Hartford Business Journal

10 Hartford Business Journal • November 16, 2020 • www.HartfordBusiness.com By Sean Teehan steehan@hartfordbusiness.com B ack in 2018, Anurag Shah was only vaguely aware of Hartford's existence. Four years prior he founded Aureus Analytics in Mumbai, India, and was looking to expand the company, which uses artificial intelligence technology to monitor insurance policies, to the United States. That's why he was at an event in Silicon Valley when he met a couple of representatives from Travelers Cos., a potential client. They told him he should consider Hartford for a U.S. base of operations. "Quite frankly, we had never been to Hartford," Shah said. "We were really close to setting up our office in Cali- fornia. The reason we [came to Hart- ford] was that potential customer." About a year and a half later, and after going through the Hartford Insurtech Accelerator operated by Startupbootcamp, Shah, along with three other employees, is running Au- reus Analytics from space at Upward Hartford's downtown coworking space in the Stilts Building, 20 Church St. A single potential customer brought Shah to Hartford, but what's kept him here is a developing ecosystem of startup companies, large corporates looking to patronize innovative tech companies, state-level support and ac- celerator programs intent on facilitat- ing deal-making between the various players. The end goal for all involved is to transform Hartford's startup scene into one up-and-coming entrepre- neurs with proven products see as an ideal place to base operations, hire employees and grow. "I remember the first time when we were bringing startups [to the city] how difficult it was to sell Hartford to startups," said Upward Hartford CEO Shana Schlossberg. A few years ago she was focused on getting the word out about Hart- ford to almost any startup willing to come here. Not anymore. "In the last two years, we've built credibility. Now let's bring super- stars," Schlossberg said, noting that she's developing a more discriminat- ing eye for companies she recruits. Hartford in recent years has seen a number of accelerators blossom, work- ing to recruit tech companies from around the globe involved in insur- ance, health care and advanced manufacturing. To date, dozens of startups have visited the city for months-long accelerators that provide business development mentors and resources, as well as connections to investors or larger companies interested in new technologies. But just as startups seek to mature and grow, so too does the city's nascent tech scene. The goal is no longer to just bring startups to Hartford, but keep them here. That's a tall order for a city few around the country consider a tech haven. Some Hartford boosters like Schlossberg are trying to change that. And there have been a few success stories — like Aureus Analytics — of companies establish- ing a permanent presence here. "Hartford is a city that's big enough that it has a lot of opportuni- ties, but small enough that [entre- preneurs] can do things quickly," said Martin Guay, vice president of busi- ness development at New Britain- based manufacturing giant Stanley Black & Decker, which operates a tech center downtown and spon- sors an advanced-manufacturing accelerator. "When you start helping entrepreneurs and making it easier for them, they're more likely to stay." Kick in the pants Pretty much every city worldwide that doesn't already have a healthy startup infrastructure is trying to create one, Guay said. But Connecticut's intensity really started growing five years ago, when General Electric relocated to Boston, according to Michael Cantor, board chair of the state's venture capital investment arm Connecticut Inno- vations (CI). "GE leaving was really a kick in the pants," said Cantor, who is also co-managing partner of Hartford in- tellectual property law firm Cantor Colburn. "It was a real awakening." Cantor believes GE's move to Bos- Tech Push Five years in, Hartford's startup scene grows but is still in early stages State rankings by % of total venture capital deals (2020) Rank State 1 California 2 New York 3 Massachusetts 4 Texas 5 Washington 6 Colorado 7 Illinois 8 Florida 17 Connecticut Source: PwC MoneyTree report Anurag Shah, founder and CEO of insurtech startup Aureus Analytics, which moved its headquarters to Hartford. HBJ PHOTO | STEVE LASCHEVER Shana Schlossberg, CEO, Upward Hartford Martin Guay, Vice President of Business Development, Stanley Black & Decker

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