In a recent opinion piece, Chris Powell argues that the Connecticut Legislature should reconsider its support for Connecticut Innovations, a state-sponsored organization that provides funding and support to early-stage companies. Powell criticizes Connecticut Innovations for what he sees as a lack of success in fostering economic growth and creating jobs in the state.
Powell points to a report from the University of Connecticut that found only 28% of companies supported by Connecticut Innovations were still in business after five years. He suggests that instead of investing in these high-risk, high-reward ventures, the state should focus on attracting more established companies to Connecticut.
Powell also raises concerns about the lack of transparency in how Connecticut Innovations operates, noting that the organization does not disclose the salaries of its top executives. He calls for more oversight and accountability to ensure that taxpayer dollars are being spent effectively.
While acknowledging the need for innovation and entrepreneurship in Connecticut, Powell argues that there are better ways for the state to support economic development. He suggests that the Legislature should reconsider its funding for Connecticut Innovations and explore alternative strategies for boosting the state’s economy.
Overall, Powell’s article highlights the ongoing debate over the role of government in supporting economic growth and innovation. As Connecticut faces economic challenges, the Legislature will likely face tough decisions about where to allocate resources to best support job creation and economic development.
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