MassBenchmarks

Knowledge Corridor Growth Business Study

Mark Melnik, Dan Hodge, Lindie Martin, Carrie Bernstein, Carson Goeke, William Proulx

(June 2015)

This business growth study looked at small-and medium-sized businesses (5 to 500 employees) in the Knowledge Corridor region of Connecticut and western Massachusetts. This analysis combines data from separate studies released by EPPR regarding growth businesses in the Pioneer Valley and the Capital Region of Connecticut. The Pioneer Valley portion focuses on 2005 to 2010 employment data and phone interviews conducted in the latter part of 2012 and the beginning of 2013. The Capital Region study uses employment data from 2007 to 2012 and phone interviews conducted in the fall of 2014. This combined study examines factors such as employment levels, sales and economic conditions to gauge strength of the region and its economic performance and prospects. The study found small businesses predominate the Knowledge Corridor with 71 percent of firms in the Capital Region and 73 percent of firms in Pioneer Valley having fewer than 20 employees. The project also included over 170 business phone interviews that were conducted in Pioneer Valley and 185 business phone interviews were conducted in the Capital Region to gauge success factors, obstacles to growth, and business and financing assistance.

The Knowledge Corridor Growth Business Study was commissioned by the Pioneer Valley Growth Business Study Group, a coordinated effort of small business, economic development and planning agencies comprised of Common Capital, Inc., Metro Hartford Alliance, Eversource Energy, Hartford Foundation for Public Giving, Capital Workforce Partners, Goodwin College, Franklin Regional Council of Governments, Massachusetts Growth Capital Corporation, Massachusetts Small Business Development Center Network, MassMutual, The Economic Development Council of Western Massachusetts and Pioneer Valley Planning Commission.