Lunch and Learn

reSET Overview

reSET is building an IMPACT ECOSYSTEM in

Connecticut’s capital city.

We have built NATIONAL ECOSYSTEM

programming to leverage UNTAPPED

RESOURCES in an underserved region.

We’re building a replicable model for SOCIAL &

ECONOMIC IMPACT.

Our mission is to ADVANCE the social enterprise sector.

What is “Social Entrepreneurship?”

Social Entrepreneurs are:

• In business for profit, but profits are not the

sole end goal.

• People who use the power of business to

create a positive social or environmental

impact in their communities.

Flavors of Social Enterprise

Three primary ways to contribute:

• Profit sharing (Newman’s Own, The Walker Group)

• Operations (Ten Thousand Villages, Firebox Restaurant)

• Products (TOMS Shoes, Trifecta Ecosystems (formerly known as FreshFarm Aquaponics)

But…

• Lack of general entrepreneurial activity in region

• Necessity of engagement of key stake holders

• Shifting the “Still Revolutionary” outlook to thinking outside of the box

reSET Program Overview

Accelerator - A 4-month program for early stage start-ups

Mentor Network - Statewide network of pro-bono business experts

Internship Program - Connecting university students with start-ups

Coworking - Collaborative office and meeting space

200+ Jobs $5.5M in Investment $4.4M in Revenue

100+ Mentors 30+ Industries 59% Engagement

21 Students 26 Companies 3,500+ Hours

30 Coworkers 100+ Members 11% of Revenue

Downtown Office (2013 – 2015)

Move to Parkville Office (2015)

Community Development

• Managing the reSET Business Factory

• Selling and coordinating membership

• Managing reSET’s relationships with members

• Developing strategic relationships with members and

organizations in the community

• Working with entrepreneurs and businesses seeking

support and resources

• Planning, organizing and running events

Policy

• Spearheaded the passage of Benefit Corporation

Legislation in 2014

• Build and maintain relationships with policymakers

and influencers

• Advocate for policy that supports all entrepreneurs

• Build thought leadership around enterprise through

research, reports, collaborations

• Advocate for access to capital for entrepreneurs

Key Activity Metrics

Key Indicators 2013 2014 2015 2016 Total

# of entrepreneurs served* No duplicates across years

62 76 296 325 678

# of hours of mentoring provided 47.0 137.0 341.5 493.0 1,018.5

# of entrepreneurial events 39 78 113 61 291

# of community partners (framing around

increasing visibility, providing more resources)

63 15 22 36 136

# of members & coworkers at reSET* Net; Accumulative

4 9 108 141 141

reSET SUCCESSES

Luc Dang, Founder

2017 Accelerator

Phood is a food technology app that

helps foodservice professionals

tackle the ubiquitous food

waste problem and save 1-4% of

food costs.

Piloted app at UConn, which saved

$30,000 in food costs in one

semester.

Erica White, Founder & CEO

2016 Accelerator

RepVisits connects high schools

with college admission reps to

facilitate booking college rep

appointments. With 11,000 users 8

months post-Accelerator, edtech

firm Hobsons acquired RepVisits

and employs White to run the firm.

Rene Rodriguez, CEO

2016 Accelerator

The AmRide app links consumers to

a vetted driver for their own car.

Now active in 9 states, AmRide

employs 5 people full-time and 100

drivers.

reSET Vision

Establish

Resource

Linkages

Attract

Critical

Mass

Support

Growth

Of Hub

❏ Deepen

relationship equity

in each pillar

❏ Establish

actionable

relationships with

key providers

❏ Develop efficient

systems to

connect people

and resources

❏ Attract talent:

students,

entrepreneurs and

innovators

❏ Offer structured

and unstructured

support to start-up

community

❏ Support start-ups

to navigate local

hurdles

❏ Advocate for

entrepreneurial

needs through key

resource

acquisition

❏ Curate ecosystem

linkages

❏ Champion

successes through

PR and publicity

❏ Attract more talent

What’s Next?

• Results of studies done on the region

• Public-private partnerships

• Connecticut – Still Revolutionary? Thinking outside of the box

Theme One: Need for

an Integrated Community

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The issue in Hartford is access to support resources including networking, business support resources and access to funders. While these resources are available, there is strong evidence that entrepreneurs have difficulty navigating existing programs to identify the most appropriate ones to suit their needs.

INTERVIEW PERSPECTIVES

• Entrepreneurs need a single place to go for assistance”

• “We need help facilitating connections, people can’t

find each other”

• Efforts are disparate. There is “nothing cohesive

about the entrepreneurial efforts”

• Absence of a convener or networking institution for

those who don’t have the relationships when they are

starting up a significant barrier

Theme 2: Entrepreneurial

Culture & Perception

While the Hartford area has limited entrepreneurial assets and successes, those that exist are not being leveraged to improve the region’s self-perception and external view of its entrepreneurial capabilities. Addressing this is crucial, as it impacts a number of economic development issues such as brain-drain, talent attraction, and community vibrancy.

INTERVIEW PERSPECTIVES

• “Want entrepreneurship to be socially acceptable in the future”

• “Need more entrepreneurial events and activities”

• “We need to have reasons for people who work in

Hartford to gather and feel vibrancy downtown after

work”

• “[People have become] very comfortable working in

the big companies. They pay well and people become

risk adverse compared to other sections of the

country”

• “General sense of low community self-esteem”

Theme 3: Access to Funding

Readily identifiable, time-sensitive sources of funding to support businesses at all phases of commercialization

INTERVIEW PERSPECTIVES

• “No way to know where the angel funds are located”

• “Sometimes people need only $10k to get started, but it

isn’t available”

• “You have to be well connected to get support

and if you are, there are millions. If you are not

well connected, you can’t get money even if you

are deserving”

• “Funding is turning into a game show – we need easily

accessible, merit-based, consideration of good ideas”

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The ability to connect to resources that provide funding across the phases of business commercialization.

Theme 4: Access to

Technical Expertise & Assistance

Community of experienced entrepreneurs and business owners to help newer entrepreneurs grow their companies

INTERVIEW PERSPECTIVES

• “Other than financing, mentorship is what’s needed”

• “When entrepreneurs in Silicon Valley have exits, they reach back to help other entrepreneurs in the community. It doesn't happen here”

• ”We need to better engage corporate leaders”

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The ability to access a community of individuals who can provide assistance in a specific area is considered a limitation for the region.

Theme 6: Diversity Inclusion

Intentional effort to engage minority and female populations in all facets of the entrepreneurial ecosystem

“I can’t think of any organizations that specifically target minorities or women for business assistance”

“Women, home-based businesses, and minority groups are left out of the conversation”

None of the people that get invited to participate in these conversations live in the city of Hartford

18

Throughout the interviews and discussions, minority, student and female inclusion in the entrepreneurial and business community was considered a major opportunity for the region.

Theme 7: Government

Policy & Process

Government infrastructure is seen as a hindrance to the entrepreneurial ecosystem

INTERVIEW PERSPECTIVES

• “It’s very complicated as an outsider to deal with the State”

• “State has funding but it takes 8 months to complete the application process”

• ”In the future we would like to see a tax structure that supports business growth and lower costs associated with starting a business”

• “It's all politics and people who care lack the freedom to make changes“

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Generally speaking, the government infrastructure is seen as a hindrance to the entrepreneurial ecosystem; specifically, the tax structure seems overly burdensome and government programs are heavily encumbered.

Our Methodology reSET continues to build an impact ecosystem in Hartford

through public-private partnerships

Ways to Help

• Mentoring – use your expertise to help startups.

• Connections to corporate partners – introduce us to potential

strategic partners; them know who we are and what we’re doing

for the community.

• Member support – $30 monthly membership provides ongoing

fiscal support.

• Startup recruitment – know a startup? Make sure they know

about us.

• Connections to investment community – angel investors, VC,

impact investors…

• Donations – Support operations, programs, or startup grants,

loans, and prizes.

Questions?

Contact:

Ojala Naeem, Managing Director

Onaeem@reSETco.org860.560.9120 x701