Department of Economic and Community Development Commissioner Daniel O’Keefe, a former tech executive and investor, heads a state agency responsible for passing out hundreds of millions of dollars aimed at boosting Connecticut’s economic vitality.
He was recruited as the state’s “chief innovation officer” in July 2023, then elevated to acting commissioner that December.
It’s been a steep learning curve, O’Keefe stressed. He’s learned to carefully shepherd resources, including relationships with decision-makers. But he’s also been unafraid to use his bully pulpit to argue for a more competitive energy policy that lowers costs for businesses. And he’s a big advocate for a mandated return of state workers to the office.
Find out who else is in the 2025 Power 50
O’Keefe believes Connecticut’s progress in paying down debt obligations and several years of budget surpluses have put the state in a position to begin making deeper investments in promoting economic growth.That includes a tentative $50 million investment over the next two fiscal years into a new greyfields revitalization program, which would help fund the demolition of underused office and retail sites, or their conversion into apartments.
In January, state officials announced a $25 million “Strategic Supply Chain” initiative, which will offer companies in the state’s core industries — high-tech manufacturing, clean energy, IT, insurtech/fintech, etc. — matching grants for investments in facilities, equipment or research and development. This program will provide grants up to $5 million, with recipients required to match part of the state funding.
Lamont’s budget plan also allocates $35 million annually for brownfield cleanups and recapitalizes the Manufacturing Assistance Act (MAA) fund with $150 million over the coming two years.
“Connecticut really got its (fiscal) house back in order,” O’Keefe said in a recent interview. “Now, I’m going to start pushing us forward, and I want to see more of a balance between continuing to pay down the mistakes of the past — we still have too much per-capita debt — and also fundamentally investing in our future in projects that have tangible, definable ROI (return on investment).”