Hartford Business Journal

November 5, 2018

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www.HartfordBusiness.com • November 5, 2018 • Hartford Business Journal 9 FOCUS Tax season is around the corner, is your business ready? PROUDLY SERVING OUR CLIENTS SINCE 1973. On Balance, We Offer You More. 4130 WHITNEY AVENUE, HAMDEN, CT 06518 PHONE: 203-281-0540 | FAX: 203-287-6788 85 WOLCOTT HILL ROAD, WETHERSFIELD, CT 06109 PHONE: 860-529-5600 | FAX: 860-529-5605 WWW.SMLCPAS.COM Plan Your Next Meeting at Saybrook Point Inn This Could Be Your Office For The Day Let our professional Meeting Planners customize your next meeting or event. Experience what our unique meeting spaces can offer with team building opportunities and farm to table menus. Located only two hours from New York and Boston. Learn more at Saybrook.com. and Boston. Learn more at Saybrook.com. 2 Bridge Street, Old Saybrook, CT 06475|860.388.0000 has been doubling in size every year. Nationwide, more than 1,300 compa- nies have raised $164 million through investment crowdfunding to date, the figures show. "Awareness is the biggest challenge," said Neiss. "Small businesses are still struggling to find capital, but they don't know that there's an alternative way to do it." Wefunder, the largest of the invest- ment crowdfunding sites, currently has 50 active crowdfunding cam- paigns, with about four or five compa- nies going live each week, said compa- ny spokesman Everett Cook. He said a year ago it was closer to one a week. "Anecdotally, we're seeing way more companies lined up for service," he said. Cook said the most successful busi- nesses are those that already boast a loyal following or customer base. Think craft breweries or restaurants. "For those kinds of companies it's kind of a no-brainer," Cook said. "Instead of trying to pitch a VC on why you're a different brewery than the other 2,000 micro- breweries in the U.S., you just go on our platform and all of these people who are buying your beer now have a chance to own part of your bar." He said crowdfund- ing can also be a good option for women- or minority-owned busi- nesses, which histori- cally have a harder time raising capital, as well as "moonshot" startups considered too risky for tradi- tional investors. (Wefunder is upfront about the risk, likening investments on its website to a "socially good lottery ticket.") "LiquidPiston is a pretty good ex- ample. (They're) trying to re-make the car engine. That's a pretty out-there kind of crazy thing," Cook said. "But if it works, it's going to change the world." Buoyed by the response to the first cam- paign, Shkolnik said LiquidPis- ton has since launched a second round hoping to raise another $1 mil- lion. Wilton- based Minds, a decentralized, open-source social media network, raised $1.03 million in just 19 days on Wefunder in 2017, setting an industry record for the fastest million-dollar What's the biggest challenge? A. Santander commercial banking is looking to grow in every market where we operate and we're very excited about the continued opportunities we have in the Connecticut market. Our biggest challenge is not being able to get our message out to the market fast enough. Q. What are your main goals in your new job? A. My goal is to help Santander Bank become a leading commercial bank in Connecticut. This means we have to relentlessly focus on demonstrating our value to clients, and proving our value to prospects. About a year ago, we announced Santander Bank's "Inclusive Com- munities" plan, an $11 billion, five-year commitment to lending, community development and charitable giving. The plan outlined Santander's commitment to communities across its eight-state northeastern U.S. footprint for 2017 through 2021. Connecticut is my home and I'm really excited to be part of an institution that's so committed to serving its clients and supporting the communities where it does business. Q. What's your best advice for Con- necticut companies seeking a com- mercial loan right now? A. It's imperative that you choose a banking partner that can execute on your current needs, but also be posi- tioned to consistently bring ideas and solutions that will support and drive your business's future needs. Compa- nies should look beyond the transac- tional relationship and focus on the financial institution's overall capabili- ties. Choosing a bank and relationship manager that is proactive and brings solid, value-added solutions and ideas to the relationship is paramount. BY THE NUMBERS Crowdfunding in U.S. since May 2016 $163.9M Total crowdfunding investment 167,875 Total investors 1,302 Total investment campaigns $229,225 Average capital raised Source: Crowdfunding Capital Advisors Continued on next page >> Another view of Mind's social network, which offers an alternative to Facebook.

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