Vermont
Education/Workforce
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Vermont is home to more than 20 institutions
of higher learning. and is fourth in the nation for
residents with a bachelor’s degree or higher and
it ranks sixth in the nation for PhD scientists and
engineers in the workforce.
- Expansion Management magazine ranks Burlington
as a five-star Knowledge Worker metro, meaning
it is well placed to attract and nurture high-tech
companies and entrepreneurs because of its
concentration of extremely well-educated workers.
- With 52 of every 1,000 workers employed in the
computer and electronics industry, the state ranks
ninth in the nation.
- Norwich University is one of seven sites in the
nation selected for research on counter terrorism
and cyber security.
Technology
- High-tech exports account for $3.4bn of Vermont’s
$4.1bn in annual exports.
- Vermont is home to a vibrant environmental
technology sector, including renewable energy,
watershed planning, hazardous site investigation/
remediation and waste management.
- Biotechnology is a growing sector, anchored
by the University of Vermont Medical School
and the Office of Technology Transfer. Recent
inventions licensed from the University include a
chemotherapeutic for Non-Hodgkins Lymphoma.
- The Vermont Center for Emerging Technologies
is a leading-edge technology business incubator
that serves as a springboard for the success and
commercialisation of technology-based companies.
- The Progressive Policy Institute says Vermont is in
the top five states for patent activity. Vermont is
second in the nation for patents issued per million
inhabitants, and 792 of 1,571 patents issued from
1996 to 2000 were semi-conductor related.
- Vermont’s success in the Small Business
Innovation Research arena, a federal programme
providing grants to companies for research and
development, has exploded in recent years.
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Financial services
- Vermont is the undisputed onshore leader in the
captive insurance industry. Only Bermuda and the
Cayman Islands have more captives than Vermont,
and other states use Vermont as the model to
developing their own captive industry.
- Nearly half of all Fortune 500 companies with
captive insurance companies have chosen Vermont.
- Vermont is home to the nation’s top captive
insurance providers.
- Vermont offers a tax credit programme that
has the potential to create up to a 75% credit
on the Vermont corporate income tax return.
It is designed for companies in the money
management industry, including mutual funds
companies, investment companies, investment
advisors, investment research firms, hedge funds,
fund distributors, and fund administration firms.
Economic development assistance
- Vermont is in a unique position as a federallydesignated
regional centre for the immigrant
investor programme. This programme sets aside
a number of permanent resident visas (green
cards) annually for immigrants who make qualified
investments into a new commercial enterprise.
- The Vermont Training Program promotes industrial
expansion and encourages the creation and
retention of jobs in manufacturing by providing
training for new and existing businesses.
Individually designed programmes may include
on-the-job, classroom, skills upgrade, cross-over,
or other specialised training. The program also
supports ISO training and LEAN manufacturing.
- Additional financial assistance is available through
programmes that range from industrial revenue
bonds to direct loans.
- Jon McNeill, Chairman, Vermont Tubbs states:
“Vermont stands head and shoulders above the
rest. The Governor and his Economic Development
team worked hard to connect us with financing,
training and resources for our people, and paved
the way for a successful acquisition. We haven’t
experienced that kind of attention and access
anywhere else in the country.”
For more information, contact:
Mike Quinn, Commissioner
Vermont Department of Economic Development
National Life Building, Drawer 20,
Montpelier VT 05620, US
Tel: +1 802 828 3080
Fax: +1 802 828 3258
E-mail: mike@thinkvermont.com
Website: www.thinkvermont.com
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