Hartford Business Journal

16 Hartford Business Journal • May 14, 2018 • www.HartfordBusiness.com By John Stearns jstearns@HartfordBusiness.com R eSET — a staple of the Hartford coworking and business mentoring and ac- celerator scene for entrepre- neurs since it first opened a physical space in 2013 — has had to share the entrepreneurial startup stage since the larger Upward Hartford opened downtown in mid-2017 with a high-profile location and investors. But even though they play in the same sandbox of attracting and help- ing grow innovative startups, the two organizations espouse cooperation over competition for the greater good of trying to build Hartford's confi- dence and reputation as a fledgling hotbed of startup activity. In fact, reSET held its holiday party in December with Upward Hartford's, aiming to connect entrepreneurs and exploit each group's contacts as much as possible. "We're also promoting their events and vice-versa, making sure we're there to support (them) in whatever way we can," said Ojala Naeem, managing director of reSET, coming off its latest Venture Showcase May 10 highlighting the top eight startups that emerged from its 2018 Impact Accelerator program. The top three, chosen by judges, won investments after pitching their business models to an audience of founders, investors, and community and corporate stakeholders. "At the end of the day, we want this (entrepreneurial) ecosystem to be better," Naeem said. "We want Upward Hartford to succeed because if Upward Hart- ford doesn't succeed, it's going to set the entrepreneurial ecosystem behind. Same thing with us, if reSET weren't to succeed, it would set the entrepreneurial ecosystem behind for Upward Hartford." Upward Hartford's New York-based founder and CEO, Shana Schlossberg, said the two definitely are not com- petitors. "We're very good friends with Ojala," Schlossberg said, noting that a company in Upward Hartford's coworking space from Israel was in reSET's accelera- tor program earlier this year. She also introduced a reSET company needing insurance contacts to those people at Upward Hartford. "So there is a lot of collaboration and I believe there will be more," she said. The two also are working to address what Schlossberg called Hartford "pain points," the need to strengthen and grow the angel investor network to keep promising startups from seeking money in markets like Boston or New York and relocat- ing there instead. "If the small companies do not get proper fund- ing, then most of them will die or they will leave," she said, noting she and Naeem have discussed the need to "pitch portfo- lios" to investors and broadcast that there's not one good company in Hartford to invest in, but many be- tween respective accelerators. Also, investors' money can stretch further here than in Boston or New York, she said. Dual missions The nonprofit reSET, whose roots were planted in 2007 by Kate Emery of The Walker Group when she transi- tioned her Farmington company into a social enterprise, emerged later as a social enterprise incubator to help impact-driven businesses, launching business-development programs in its first space on Pratt Street downtown in 2013. It has since moved to the Parkville neighborhood and widened its net to include all startups, many of which also have a public ben- efit component. "When we got started, our goal was to really cre- ate more social- enterprise activ- ity," Naeem said. "That being said, we also recognize that Connecti- cut as a whole is really behind the curve when it comes to entre- preneurship." While social en- terprise remains in reSET's DNA, "We said, 'OK, in order to build a strong and effective social enterprise ecosystem, we need to have a strong and effective entrepreneurial ecosystem to begin with,' " Naeem said. Whether one's a social entrepreneur or not, "Your needs from a business perspective are all the same," she said, adding there's no impact without profit. Coworking is a small share of reSET's Growing Startups Entrepreneurship hubs reSET and Upward Hartford collaborate to grow city's startup, innovation scene Ojala Naeem, managing director of reSET in Hartford's Parkville neighborhood, said the organization's programs and services appeal to a wide audience. "When we got started, our goal was to really create more social- enterprise activity. That being said, we also recognize that Connecticut as a whole is really behind the curve when it comes to entrepreneurship." Ojala Naeem , Managing Director, reSET HBJ PHOTO | JOHN STEARNS

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