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June 21, 2016

CT's entrepreneurship ranking rises

By Joe Cooper

Connecticut’s ranking among small states for growth entrepreneurship has improved from 2015, according to the latest Kauffman Index, which focuses on U.S. entrepreneurial business growth from 1982-2015.

The ranking puts Connecticut at 13th among the 25 smallest states in the country. That’s up from its 17th-place position in 2015.

The Kauffman report shows that U.S. entrepreneurial businesses are growing, and rose in the last year for the third year in a row. This year’s increase was driven by startups growing faster in their first five years than they were in previous years, and more young companies scaling up employment.

Using data from the U.S. Census Current Population Survey, the Kauffman index determined Connecticut’s startup growth rate was 45.51 percent. That shows how much startups have grown as a cohort, on average, five years after founding measured by the change in employment.

The scale of startups was 1.33 percent. That’s the number of firms that started small but grew to employ 50 people or more by their 10th year of operation as a percentage of all firms 10 years or younger.

Connecticut’s high-growth density rate is 48.8 percent. That reflects the number of businesses with at least $2 million in annual revenue reaching three years of 20 percent annual revenue growth.

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