage and equity investments in emerging technologies such as bioscience, information technology, photonics, energy, environmental systems, and other research and development enterprises.
In 2008, Connecticut Innovations, which is based in Rocky Hill, commissioned the DECD to evaluate the economic impact of its investments from 1995 through 2008.
Prior to that time period, CI was not yet self-sufficient.
From 1995 through 2008, CI invested $152 million in 84 companies, with 70 percent of those funds coming from the state, and the rest from investment returns.
In addition, CI also drew $1 billion from investment partners during that same time period.
Today, CI’s net assets stand at $90 million.
According to the report, Connecticut’s coffers would be nearly $15 million poorer each year without CI’s contributions.
Fred Carstensen, the director of the Connecticut Center for Economic Analysis, said the report shows Connecticut Innovations has been successful, but also that its overall economic impact isn’t that significant.
“From a business perspective, it’s been successful, but from a point of view of greatly improving the economic health of the state, its impact has been tiny,” said Carstensen, who added that none of the companies CI has invested in have become major employers yet in the state.
Allianz Life Taps New VP
A former senior executive at Phoenix Wealth Management in Hartford has been tapped as the vice president of profitability management for Allianz Life Insurance Co. of North America in Minnesota.
Ross Bowen, who previously served as vice president of risk and value management for Phoenix, was named to his new position last week.
In his new role, Bowen will responsible for managing and monitoring the profitability of Allianz Life’s in-force block of business, and collaborating on the company’s various financial functions.
Bowen has more than 25 years of experience in the insurance and financial industries prior to joining Allianz. During his time at The Phoenix he was responsible for developing hedging programs and strategic asset allocation of fixed income portfolios.
Bowen also held a vice president position at Conning Asset Management in Hartford.
Branching Out
Lakeville-based Salisbury Bank and Trust Company has opened a new branch in Millerton, N. Y.
The Millerton branch is Salisbury Bank’s eighth office, and its second New York branch along with the Dover Plains, N.Y. office which opened in August 2007.
The full-service branch offers individual teller stations, two drive-thru lanes and a drive-up ATM.g
Greg Bordonaro is a Hartford Business Journal staff writer.
