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20 n e w h a v e n B I Z | N o v e m b e r 2 0 2 1 | n e w h a v e n b i z . c o m F O C U S : B a n k i n g & F i n a n c e Keep up with the top Connecticut business news delivered to your inbox daily! Start your day with curated business news from across the state << SIGN UP TODAY >> GO TO HARTFORDBUSINESS.COM/ENEWSLETTERS New Haven Bank is a proud part of the New Haven community. Every day we dedicate our resources, knowledge, and services to help our customers and our neighbors meet their goals. Find out how we can move you toward success. 203.285.6490 | newhavenbank.com SUCCESS takes a village Continued from previous page [early-stage] clients." And business-related issues — according to CBInsights survey data — are among the top reasons startups fail, including lack of new capital (38%), flawed business model (19%) and regulatory and legal challenges (18%). Julie Gionfriddo, FML's director of advisory services, says Connecticut's expanding startup market and venture capital trends have created a robust opportunity for advisory services. In 2019, Connecticut ranked among the top five states in the coun- try for year-over-year venture capital growth, according to the National Venture Capital Association. In 2020 Connecticut ranked 16th overall in venture investment with more than $1.2 billion invested, second only to Massachusetts among New England states. Gionfriddo, who's worked in health care, medical device and life sciences for more than 20 years and typically works with her startup clients for six to nine months, says one of the most important roles she plays is connecting startups to people with the right appetite for the market a company is in and identifying the best path forward, even when it means turning away much-needed capital. "It's about finding the right balance and the right terms," Gionfriddo said. "A company may not want to take on too much capital or give up too much equity control of their company." Wenchell, of RevMedica, says one of the main benefits of working with Gionfriddo was developing a venture capital mentality. "My business partner and I are both technologists and engineers, but we [needed to learn] what makes a venture capitalist tick, how do they communicate and how do they like to be communicated to," Wenchell said. "It's really making sure we [as a startup] check all the boxes." And his startup, he says, is making timely progress. RevMedica, which relied on tax credits, $250,000 in seed funding and Paycheck Protection Program funding during COVID, has lined up $3 million in additional capital with a goal of raising $6 million to further develop its product and move toward Food and Drug Administration approval. Gionfriddo said she remains bullish on the opportunity for more startups from both UConn and Yale. "Connecticut has a very strong talent pool and a lot of momentum as people look to build businesses here," she said. n

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