NewHavenBIZ

n e w h a v e n b i z . c o m | A u g u s t 2 0 2 1 | n e w h a v e n B I Z 15 the challenges facing the industry now: a shortage of lab space in New Haven and the city's relatively low profile compared to other tech centers like Cambridge, Pillai said. "We need to toot our own horn," Pillai said. "We know what we have locally but we need to get the word spread beyond our walls — locally, nationally and internationally — to talk about the tremendous growth we have experienced in the past decade or so. We need to shine a light on our biotech hub." Elm Street's role in helping structure companies at an early stage has been crucial in building the biotech hub, said Jeffrey C. Solomon, partner-in-charge of assurance services at Marcum, a national accounting and advisory firm with an office in New Haven. Solomon worked at New Haven biopharma superstar Alexion (now owned by AstraZeneca) in its early stages and focuses on the industry. "e mentorship that they're giving a lot of the startups has really been invaluable," Solomon said. "You really need that under- standing of how these companies work." Elm Street's role in hiring C-suite execu- tives and contracting professional services can make the difference between success and failure at companies started by scien- tists, most of whom have little experience in the business world, Solomon added. "What we've seen is there are some unbelievable minds with some unbelievable ideas, but to understand a business model and what to do next with that is another story," Solomon said. Elm Street's ties to Yale give it unique access and the ability to shape young companies, he added. "ey bring more than just a checkbook to a deal," agreed J. Dormer Stephen, co- chair of the business and finance practice group at law firm Shipman & Goodwin LLP. "ey roll up their sleeves and they really help on the company- building side, where they're helping with strategic planning and bringing the right people into the company." Stephen has worked with Elm Street and startup clients for 25 years in New Haven and has never seen the scene as vibrant as it is now. "It's an exciting time to be part of the biotech ecosystem in Connecticut and especially in greater New Haven," Stephen said. "It's encouraging to see not only the quantity of the companies that are being created and funded but also the quality. e amount of capital that these companies are raising and the valuations at which they're raising them are really remarkable." New Haven's biotech scene has reached the point that talented people are more willing to move to the city, confident they have job prospects beyond the few major players, Stephen said. "ere's now a stickiness to the human capital," he said. "When you recruit specialized talent, it's a risk," said Chris McLeod, managing partner at Elm Street Ventures. "ey feel less concerned if there are other opportunities right in the area." McLeod joined Elm Street aer a career in startups including a top role at CuraGen, the genomics pioneer founded by serial entrepreneur Jonathan Rothberg. He sees New Haven as close to breaking through to the next level with its biopharma industry. "e one thing that we really need is to get that critical momentum or crucial mass and I think we're right on the verge of that," McLeod said. Future beyond biopharma Elm Street Ventures and other startup capital providers like Connecticut Innovations are increasingly looking beyond biopharma for future local innovators. One frontier is "green chemistry," the eco-conscious field pioneered by Yale scientist Paul Anastas. Green chemistry innovator Neil Burns was giving a talk at a conference in 2011 when Elm Street Venture's Bettigole approached him about coming up to New Haven to meet Anastas. ESV went on to capitalize their collaboration. Now Burns is CEO of P2 Science, a breakthrough green chemistry firm with sites in Woodbridge and Naugatuck. Burns said he was drawn by not only the talent in New Haven, but the infrastructure that supports emerging companies. For example, P2 Science oen uses the technology at the Yale Instrument Center, which provides chemical analysis services at a reasonable cost. But Elm Street Ventures provided the critical spark that ignited P2 Science, Burns said. "Rob [Bettigole] was there at the beginning and has been a good supporter and mentor of the company as a whole," Burns said. "at's really the key role of an investor that comes in at an early stage, to add value through advice and contacts and networks as well as the money. Rob and Elm Street Ventures have been critical in that regard." n • Accelerated Orthopedic Technologies • Affomix • Ancera • Artizan Biosciences • Arvinas • AxioMx • CellFE • Device42 • EvolveImmune Therapeutics • Halda Therapeutics • Kolltan Pharmaceuticals • Metagenomix • Osmol Therapeutics • Retail Optimization Inc. • Samara • Saphlux • Stradefy Biosciences Elm Street Ventures is an investor or has invested in the following Greater New Haven companies. Elm Street Ventures' New Haven bioscience portfolio Jeffrey C. Solomon J. Dormer Stephen Neil Burns

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