Hartford Business Journal

HARTFORDBUSINESS.COM | FEBRUARy 20, 2023 15 and networking opportunities. CI is also working closely with startup accelerators across the state to make diverse populations aware of the fund. Sarah Bodley, exec- utive director of Hart- ford-based reSET, which offers entre- preneurial programs including incubator space, workshops and mentor networks, said the increased focus on serving diverse communities is needed. "Over 80% of Hartford's population is non-white and we [at reSET] want to prioritize working with folks who are already here, and giving them access to opportunities and growth," she said. Since 2013, reSET has helped its startups secure more than $17 million in outside capital, including grants, loans and investments, Bodley said. Tori Brown, founder of Breakfast Belles, a consumer packaged goods company that sells hot sauce and food seasoning, is one of reSET's recent successes. Brown, who is Black, said the increased focus on diversity, equity and inclusion in the state has been helpful, as have the networks — and business planning expertise — that she's accessed through reSET. Through Connecticut's startup resources, Brown said she's received grants, loans and a cash award for top placement at a pitch competition hosted by CTNext, an affiliate of Connecticut Innovations. She said her annual sales are up nearly 20% from last year. Revenue has largely been driven through social media channels and on Amazon, where Brown had an oppor- tunity to participate in the online retail giant's Black business accelerator program. Despite the progress, Brown said, she still needs more capital to grow her business. In time, she would like to manufacture her products herself; currently she outsources her packaging to a production facility in Waterbury. She also wants to expand her product line. Michelle Cote, director of Hart- ford-based Launc[H], which promotes startup activity in Greater Hartford, said that increased resources in the state over the past five years — including funding and accelerator spaces — has led to a steady increase in the number of startup ventures. One of the most valuable aspects of the state's entrepreneurial resources — especially for under- represented groups — is access to networking, she said. "It can be hard for [new] entrepre- neurs to tap into networks of people that they need to be successful," Cote said. "We try to make information accessible for first-time entrepreneurs and surround them with mentors." Those networks can help entrepre- neurs find talent, technical expertise and funding. Tracking funds As CI's new Future Fund gets underway, there is a cautionary note: meeting the criteria to secure venture capital can still be challenging. Amid the hundreds of new business funding requests Connecticut Inno- vations receives annually, less than 10% receive investment, Malloy said. As it sharpens its focus on diversity and representation, Malloy said CI has begun to track applicants' demo- graphic data earlier in the application process across all its funds. "We're always trying to improve ourselves so we can understand more specifically the (proportion) of dollars being invested (in under- represented groups) in comparison to how many applicants we see," Malloy said. "So, if we're investing in 5% to 10% of applicants, hope- fully we'll be investing across all demographics." Sarah Bodley Michelle Cote Kainen, Escalera & McHale is a full-service employer defense law firm committed to providing outstanding representation and personalized legal services to each of our clients. We welcome the opportunity to serve your business. 21 Oak Street, Suite 601, Hartford, CT 860-493-0870 | www.kemlaw.com | Attorney Patrick J. McHale is responsible for the content of this advertisement. Your workplace is our business. SM Source: Kauffman Fellows Research Center

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