Marketing Student Researchers Available for Local Businesses

Through a marketing course taught by Dr. Jiyoon An, Ph.D, Nichols College is seeking New England-based businesses to work with student researchers. As part of their marketing course, research teams of 2-4 students will work businesses that need to focus on:

Social Media Marketing: Strategy and Analytics
Mobile App Marketing Strategy/Digital Marketing Strategy
Customer Acquisition Strategy
Customer Engagement Strategy
Content Calendar (Created or Curated)
Customer Experience Design

Data-driven marketing research methods will be applied to address each business’ marketing challenges by analyzing quantitative (e.g., metrics) and qualitative (e.g., interview) data for marketing insights.

The free collaboration will take place during the fall 2019 semester. The final marketing insights and suggestions will be delivered in December as the outcome of the partnership. An in-person engagement with students is required.

The college is ideally looking for customer-oriented retailing businesses. Learn more by emailing jiyoon.an@nichols.edu

About Dr. Jiyoon An, Ph.D
A champion of project-based learning to bridge theory and practice, Dr. An enjoys engaging with innovation marketing communities with a focus on global marketing and entrepreneurship.

She has led marketing strategy projects for local innovators (in partnership with the Small Business Development Center), served as a judge for the EforAll (Entrepreneurship for All) pitch contest, acted as a marketing judge in Massachusetts Institute of Technology (MIT) Inclusive Innovation Challenge, and collaborated with the Rhode Island Small Business Center since 2016.

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Lessons from Successful Female Startup Founders

July 13 2018 Innovation Destination: Hartford Blog 0 comments Tags: business owner resources, business owners, small business, small business owners, startups, women-owned businesses

The startup industry is booming. Every day, we find out about a new startup that blows the lid off the market. With each new big thing, we see more women rising to prominence in the industry. Women are stepping out of the shadows and seizing opportunities.

Women are proving that the playing field can be leveled. Having founded their own startups, they continue to grow them. Their professionalism and drive blaze a trail for other women to follow.

AussieWritings investor Catherine Maxwell, says, ‘’These entrepreneur women value their staff and try to surround themselves with people who share their vision. As a team, they can then drive their businesses forward.” She adds, ‘’Hard work, dedication, and sacrifice are necessary. But these formidable ladies are proof to any girl or woman looking to enter the startup market that they too can be successful.’’

Here are some examples of female entrepreneurs dominating the startup industry:

LUMI – PACKAGING COMPANY

Jesse Genet is the founder of Lumi, a packaging company that reaches all 50 states in the United States and a total of 20 countries. Jesse’s appearance on Shark Tank brought her a good deal of recognition. However, she chose to decline the offer investors made to her on the show. Instead, Jesse went on to raise the money to pursue her dream on Kickstarter. She placed her product in 1,500 stores and has generated a seven-figure sales margin.

Jesse has encountered many obstacles in the way presented by the fact that she is female. However, she has risen above. Bob Stewart, an employee at Lumi, says, “Instead of allowing them to deter her, she has chosen to let them drive her to further success.”

HIPCAMP – ALL ABOUT CAMPERS

Founded by Alyssa Ravasio, Hipcamp is a startup that connects would-be campers with different options for their trip. It enables travelers to choose where they stay and make their camping experience as awesome as possible. Alyssa decided to exploit a gap she detected in the market. The user-friendly website makes Hipcamp a startup that stands out among others.

WERK – JOBS REDEFINED

The startup Werk was co-founded by Anna Auerbach and Annie Dean. It connects people with jobs in top companies that offer work flexibility. The inspiration for the two founders was that the conventional workplace is not necessarily conducive to women. The commitments of motherhood often prevent qualified, effective women from working in positions that fully exploit their potential.

Together, Anna and Annie are reinventing the workplace and the workday to enable flexibility without sacrificing productivity. They source jobs from major companies and then find workers who can do the job provided they’re offered some flexibility in terms of time and work base.

BHAVA – SMART EMPLOYEES FOR TECH COMPANIES

Elizabeth Zaborowska is the founder and CEO of Bhava Communications, a platform that connects communication experts with new and existing tech companies. She helps these organizations employ people to sharpen their messaging, branding, and marketing. Elizabeth has won multiple awards for her contributions to the industry and her pioneering spirit in striving toward gender equity.

Her company is growing at an increasing rate, and she says she owes this to three important lessons she has learned:

You should place the values of your organization above its profits.
If you invest in your executives, the dividends you receive outweigh the expense.
You may need to change course midway through developing your startup.When you listen to different points of view and see that they make sense, it’s easy to alter your approach if necessary.

DEFY LINGERIE – CELEBRATING ALL BODY TYPES

Kariyma Marie is the founder and designer of DEFY Lingerie. She used the experience she gained working in the beauty and fashion industry to develop her startup. DEFY Lingerie is revolutionizing the lingerie industry with its approach of celebrating all body types, which encourages women to accept themselves.

It shows them that they no matter their body type, women can still own beautiful lingerie. DEFY Lingerie combines shapewear and sexy lingerie to emphasize a woman’s beauty without forcing them to feel they must alter their bodies.

Kariyma’ssecret to success is remembering how empowering her platform is and the responsibilities that come with it. She uses a lot of visual messaging in her marketing to show women they are unique and beautiful. The message she delivers is powerful. She also feels that without the right people working for and having her back she’d never have succeeded. Kariymaplaces great value on collaboration.

WOMEN ARE LEADING SUCCESSFUL STARTUPS

These are a mere handful of the hundreds of brave women soldiering on in the startup industry. The common thread woven through all their stories is their determination to make it in a so-called “man’s world.”

They prove their ability to compete not by trying to be like their male competitors. Rather, they capitalize on the unique qualities they have as women that allow them to succeed.

About the Author
Olivia Ryan is a blogger who writes about topics including digital marketing, career, and self-development. Connect with her on Facebook and Twitter.

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Using Innovation Technology to Develop Your Small Business

July 04 2018 Innovation Destination: Hartford Blog 0 comments Tags: business owner resources, business owners, innovation, small business, small business owners, technology

In today’s fast-paced environment, small business owners should consider their best options whenever they make choices.

If you’re an entrepreneur looking to step up your game by becoming more accustomed to the current marketplace’s shifts, here are some suggestions to help improving sales, customer loyalty, and brand awareness:

TAKE ADVANTAGE OF TIME-TRACKING SOFTWARE

Time-tracking software is extremely useful, not just for keeping track of your team’s work performance but also for managing your own time. If the boss is productive the company will be productive.

USE PROJECT MANAGEMENT AND TASK MANAGEMENT TOOLS

Managing projects can be a tough job if you’re not looking for external help. Instead of hiring employees, you can (and should) use digital project management tools and software. Track both your and your team’s performance.

SAVE TIME BY UPLOADING ON THE CLOUD

You can upload all your files on a cloud system such as Google Drive or Dropbox and enjoy an extremely fast, secure, and convenient way of distributing files and documents.

DEVELOP AN EMAIL FUNNEL

To automate communication with your customers, you should opt for an automated email autoresponder and develop a sequence of emails that welcomes your subscribers and then rewards them with exclusive/non-exclusive updates and content.

USE AN AUTOMATED INVOICING SYSTEM

Rather than hiring an accountant, you can manage your invoices through a smart digital system that can do everything for you. Of course, some small businesses require certain needs while others require others. Check out some of the automated online invoicing software and see what works for you .

SELL YOUR PRODUCTS ONLINE

If you’re selling products offline, why not use ecommerce to sell them online too? There are many ways to automate the selling and distribution of countless products. A new area of sales opportunities will arise as soon as you start learning about traffic generation.

LEVERAGE SOCIAL MEDIA NETWORKS FOR TARGETED TRAFFIC

Speaking of traffic, social media networks seem the best out of all traffic channels now. As you may observe, most individuals use at least one social channel. You should understand your target audience first and then go where they spend their time.

GROW A BLOG AND BECOME AN AUTHORITY IN THE FIELD

Blogging is about spreading information that is worth spreading. If you can bring something new to the table—an innovative idea, a new twist, a new method, a new way of doing X and Y, you can start a blog.

It doesn’t matter what business model you have—a blog will improve your brand awareness and reputation. If you consistently deliver qualitative information about a specific topic that people care to follow, you’ve already won.

USE INFLUENCERS TO PROMOTE YOUR SMALL BUSINESS ONLINE

Most people feel inclined to listen to experts’ opinions more than their own intuition. Influencer marketing is one of the best-rated digital marketing strategies. In fact, it is plain simple. The advertiser (you) contacts the publisher (a website, a blog, a well-known person in the niche, someone with influence) to establish a deal.

As Mary Hart, CEO at essaygeeks.co.uk exposes, “An entrepreneur will usually offer the influencer a dollar offer, but this is not a general rule. If you can offer an influencer something he or she needs, you got yourself a deal. If that ’powerful’ person promotes your products/services, your brand will gain a lot of exposure and customer trust.”

TAKE ONLINE COURSES TO EXPAND YOUR KNOWLEDGE

You should never stop your personal growth, no matter what. For your business to improve, your knowledge and skills must also improve. There’s no end in learning. Therefore, taking advantage of educational online courses can speed up your growth and adaptation to the new trends.

LEVERAGE TECHNOLOGY

Whether you see and like it or not, technology is constantly progressing. Whether you leverage the new updates or not, is entirely on you. However, in a capitalistic marketplace and environment, using everything you’ve got will take you much further than you’ve ever imagined.

About the Author
Chris Richardson has been an editor at a publishing agency in London, U.K. for 5 years. He is also a professional content writing expert in such topics as career growth, self-improvement, blogging, and technology innovations.

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Sales Strategies for Business Growth

June 26 2018 Innovation Destination: Hartford Blog 0 comments Tags: business growth, business owner resources, sales, sales strategies

Sales professionals in any organization must create strategies that assist them in selling products and services. Gaining the right customers is always a challenge, especially with the growing demands in the market.

A sales strategy that influences people to buy what is being sold is a stepping stone for business growth and success. The best sales strategies not only assist salespeople to close individual sales, but they also attract more prospects in the future.

Some of the best sales strategies that can be implemented to grow your business include:

OFFER SOLUTIONS THAT ADD VALUE

Arguably, it is evident that consumers will always buy benefits rather than the product itself. This means that, before making their purchasing decisions, customers will look for solutions to their problems in the market.

A product that adds value and offers these solutions is likely to benefit your customers. As a sales professional, it is salient to identify your customers’ problems and communicate the outcome of the product or service to the customer in solving the problems.

“To thrive in the competitive business market, organizations should create a philosophy and a brand that tags them as ‘problem-solving organizations,’” explains Brian Zillmer, a Sales Manager at SolidEssay. Sales professionals must realize that, when customers reach out to them, they need a list of all benefits their products and services offer, and their ability to solve even the unclear and subtle problems.

LEARN THE BEST NEGOTIATION TECHNIQUES

In sales, the idea is to convince the customer that a product or service is likely to meet their needs. However, sales professionals should be aware that negotiations have become complex in the contemporary environment largely due to digital platforms that have made information on products and services available to customers.

Customers are now armed with information regarding items even before salespeople reach out to them. In such circumstances, the salesperson should ensure that a collaborative and professional conversation is drawn that ends with an agreement that benefits both the company and the customer.

According to Cody Brookhouse, HR Director at ConfidentWriters, sophisticated conversations built around collaborative agreements create business relationships that lead to high-impact solutions. The shifts in buying decisions have caused customers to develop a bargaining mode that may cause the profitability of the company to suffer, especially when sales professionals cave in as a means of sealing the deal. The best negotiation strategies expand conversations into new opportunities for both the consumer and the sales professional, where the salesperson has the likelihood of gaining more prospects, and the customers have more options for solving their problems.

IMPLEMENT DIGITAL MARKETING STRATEGIES

With the proliferation of social media, there has been a myriad of ways to get products and services to customers. Data is generated across the internet very quickly, augmenting the opportunity for salespeople to generate qualified leads and sell the products.The internet provides a platform where organizations can actively listen to customers and determine the best sales tactics to reach them.

Social media has enabled salespeople to inquire and get information through questions that explore their clients’ thoughts and consider their responses to make them feel respected. Digital media also helps sales teams build relationships with their customers by providing access to more people and making sales and deliveries to them convenient.

Leveraging the audience is the first step to making successful sales.

DEVELOP RELATIONSHIPS WITH CUSTOMERS

Building relationships creates long-term partnerships where the business and the customer benefit. A sales relationship begins to develop when the level of interaction starts.The best way to ensure that a solid association develops is to make the customer feel important and appreciated.

Tactics to building customer relationships range from developing mutual interests to offering compliments and even gifts. Gifts can either be tangible or intangible, with intangible gifts including any form of appreciation that gives the customer a sense of recognition. However, it takes several interactions to solidify a relationship, and ultimately, the outcome is developing an advocate out of a customer who sells the products and services to friends and family.

Maintaining relationships with clients is equally essential, as it conveys to any prospects that the organization invests in long-term relationships. This increases the business’ return on interest and eventually leads to company growth.

FLEXIBILITY

A sales strategy should be able to adapt to rising challenges that are likely to surface. Strategic flexibility, the ability for a firm to adapt to changes as a result of the external environment, is a vital strategy to ensure business growth.

Flexibility in sales can be demonstrated by aligning with the customer’s personality; addressing the unique demands of prospects; doing research on what the target segment wants; and finding out their purchasing patterns, attitudes, and opinions.

Salespeople should be on the lookout for the customer’s style, whether formal, informal, low energy, or high energy. People-reading skills are crucial when closing a sale. They help make people trust and feel comfortable with the business so eventually, they become receptive to what is being sold.

PERFECT THE ART OF STORYTELLING

Stories are captivating, and they help people comprehend and absorb information to a deeper level. Experts have argued that the human brain has been wired to retain stories more than logic and facts.

Sales professionals should use stories rather than statistical presentations by providing information about real experiences related to the products and services and the results and outcomes by the people using them.

As noted by Olivia Grant, Director of Sales at Paper-Research, storytelling is a strategy that can be incorporated in every sales process and addresses a wide variety of problems by providing a massive influx of solutions through other people’s experiences.

Implementing some of these tactics can help net clients and promote business growth. Communicating to consumers that the business understands their needs and has viable solutions to meeting them gains the business quality leads.

About the Author
Paul Bates is a sales manager at SwiftPapers based in Los Angelos, CA. He manages his BeeStudent blog and contributes to websites including BuzzFeed and Denver Post.

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Connecticut Innovations Reports Profitable 2017

April 19 2018 Innovation Destination: Hartford Resources 0 comments Tags: business owner resources, Connecticut, Connecticut Innovations, CT, entrepreneur resources, startup resources, venture capital

CT INNOVATIONS HOPES ITS RECORD 2017 RETURNS WOO MORE VENTURE INVESTMENT

This piece by News Editor Matt Pilon originally appeared in HartfordBusiness.com April 9, 2018

Like a gambler confident in his long-term strategy, Connecticut Innovations (CI) doesn’t sweat a bad bet.

Connecticut Innovations CEO Matthew McCooe (Photo courtesy Steve Laschever)

Losing—as much as $5 million on a single company in one instance—is part of the venture capital investment game.

It’s a process that can feel like a slog, particularly in the seven- to 15-year investment cycles that early stage investors like CI focus on, but every so often a year comes along that justifies the strategy.

A white-hot mergers and acquisitions market in 2017, for example, helped CI reap its highest annual returns ever.

Spurred by several significant acquisitions of companies within its portfolio, CI cashed out $27 million from various investments in 2017, more than doubling the $11.5 million it had originally staked in those firms.

It was also CI’s most profitable year since the dot-com boom of the late 1990s, as measured by its return on investment, officials said.

The quasi-public agency, which has about 160 companies in its portfolio, will reinvest the money in other Connecticut-based technology, software and IT companies.

More importantly, CI’s leaders hope last year’s performance turns some heads, attracting more outside investment partners to Connecticut-based deals.

“Everybody wants to be a part of winning and success,” said CI Board Chairman Michael Cantor, co-managing partner of Hartford intellectual property law firm Cantor Colburn.

Though CI’s mission is different than most other venture capital firms—it has a dual mandate to generate both economic development and returns and can only make in-state investments—it increasingly wants to be seen by VCs as a savvy investor partner.

“They’re calling me and saying, ‘I want to look at more of your deals, I want to look at more of your pipeline,’” said David Wurzer, CI’s Chief Investment Officer. “That’s a big deal, to bring that capital into the state.”

CI CEO Matthew McCooe said market conditions helped last year’s performance, with more than 50,000 global mergers and acquisitions announced in 2017, according to Thomson Reuters, the third year in a row to hit that mark.

Wurzer admits 2017 was a bit of an outlier—CI has averaged about $10 million in annual investment returns since 2005—but he’s hoping for repeat performances in the coming years.

THE DEALS THAT MADE CI’S YEAR

Like any venture fund, the most common way CI cashes in on an investment is if a portfolio company is acquired or goes public.

Several deals made the difference last year. They include:

Avon tech firm iDevices, which was acquired by Shelton’s Hubbell Inc. for $59.2 million. CI had a $3 million stake in iDevices and roughly doubled that investment with the sale.
Norwalk’s eTouches, which provides event management software and sourcing services, was bought by Palo Alto, Calif., private-equity firm HGGC for an undisclosed sum. CI had a $6.7 million stake in eTouches and roughly doubled that investment.
Branford biopharma AxioMx was sold to the British company Abcam for $20 million plus up to another $25 million in potential performance payments. CI expects to earn back four times its initial $2 million investment.

In addition, New Haven-based BioHaven’s $194 million initial public offering last May will lead to 2018 returns for CI, which took a $2 million equity stake in the company in 2014.

BioHaven is developing a migraine pill it acquired from Bristol-Myers Squibb.

CI’s core fund invests in bioscience, medical device, and technology companies, particularly those that have shown the potential to draw other outside funding and that have a revenue-generating product, or at least a strong drug candidate.

It often targets companies that are five to 15 years away from potentially getting acquired or going public, if they’re successful.

CI holds some form of board seat on most of the companies into which it invests $500,000 or more.

About 50 of its portfolio companies have been acquired or gone public in recent years. CI has earned $309 million in investment returns since 1995.

It invested in 75 companies last year, but evaluated more than 500. The number of companies CI assesses has grown, up from 200 to 300 per year, with the introduction of the annual VentureClash competition, which is open to startups globally.

FOOT TO THE PEDAL, FOR NOW

McCooe, a software entrepreneur, corporate VC, and university tech transfer executive, arrived at CI in 2015.

Since then, he says CI’s board has urged him to be aggressive. And he and his team have been. CI has been ranked regularly by Crain’s as one of the most active VC firms on the East Coast. It did 75 deals last year, up about seven-fold compared to 2009.

“Right now our board says, ‘put your foot to the pedal, we want more deals, not less,’” McCooe said, adding that the Connecticut market produces about 25 new companies per year that CI can invest in.

But he is starting to think about hitting the brakes at some point down the road. At an upcoming retreat, he and his team plan to discuss the fact that CI will soon have 200 companies in its portfolio. That means follow-on investments could quickly add up, perhaps $100 million a year, which is more than CI typically has available in state bond authorizations.

“We need to make sure we’re selective and scaling back our commitments,” he said. “And we’re also trying to get [companies] to the point where they don’t need CI dollars.”

Cantor said the board discusses CI’s future at every meeting.

They want CI to keep growing its portfolio, he said, but without greater participation from other venture funds its impact will be limited.

One key, he said, will be getting more venture capital firms to move into Connecticut.

“We need you in New Haven, we need you in Hartford,” Cantor said.

Learn more about Connecticut Innovations

READ: IDH interview with Matt McCooe and Lauren Carmody, Director of Marketing and Communications – Connecticut Innovations: Contributing to Growth in CT
VISIT: ctinnovations.com
FOLLOW: Facebook | Twitter

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Local Law Firm Supports Startups and Entrepreneurs

April 11 2018 Innovation Destination: Hartford Resources 0 comments Tags: business owner resources, business resources, Connecticut, CT, entrepreneurs, legal resources, LegalShield, startups

LegalShield Connecticut representative Lisa Jameson told Innovation Destination Hartford about the company’s services and involvement with entrepreneurs and startups.

INNOVATION DESTINATION HARTFORD: How does LegalShield help startups and entrepreneurs?

LISA JAMESON: Every business owner has different needs. LegalShield helps them by determining these needs and matching them with a specific plan.

Instead of using Google to ask legal questions and hoping they get the right answer, our clients can call our attorneys for unlimited consultation. And, if they have a question, they receive an answer within eighht business hours.

In addition, whether they do business in state or out, clients utilizing our services have access to an attorney to write debt collection letters, which can help bring in more money and save time.

Business documents and contracts are tricky, and they can ruin your business if you don’t know what they are really saying. Our attorneys will review documents to ensure they are understood. Just like the importance of having auto, home, medical, and life insurance, legal and business insurance is just as important to protect and grow businesses.

IDH: Let’s talk about LegalShield’s partnership with Football Hall of Fame legend Fran Tarkenson. How did that come to be?

LISA: LegalShield has developed a 20-year partnership with GoSmallBiz Owner and CEO Fran Tarkenton. Fran has some name recognition—he was quarterback for the Minnesota Vikings for 18 years. He has also been helping businesses grow from the ground up for about 40 years, so he has a lot of experience.

Fran partners with LegalShield because business owners need legal help. This past year, LegalShield and GoSmallBiz created a plan that merges business with legal protection to help start, grow, and protect businesses at all stages of growth.

IDH: Do you work directly with entrepreneurs launching new startups?

LISA: Yes, we meet and discuss their pain points and then I can match them with the plan they need. Many new business owners don’t even know what they need and then don’t know how to go about getting what they need. Throughout the process, I continue to follow up with business owners to teach them how to use our services and make sure they are using them. Plus, they will have the ongoing coaching of GoSmallBiz.

IDH: Tell us more about these services. What types of services does LegalShield provide for entrepreneurs and startups?

LISA: Small business owners face big business problems, but on a small business budget. They need services to help them be more proactive and preventative with daily decision making. Key benefits of working with LegalShield are, we provide unlimited legal consultation, legal correspondence, debt collection, contract and document review.

Member services also include customer relationship management, email marketing, and building a professional e-commerce website.

We also offer three different memberships with added perks (e.g., discount codes and gift cards to shop online or in-store at national and local companies for purchases such as movie tickets, apparel, electronics, travel, and sport events) and additional services such as business consultation, website analysis and consultation, human resources and business planning tools, and online learning resources.

IDH: How has your personal experience as a business owner helped better position you to help others?

LISA: GoSmallBiz has a comprehensive certification program for LegalShield associates to help us go out and help small businesses grow. Because I had another business in the past and have been certified though GoSmallBiz and LegalShield, I am a part of the GoSmallBiz team.

IDH: What do you enjoy most about working with startups/entrepreneurs?

LISA: I enjoy helping entrepreneurs get their businesses going—and I know how hard it is to start your own business. It’s time-consuming and costly. I would love to have had legal counsel in the past. For example: When I was running a previous business, I worded something incorrectly and I almost got sued for it. I made some costly mistakes because I didn’t have the LegalShield or GoSmallBiz resources at the time to help me. If I had, I could have saved a lot of money and time.

Many businesses go out of business within the first three to five years. With the partnership of GoSmallBiz and LegalShield, entrepreneurs have a much better chance to grow and protect their businesses.

IDH: Tell us about the importance of fostering entrepreneurship here in Connecticut.

LISA: There are 28 million small businesses in the United States, with 700,000 new small businesses created every year. Offering this massive, growing market a powerful product with proven success will help entrepreneurs grow the market place in Connecticut.

Learn more about LegalShield

VISIT: www.legalshield.com
FOLLOW: Facebook | Twitter
CONTACT: Lisa Jameson | 860-796-9116 | lisajameson.wearelegalshield.com

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Cybersecurity Guide for Small and Medium Businesses

February 15 2018 Innovation Destination: Hartford Resources 0 comments Tags: business owner, business owner resources, cybersecurity, entrepreneur resources, medium business owner, small business owner, startup resources

Cybersecurity is critical to those who own or manage small and medium businesses. vpnMentor provides a guide to help secure your business, including information about:

Determining your vulnerabilities
Protecting your computers and devices
Protecting your data
Instilling a cybersecurity culture in your workplace

Read the article “The Complete Cybersecurity Guide for Small and Medium Businesses – 2018”

About the Author
Web entrepreneur Ariel Hochstadt was formerly Small and Medium Businesses Manager for Google. A successful international speaker, Ariel is author of three published books about computers and the internet. He is also Co-Founder of vpnMentor and an advocate of online privacy.

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Glastonbury-based independent accounting firm Fiondella, Milone & LaSaracina provides many services to startups and entrepreneurs throughout Connecticut in all stages of growth. The firm told Innovation Destination Hartford about its services and involvement with the entrepreneurial ecosystem.

Frank Milone, Partner, Assurance & Advisory Services, at Fiondella, Milone & LaSaracina is the chair of the Public Policy Committee of the Connecticut Technology Council.

FIONDELLA, MILONE & LASARACINA: Since it was founded 15 years ago, FML has supported the entrepreneurial ecosystem in Connecticut. It starts with an area of practice within the firm dedicated to understanding the assurance, tax, and advisory needs of early-stage and growth companies, which is led by Frank Milone.

FML also supports various initiatives/programs throughout the state that are vital to fostering this ecosystem, including Crossroads Venture Group (CVG), the Connecticut Technology Council (CTC), Connecticut Innovations, , BioCT (formerly CURE), reSET, and the MIT Enterprise Forum of Connecticut.

In addition, FML supports a variety of programs coming out of the universities here in Connecticut including the University of Connecticut Technology Incubator Program (TIP), the Yale Entrepreneurial Institute (YEI), the Connecticut Center for Entrepreneurship & Innovation (CCEI), and UConn’s Innovation Quest.

INNOVATION DESTINATION HARTFORD: There’s a lot of innovation happening in the biotech space. Tell us more about your collaboration with the UConn TIP and BioCT.

FML: We have collaborated with the UConn TIP program for several years and recently became a lead sponsor of that program. We are also a member of BioCT and a founding sponsor of the BioCT Innovation Commons.

FML supports the UConn TIP and BioCT in many ways, including having office hours at each location where companies can access our accounting and tax experts for pro-bono advice. We’ve also had our experts present for C-level executives at member companies to enhance their knowledge in areas such as the Connecticut research and development tax credit and grant accounting and compliance. And, if we need to be engaged more formally in certain areas, we will offer our services at discounted rates.

The overall goal of the collaborations is to provide a support network for early stage companies. We want to give them access to accounting and tax experts at the earliest level of development so they are aware of the opportunities Connecticut has to assist them in their growth and help them make informed decisions with a focus on long-term goals and success.

IDH: What types of services does FML offer startups and entrepreneurs?

FML: We assist startups and entrepreneurs throughout their growth cycle from formation to successful exit. For example, FML provides education and advice about the pros and cons of the different types of entities available upon formation (partnerships versus C-corps). We also offer advice or assistance with the basics surrounding accounting services (bookkeeping, payroll, tax filings, etc.). And, we can assist with grant accounting/compliance and help startups and entrepreneurs understand the basics surrounding accounting and tax considerations for debt and equity financing arrangements and stock/option compensation plans.

FML also helps startups and entrepreneurs throughout the growth cycle with tax compliance needs and assurance-related services (audits/reviews, etc.), and we continue to advise them in more technical areas, such as the impact of accounting for different revenue models, understanding the federal and state research and development credits, and accounting and reporting requirements regarding sales tax.

In addition, we play a key role advising a company when it is planning and executing an exit strategy, whether a merger and acquisition transaction or entry into the public markets.

IDH: What do you enjoy most about working with startups and entrepreneurs?

FML: We enjoy sharing our knowledge and expertise, building relationships, and becoming a valued provider of services into successful companies in the thriving growth ecosystem here in Connecticut.

IDH: Does anyone on the FML team have personal experience launching a startup? How has that experience helped better position you to help others?

FML: The founding partners, Jeff Fiondella, Frank Milone, and Lisa LaSaracina, founded the firm after spending 10 years in a national accounting firm. The firm has grown to more than 60 people and nine partners over the past 15 years.

The experience of founding the firm has exposed many of us at FML to issues our clients also face such as developing a business model, obtaining startup capital, developing a marketing plan, building IT and other infrastructure, and finding talent.

As we enter our 15^th year, we continue to address issues that are similar to our growth clients, including expansion of services to address the changing needs of our clients, evaluating growth through acquisition, and determining how to further develop our management team to meet our strategic goals. All these experiences put us in a better position to understand our early-stage and growth clients and the issues they face daily.

IDH: Tell us about the importance of fostering entrepreneurship here in Connecticut.

FML: It is critically important for the future of Connecticut that we have a vibrant entrepreneur ecosystem here in the state that supports startups and growth companies. It has been proven that these companies are necessary to achieve job growth, maintain and attract the younger generations of talent in the state, and to foster investment into the overall Connecticut economy.

FML has taken a leadership role in this area with board or committee roles at CVG, CTC, BioCT, and MIT Enterprise Forum of Connecticut.

Frank Milone, Partner, Assurance & Advisory Services, is the chair of the Public Policy Committee of the CTC, which is currently focused on understanding the needs to of the technology community here in Connecticut and communicating those needs to the gubernatorial candidates.

Bill Claffey, Partner, State and Local Tax, has taken on a similar leadership role at BioCT. Bill heads the firm’s state and local tax practice with a primary focus on income tax, sales tax, and federal and state credits and incentives. Bill will be participating in the BioCT Policy Day at the State Capital to help legislators understand the tax issues important to those member companies.

Angel Li, Partner, Tax Services, has recently been appointed to the Board of the MIT Enterprise Forum of Connecticut.

Learn more about Fiondella, Milone & LaSaracina

VISIT: www.fmlcpas.com
FOLLOW: LinkedIn

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Marketing Student Researchers Available for Local Businesses