Hartford Business Journal

www.HartfordBusiness.com October 31, 2016 • Hartford Business Journal 3 Entrepreneurs see ROI in pitch-challenge effort By Matt Pilon mpilon@HartfordBusiness.com B ritish entrepreneur Jonathan May has largely avoided investment pitch com- petitions, because he said they often aren't worth the time spent that could be put into recruiting more customers for his five- year-old software company. But May, CEO of London-based Hubbub, which makes fundraising software for uni- versities and nonprofits, made an exception for Connecticut Innovations' $5 million Ven- tureClash competition, which recently took place at Yale University. The chance of winning up to a $1.5 million prize was appealing, but it wasn't the only thing that drew May and the other 10 finalist companies to the pitch competition. Time spent honing business plans and meeting and making connections with ven- ture capitalists and other Connecticut cor- porate players proved just as valuable, said May, who recently established a handful of U.S. customers and wants to grow his foot- hold here. Connecticut, located in a North- east higher-education market many times the size of what May's used to back home, could be an ideal location. "I think everyone who came here gained at least two customers," said May, whose company took second place and came away with a $1 million equity investment from Con- necticut Innovations (CI). "They should do this competition every year." The contest was part of a new focus for CI to bring promising international companies to Connecticut. It resulted in deal offers to a half-dozen businesses hailing from six differ- ent countries. CI regularly bets on startups — including $31 million invested last year — but the con- test allowed it to generate greater publicity and grow relationships with several major Connecticut companies, including Webster Bank, The Hartford, Synchrony Financial and Aetna, which all sent high-ranking execs to panel discussions on financial and healthcare technology during the daylong event. VentureClash also launched at a time when CI is operating with a leaner staff. "It was a smart way to invest five [million]," CI CEO Matt McCooe said. "Everyone loves to win. I think it creates a lot more interest." Gov. Dannel P. Malloy dropped in during the Oct. 20 finals to give a brief speech. He said VentureClash is a way to highlight the array of financial incentives the state offers to entrepreneurs and companies. "I think it's a great way for us to showcase Connecticut, and to quite frankly get a mes- sage out that I think has been hard to get out," Malloy told the audience. He said that under his administration the state has invested in more than 2,000 com- panies, approximately 10 times the number before he took office in 2011. Value beyond money May's comments about the the ancillary benefits of VentureClash weren't unique. As he waited on the competition's results, Continued Cybersecurity is hard. Defend Forward is easy. One monthly subscription puts the technology, training and expertise in place to defend your company's information, reputation, and future. Your Allies Against Crippling Cyber Attacks www.kelsercorp.com/DefendForward www.kelsercorp.com 111 Roberts St, Suite D East Hartford, CT 06108 860 610 2200 VentureClash Winners 1st Place ($1.5 million): Dream Payments, Toronto, Canada 2nd Place ($1 million): Hubbub, London, England Runners up ($500,000 each): • AMP Credit Technologies, Hong Kong • Streamdata.io, Meylan, France • BondIT, Herzliya, Israel • LindaCare, Leuven, Belgium (Left) Jonathan May, CEO of London-based Hubbub, pitches his company to the judges (bottom, right) at CI's VentureClash contest. (Right) CI CEO Matt McCooe is shown talking above a slide from Hubbub's presentation to investors. H B J P H O T O S | M A T T P I L O N

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