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Startups lead job growth

During a recession, startup rates usually increase as people find themselves out of work, said Joseph McGee, public policy vice president at the Business Council of Fairfield County. But new firms took a harder hit immediately after the financial collapse, as access to capital was shut off, McGee said; if financing had been easier to attain, the unemployment numbers might have looked better. Taking a hint from New York City, where both startup and job recovery rates are higher, Fairfield County has started to emphasize the role of startups as a part of its economic strategy, McGee said. Since 2011, innovation centers have opened in both Stamford and Danbury, and at Fairfield University.

Published in Fairfield County Business Journal; Westchester County Business Journal  on 8/18/13

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