“Impact Hartford: Innovation Today for Tomorrow” Makes an Impact

June 22 2018 Innovation Destination: Hartford Innovation 0 comments Tags: CCEI, Connecticut, Connecticut Center for Entrepreneurship and Innovation, CT, entrepreneurship, Hartford, innovation, innovators, InsurTech, MetroHartford Alliance, Stanley Black & Decker, Startupbootcamp, Techstars

The MetroHartford Alliance Impact Hartford sold-out event had a great turnout.

The MetroHartford Alliance hosted “Impact Hartford: Innovation Today for Tomorrow” Wednesday, June 20 at the Connecticut Science Center. The sold-out event showcased new programs designed to strengthen the Hartford region’s entrepreneurial ecosystem.

PASSION AND ENTHUSIASM

MetroHartford Alliance President and CEO David Griggs kicked off the event by noting, “It’s a great morning to be in Hartford!”

He went on to introduce Hartford Mayor Luke Bronin, who noted that innovation is a topic he’s passionate about.

“Hartford has made an impact on the world with our innovation. And it continues,” he said. “We need to build an environment where entrepreneurs and innovators want to be.”

Keynote speaker Jim Loree, CEO at Stanley Black & Decker, underscored that there is a lot of enthusiasm for the MetroHartford Alliance and what it can do for our region. He spoke about why Stanley Black & Decker deliberately chose Hartford for its the STANLEY+Techstars Additive Manufacturing Accelerator.

“The Accelerator has the potential to create a robust entrepreneurial community right here in Hartford,” Jim noted. He added that a team effort is needed and encouraged the community to get involved.

LESSONS LEARNED

Impact Hartford event moderator Stanley Black & Decker CTO Mark Maybury (left), and panelists (left to right) Michelle Cote, Managing Director, the Connecticut Center for Entrepreneurship and Innovation; Frank Alfano, Senior VP of Sales at Techstars; and Sabine VanderLinden, CEO at Startupbootcamp.

Stanley Black & Decker CTO Mark Maybury, who moderated the event, asked event panelists about lessons learned from their initiatives.

Michelle Cote, Managing Director, the Connecticut Center for Entrepreneurship and Innovation (CCEI), was first to respond, saying she realized it is important to understand from the market point of view exactly what people want and then determine how to develop that capability. “[You can’t] come up with a solution right out of the box,” she emphasized.

Mark touched on the importance of being able to pivot and added that a startup pivots on average pivots seven time before getting it right.

Frank Alfano, Senior VP of Sales at Techstars, learned that entrepreneurs are everywhere, saying, “Entrepreneurs are good for the world.” Frank discussed the ways Techstars helps entrepreneurs succeed. “Many of us have built companies and we’ve made all the mistakes,” he said. “We can help entrepreneurs pivot faster.”

Frank emphasized the importance of building a community in the Hartford region.

“Let’s go out and look for other entrepreneurs—you’ve got to lean in and look to help,” he said. “The thought is: Mentor the businesses and interesting things will happen.”

Sabine VanderLinden, CEO at Startupbootcamp, says by working with large companies she realized there were opportunities in InsurTech and FinTech.

“Entrepreneurs want to change the world,” she said. “It’s been amazing to work with entrepreneurs and give back what I learned—I can help them understand the industry.”

Sabine said Startupbootcamp had to invest in the city of Hartford to show this is a relevant place to launch and grow startups. She noted that after seven months in the accelerator program, four companies decided to stay in Hartford.

HARTFORD’S GREATEST STRENGTHS

Mark then asked the panelists about greatest strengths of the Hartford region.

In a live poll at the MetroHartford Alliance Impact Hartford event, attendees were asked to answer the question: In one word, what can you contribute to the Greater Hartford ecosystem?

According to Michelle, an unrecognized benefit is our region’s size. She related her experience with Innovation Places, saying, “I asked for help from community and they immediately got involved. Once you get plugged into the ecosystem here, you can access it.”

She added, “People are committed to making Hartford a powerful ecosystem. We have the ability to collaborate and work together.”

Sabine noted one of the region’s strengths is in our mentors who “give so much time and effort.” She also talked about the importance of localization and proximity. “It makes a massive impact. Being able to access expertise.”

Sabine discussed her experience engaging with university interns who worked with local startups. She explained that through their experience, the students could see what innovation means and they may be encouraged to launch their own startups in the future.

Frank praised Hartford’s strong community, educational institutions, and global companies as some of the region’s strengths. “This is the perfect environment where we can make change,” he said.

ACCELERATE HARTFORD

Mark then questioned the panelists about how to accelerate the Hartford region. He mentioned that foreign companies are coming to Hartford to build their future and partnerships are important to attract global companies.

According to Frank, “Entrepreneurship and startups can drive change. Once companies start to succeed the capital flocks to them.”

Sabine highlighted the importance of directing people to find the right skills and talent here in the Hartford region.

Michelle made a point of saying we undervalue ourselves and our region. “We need to talk about our strengths loudly using resources like Innovation Destination Hartford,” she said. “We need to work together and build an infrastructure that encourages collaboration.”

INNOVATION TOMORROW

The Hartford region is well on its way to becoming a hub for entrepreneurship and innovation—as was evidenced by the turnout and the discussion at this morning’s event. How can others get involved?

FOR MORE INFORMATION

Connecticut Center for Entrepreneurship and Innovation (CCEI)
VISIT: ccei.uconn.edu
FOLLOW: Facebook | Instagram | LinkedIn | Twitter

Innovation Destination Hartford
VISIT: www.innovationhartford.com
FOLLOW: Facebook | Instagram | Twitter

MetroHartford Alliance
VISIT: www.metrohartford.com
FOLLOW: Facebook | Instagram | LinkedIn | Twitter

reSET
VISIT: resetco.org
FOLLOW: Facebook | Instagram | LinkedIn | Twitter

Stanley Black & Decker
VISIT: www.stanleyblackanddecker.com
FOLLOW: Facebook | LinkedIn | Twitter

Startupbootcamp
VISIT: www.startupbootcamp.org
FOLLOW: Facebook | Instagram | LinkedIn | Twitter

Techstars
VISIT: www.techstars.com
FOLLOW: Facebook | Instagram | LinkedIn | Twitter

Upward Hartford
VISIT: www.upwardhartford.com
FOLLOW: Facebook | Instagram | LinkedIn | Twitter

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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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Biotech startup LambdaVision Inc. has developed an innovative, protein-based retinal implant to help patients with vision impairment issues. Innovation Destination Hartford spoke with Dr. Nicole Wagner, President and CEO of LambdaVision, about the startup’s involvement with the University of Connecticut Technology Incubation Program (TIP) and the advantages of tapping into Connecticut’s startup resources.

INNOVATION DESTINATION HARTFORD: You co-founded LambdaVision in 2009 with one of your professors from the University of Connecticut. How did you come up with the idea to create the retinal implant?

NICOLE WAGNER: It was part of my graduate work. I worked with Dr. Robert Birge, Professor of Chemistry at UConn, when I was studying for my PhD in Molecular and Cell Biology in 2007. My project was to optimize the light-activated protein, bacteriorhodopsin (BR), for application in devices.

With the emergence of optogenetics, which happened in the early 2000s, we thought of different ways we could use the protein for device architectures, specifically for neural function and retinal implants.

IDH: What makes your solution innovative?

NW: Our technology was developed to treat patients who have advanced stage macular degeneration or retinitis pigmentosa. Those diseases cause patients to lose their photoreceptor cells (or their rods and cones), which are the light-sensing cells of your eyes. In a healthy retina, those cells absorb light and convert it into a signal that is sent to the brain. Patients with vision impairment diseases lose their photoreceptor cells and, as a result, their eyes can’t capture light to send a visual signal to the brain.

LambdaVision uses a light-activated protein that is coated on a scaffold that is placed in the back of the eye subretinally. The protein absorbs light and in response, it pumps ions—much like your photoreceptor cells—sending a signal to the optic nerve and then to the brain.

A lot of the competing technologies are doing this using electrodes to stimulate the neural circuitry of the retina. These electrode-based technologies require wires, bulky battery packs, and goggles. Our method uses more of an organic approach, where we are using a protein that is similar to what is natively found in the eye. The protein absorbs light, which generates a signal that can stimulate the retina.

IDH: In addition to you and Dr. Birge, how big is your team?

NW: Dr. Birge and I have four other scientists working on research and development. We also have advisors and consultants to help support our business development and commercialization efforts.

IDH: LambdaVision has worked closely with UConn. What other mentorship and advisory services have you received?

NW: We’ve tried to leverage as many resources available to us as possible. We’ve been fortunate to have support from the state of Connecticut, Connecticut Innovations, and UConn. We also do some work with CURE and the Connecticut Center for Entrepreneurship and Innovation (CCEI) accelerator program, which helped round out our commercialization efforts.

Additionally, we have participated in the Connecticut Center for Advanced Technology (CCAT) small business incubator program, and MassChallenge, which was also very helpful for us.

Connecticut Innovations has been a huge supporter of the technology. We have received pre-seed funds from them, as well as matching funds for our NSF Phase I SBIR through their Small Business Innovation Research (SBIR) acceleration and commercialization program. Most recently we received some funding to support an intern through their Technology Talent Bridge Internship (TTBI) program.

IDH: In addition to funding, LambdaVision has won quite a few awards. To what do you attribute your success?

NW: It’s been a busy few years! We received our Small Business Technology Transfer (STTR) from the National Eye Institute in 2013. That award was a catalyst for us to start doing more research for the company. We were able to really leverage the data we collected with that funding to apply for additional grants for the company.

We applied for a National Science Foundation Phase I Award, which we received in 2015. That accelerated a lot of our development and helped us do some in vivo studies and additional proof of concept work. Then, in 2016, we applied for a National Science Foundation Phase II award, which we were recently awarded this past September. The funds from our Phase II will allow us to continue preclinical development of the implant.

LambdaVision President Dr. Nicole Wagner participated in the MassChallenge accelerator in 2016.

Our participation in the MassChallege accelerator was the tie-in to how we won the CASIS-Boeing Prize for Technology in Space in 2016. That project is looking at manufacturing the retinal implant on the International Space Station by examining layer-by-layer manufacturing in a microgravity environment. It’s an interesting project; a lot different than what we’ve been doing. That’s been very exciting.

We also won the UConn SPARK Grant in 2016, which is a collaboration with Dr. Fotios Papadimitrakopoulos, a materials scientist at UConn. The grant was awarded to help us better look at the biostability and biocompatibility of the implant. And, in 2016, we were one of the first UConn CCEI Wolff New Venture Prize winners.

Each year we apply for a lot of different grants, some of them we received, some we didn’t. You get a lot of great feedback during the peer review process. There is no harm in trying and, of course, if you don’t apply, you’re definitely not going to get that grant.

IDH: It sounds like you’re really tapped into a lot of resources in Connecticut. How do you feel those resources are helping to shape your startup?

NW: I think Connecticut businesses are growing and the state has put a lot of resources into building entrepreneurs, startups, and new technologies.

The TIP has a brand-new facility in Farmington. We have two labs in the new incubator facility. CURE has been doing a lot of great work and is providing a number of resources to startups. Yale and UConn are also trying to build alliances with Jackson Laboratories, which is fostering new collaborations.

There’s a lot of motivation to build up resources for entrepreneurs and to help form and build startups. The resources are there, you just need to know how to tap into them.

IDH: Let’s talk about some of the challenges you’ve been facing as a startup.

NW: A lot of our challenges to date have focused on research and development, collecting the data, and doing a lot of proof of concept work.

We spend most of our time at the bench because so much research and development goes into the technology. As with any biotechnology company, a lot of preclinical, clinical, and regulatory work needs to be done.

Some startups have challenges with the market, some startups have challenges with sales. For us, there’s a huge market out there and there’s a huge need for this type of technology. Macular degeneration and retinitis pigmentosa affect millions of people globally, and unfortunately there is no cure for these diseases. Inevitably, most of these patients will go blind. There are some treatments that slow the progression, but when those treatments stop working, what’s left for people?

Our treatment comes in as an end-stage treatment for these patients. So when the other treatments don’t work, our implant can help.

IDH: Any other startup challenges?

NW: Many entrepreneurs feel they just don’t know where to start. I think that’s the biggest challenge. In 2009 when we started a company, we didn’t know where to start either.

For entrepreneurs who have a great idea, it’s important to talk to professionals who have done this before. You want to be protective of your intellectual property, but at the same time you have to put a little bit out there to answer the important questions: Is this a great idea? Has someone thought of this before?

We were very fortunate to have that support early on. We had the mentorship and scientific support from UConn, and we had a lot of business development support from UConn Ventures, CCEI, CCAT, and Connecticut Innovations.

So I would tell people to get out there, find mentors, and don’t be afraid to talk to people because the resources are there. Just ask other entrepreneurs.

I enjoy being in the TIP building. You can go next door and bounce ideas off of the other entrepreneurs. These types of environments are what breed creative thinking and also camaraderie to help people through those tough times when it’s challenging being an entrepreneur.

IDH: In terms of something you’ve learned along the way in your entrepreneurial journey, do you have any advice?

NW: I always tell people you can’t be afraid to fail. If you don’t ask, the answer is always no. I encourage others to take advantage of all opportunities available to them. You never know where they may lead you.

It can be uncomfortable when you are starting a company because there are so many unknowns. You always feel like you want to have the right answer. You don’t want to be vulnerable, but you have to put yourself out there. You have to be willing to take risks. If I already knew the answers, then we wouldn’t be here and the implant would already be on the market.

A lot of what we are doing is exploratory and new, but it has very high impact as well and can help a lot of people. You aren’t going to know all of the answers. So what I tell all the students I work with is: Talk to a lot of people, listen, and seek a lot of great mentors.

IDH: How are you involved with mentoring?

NW: We always take on some summer interns. We’ve had interns from UConn and Yale. We’ve mentored those students and taught them what it’s like to be at a startup type of environment. The students bring a number of resources to us in terms of experience and techniques that we need that we don’t have in house.

IDH: Looking to the future, where would you like the startup to be one year from now?

NW: Right now we are continuing to work on the in vivo development of the technology. These experiments are critical for us to get our product closer to clinical trials. We are also raising funds to help support IND filing with the Food and Drug Administration.

Learn more about LambdaVision Inc. at www.lambdavision.com or follow on Facebook or Twitter @LambdaVision.

Interested in finding out more about the University of Connecticut Technology Incubation Program?

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“Impact Hartford: Innovation Today for Tomorrow” Makes an Impact