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Doing Business in Connecticut 2019

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2019 | DOING BUSINESS IN CONNECTICUT | 73 YouCOMM principals give a presentation of their product at Real Art Ways. business is equally important, Cote argues. "An essential element for any great environment for any entrepreneur is the ability to interact with those who've done this before," she said. "Help [through mentors] to develop an individualized plan, to provide referrals and connections to other resources, is really very valuable for a start-up." That was CTNext's goal when it launched a formal mentoring pilot program for tech start-ups this past January, said Glendowlyn Thames, CTNext's former executive director, now DECD deputy commissioner. The program is run in partnership with The Refinery, a Hartford-based organization that builds programs to improve the diversity, sustainability and success of start-ups. Over the past four years, its mentors have helped 39 companies access $26 million in funds, a success they hope to replicate through the new collaboration with a network of CTNext- backed businesses. "A lot of first-time entrepreneurs don't know what they don't know, so connecting them with former [start-up] founders who've had success, or executives from big corporations with a certain level of expertise, can be a great learning experience," said Thames. "Entrepreneurship is all about collaboration and networking." The application-based mentoring program, Thames said, is specifically targeting promising start-ups that meet key criteria: a product or digital service that's launched or in test mode, a significant value proposition, a large market opportunity, and a strong management team. Currently, the program includes 29 volunteer members with a variety of professional backgrounds including sales, marketing, financial structures, and business modeling and planning. "They're people who are looking to pay it forward," said Thames, who noted that each mentor has committed to give at least one hour a week for the initial pilot program. Some mentors have even joined the advisory boards of their advisee companies – a talent recycling of sorts – which Thames said is an essential part of building and sustaining a healthy entrepreneurial ecosystem. It's a welcome trend for young entrepreneurs like Thomas Cotton, whose start-up received $10,000 through a CT Entrepreneurship Innovation Award in January. He and his business partner have also applied to be part of the CTNext mentoring program and understand its value. "Being new entrepreneurs, we're looking for mentors who can see the potential obstacles in our business plan that we might not be aware of so we can address those problems up front, rather than reactively," Cotton said. "In addition, it's just helpful to have someone to bounce ideas off and get advice from as we proceed." Cotton said YouCOMM, LLC, is using its CTNext award money, in part, to conduct a larger scale clinical trial of the company's technology in collaboration with UConn Health Center. A portion is also invested to cover manufacturing costs of the tablet cases for their product. Both Cotton and Yasoshima remain optimistic in their product's – and their company's – long-term viability. Their ultimate success, they hope, will not only be good for the health of senior citizens, but for the entrepreneurial ecosystem they are now a part of. " " "Entrepreneurship is all about collaboration and networking." - Glendowlyn Thames Former executive director, CTNext SMALL BUSINESS

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