Worcester Business Journal

September 14, 2015

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www.wbjournal.com September 14, 2015 • Worcester Business Journal 13 >> B A N K I N G & F I N A N C E Agency: Davis Advertising Client: SpencerBANK W.S.# SPB27283R File Name: SPB27283R_WBJ_CL_ad Program: indd Media: WBJ Size: 4.3" x 6" Color: BW Date: Monday 9/14/15 SPENCER • LEICESTER • RUTLAND WARREN • WORCESTER 800-547-2885 spencerbankonline.com Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF). Member FDIC Equal Housing Lender Imagine… a bank that works for your business. SpencerBANK's Commercial Lending Team (l to r): Tom Moschos, VP/Commercial Lending; Kyle Bourque, VP/Commercial Lending; Steve Quink, VP/Commercial Lending; Randy Webber, EVP/Chief Lending Officer; Mike Quink, SVP/Commercial Division Manager; and Tim Gardell, Commercial Lending Officer. At SpencerBANK, we know the importance of supporting businesses in the community. It's why we have the money to lend and a team of experienced and dedicated professionals - right here in your community - to help your business succeed. Call us today at 800-547-2885 to speak with a local decision maker who can help your business grow, no matter your financial needs. *awarded by the U.S. Small Business Administration (SBA) for the third quarter of fiscal year 2015 Small Business Lender of the Quarter * "MIND YOUR BUSINESS" ...Or let SFCU do it for you! Commercial services for your business. Call us today! Contact Bill Gaudette 508-925-2937 bgaudette@shrewsburycu.com 489 Boston Turnpike • Shrewsbury, MA shrewsburycu.com Peake said Long River focuses on health care and information technol- ogy companies throughout the North- east. Although there has been some investment in Central Massachusetts and "lots of interesting things happen- ing" in this region, he said, "there tends to be a real gravitational pull" among venture capitalists to the Boston area. While local startups may have access to venture and angel funding in Greater Boston, Joe Vignaly, chairman of The Venture Forum in Worcester and a member of Boynton Angels, said having more groups focus on the region would elevate the local startup ecosystem. In Boston and Cambridge, startups have access to a host of venture- funding events, which they can attend just to learn about the pitching process, before they're ready to pitch themselves. And unlike others, Vignaly believes some Boston-area investors would rather invest in companies located within their immediate circle. He said he could think of a few Worcester startups that moved to Boston at the behest of their investors. "These companies didn't feel they could say 'No,'" said Vignaly, who declined to name the companies. If startups with good ideas flee to Boston, then more venture funding resources will almost certainly not increase their focus on the region, Vignaly said. That's why he and others at The Venture Forum are pushing for the city or local businesses to help fund an incubator for startups, to create a higher concentration of local companies. "When you have a thriving community of entrepreneurs, then you'll get some venture capital groups setting up shop too," Vignaly said. n 1 San Francisco 876 $15.74 billion 2 San Jose, Calif. 417 $6.88 billion 3 Boston (incl. parts of N.H.) 371 $4.44 billion 4 New York 395 $4.22 billion 5 Los Angeles-Long Beach, Calif. 171 $2.05 billion 6 Seattle-Bellevue-Everett, Wash. 108 $1.2 billion 7 Oakland, Calif. 97 $1.19 billion 8 Chicago 94 $1.06 billion 9 Washington, D.C. area 121 $857.2 million 10 San Diego 99 $805.1 million Other New England locales 23 New Haven-Meriden, Conn. 27 $318 million 30 Lowell, Mass. (incl. parts of N.H.) 13 $140 million 34 Providence, R.I. (incl. Fall River, Warwick, R.I.) 15 $124 million 44 Danbury, Conn. 2 $88 million 45 Stamford-Norwalk, Conn. 14 $80 million 48 Worcester (incl. parts of Conn.) 6 $59 million 53 Nashua, N.H. 2 $51 million 66 Portsmouth, Rochester, N.H. 3 $29 million 68 Hartford, Conn. 8 $26 million 69 Manchester, N.H. 3 $25 million 70 Brockton 2 $25 million 75 Portland, Maine 6 $17 million 84 Burlington, Vt. 8 $14 million 98 Springfield 1 $11 million 116 Lawrence 1 $5 million 121 Bridgeport, Conn. 2 $4 million 150 Bangor, Maine 1 $0.6 million 154 Barnstable, Yarmouth 2 $0.3 million Where the deals were The top 10 areas of the U.S. that received venture capital funding in 2014, and what ventures in other parts of New England received. Worcester ranked 48th nationwide. Source: National Venture Capital Assoc. Number of Total venture deals capital invested

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