We’re fans of ESPN.
We’re fans of the ‘First Five’ program as originally presented by Governor Malloy.
But at the intersection of the two, we’re seeing signs that some late-inning heroics will be needed to avoid a painful loss for the state.
The ‘First Five’ program was presented as a grand venture that would allow the state to hit some home runs in the sphere of economic development by offering an impressive incentives to companies bringing jobs here. Certainly the wooing of Cigna to move its corporate headquarters from Philadelphia to Bloomfield would seem to qualify as an inside-the-park home run, albeit one that’s too pricey to replicate often.
But the two deals that followed — TicketNetwork and now ESPN — feel a lot more like infield singles than home runs.
Both are rapidly growing, tech-driven companies that could choose to locate jobs — both new and old — anywhere. Helping them choose to grow in Connecticut is worthy of some state assistance. The sums aren’t outrageous and are tied to the ultimate performance, not the promise.
But the latest two deals leave us wondering about the Malloy administration’s ability to woo any new employers bringing wholly new jobs to the state. Could it be that the state’s competitive situation is so weak that even millions of incentives aren’t enough to lure new business?
If the next two deals resemble the past two, ‘First Five’ will go down as a failure. The howling will be such that offering maximum incentives to in-state companies may well become one of those political third rails that upwardly mobile politicians dare not touch. And that would be a shame.
A job saved is every bit as valuable as a job created. And the state should be able to act to preserve jobs. But without the theatrics of a company holding up an offer sheet from some other locale, it’s tough to verify that specific jobs are at risk. In a state that has consistently resisted any transparency in its economic development dealings, that leaves the body politic at the mercy of the spin doctors.
Do taxpayers believe the state intervened to save jobs or to provide a political favor? In this era of cynicism about government, that’s not a question that should be entertained. Yet that’s where ‘First Five’ seems headed.
We’re rooting for you, governor. But we’re in the late innings now. Your Mighty Casey moment is near. Don’t follow the poem, in which Mighty Casey came to bat with the game on the line and disappointed.
Even if it means taking a few extra pitches, pick a good one and swing for the fences. While singles are nice, the program demands home runs. And if you’re thinking about asking for new authority to offer more incentives, now is the time to go long.
And in the bullpen…
Sticking with the baseball metaphor, it seems Catherine Smith is getting ready to bring in a new pitcher at Connecticut Innovations.
As writer Greg Bordonaro details on our front page, the head of the state’s Department of Economic and Community Development wants to triple the output of the state’s quasi-governmental investment arm and hire a new CEO to make sure it gets done well. We’ll stipulate that Smith has the background to make it happen and that the results outlined are desirable.
CI has been self-sustaining since 1995 and it claims some impressive results — helping more than 100 emerging companies, attracting more than $1 billion in additional private investment and turning a gross profit of $510 million.
Not bad. But certainly there’s agreement that CI hasn’t reached its full potential yet.
Still, we’re troubled by the timing. Peter Longo is a well-known player in the development game and deserves better than to be so publicly undercut while off on vacation.
