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24 n e w h a v e n B I Z | J u l y 2 0 2 2 | n e w h a v e n b i z . c o m GAIN AN EDGE IN TODAY'S JOB MARKET EARN YOUR MASTER OF SCIENCE IN ACCOUNTING In one year, you'll gain the knowledge and skills to advance your career in accounting. Choose from two in-demand concentrations––forensic accounting or business analysis & reporting––to set yourself apart in the high-powered field of accounting. Sacred Heart's hybrid format allows you the flexibility of online courses with monthly Saturday seminars in-person. All courses are designed to help you pass the four parts of the CPA exam. www.sacredheart.edu/msa F O C U S : A c c o u n t i n g ent among panelists. "We expect to see a lot of consolidation," said Annie Lamont, co-founder and managing partner of Oak HC/FT, a Stamford-based venture and equity investment firm. Lamont, who focuses on investing in health care and fintech, said she also envisioned "companies that are platforms buying other companies that are really products, not platforms." e downturn will affect all sectors, Lamont added, lowering valuations to more realistic levels and forcing CEOs to run their companies with more discipline. What won't change is the need for major capital investment in life sciences to keep innovation flowing. "Money is the lifeblood of entrepreneurship," Lamont said. Focus on fundamentals e recent upheaval in the markets has put a damper on venture capital and other financing activity, but the region's fundamentals are still strong, said Frank Milone, of accounting and consulting firm FML. In addition to offices in Enfield and Glastonbury, FML also staffs an office in New Haven's District technology and coworking campus as direct outreach to emerging companies, many seeking additional capital. With valuations sliding, VCs are recalculating their potential stakes in companies and the timeline on their returns. "It's evolving pretty quickly," Milone said. "I think you'll see more focus on more fundamentally sound companies. It's not going to stop, it's just going to be different." More marginal startups face the biggest challenges, according to Milone. "When the going is good, when the markets are really hot and there's a lot of money flowing in from the venture side into these companies, they have a lot more ability to take more chances," he said. Even though IPOs and SPACs have drawn the most attention in recent years, much of the activity around Connecticut's startups continues to revolve around mergers and acquisitions, Milone said. ose deals are continuing, most recently Pfizer's $11.6 billion purchase of New Haven migraine drugmaker Biohaven in May. Milone's advice to emerging companies is to sharpen up their management team and marketing to investors: "How is your technology different? What does it do? How does it create value? at message needs to be pretty crystal clear." AdvanceCT CEO Peter Denious draws on his background in private equity and venture capital to put the current uncertainty into perspective. "I think it's somewhat inevitable that there's going to be impact — not as many companies get funded, not as big rounds, more pressure on valuations. But you know, it just all has to work its way through the system," Denious said. His team at AdvanceCT, the state's nonprofit business-recruitment arm, remains confident that New Haven's bioscience cluster will continue to flourish in the near term and has eight to 10 life science deals in the works, Denious said. In addition, state companies based on blockchain and other digital technology could be poised for growth. "ere's just a lot to be excited about," Denious said, referring to innovations coming out of Yale and UConn. "e question is, how do we advance to organize ourselves to be thoughtful about going out and trying to capitalize on that?" Denious also pointed to a recent report that ranked New Haven in the top 20 nationwide for life sciences workforce base. CBRE Group singled out New Haven's highly educated talent and concentration of life sciences researchers as among its major assets. "We're bullish, obviously, on the opportunity for life sciences, and Connecticut and New Haven in particular," Denious said. "We're going to go right on working to continue to find companies that might be interested in coming here or expanding here." n Continued from page 23 PHOTO | GARY LEWIS Peter Denious is the CEO of AdvanceCT, the state's nonprofit business- recruitment arm.

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