First Niagara Transitions to KeyBank This Weekend

For customers of the soon-to-be-history First Niagara Bank, this will be a holiday weekend of banking transition, as KeyBank becomes the new name on the door on Tuesday morning after a host of changes inside. First Niagara branches, converting to KeyBank, will close at 3 p.m. Oct. 7 and reopen for business the morning of Oct. 11, the day after Columbus Day. The company promises a smooth transition, and has been providing customers of the bank’s more than 60 branches in Connecticut with step by-step previews of what to expect. The changes represent the completion of the $4.1 billion KeyCorp purchase of First Niagara.

“As KeyBank and First Niagara come together you can continue to bank as you currently do, using your same account number, checks, debit card, ATM card, credit card, telephone banking, online access and branches,” the company website points out.

First Niagara has 65 branches in Connecticut that will be transitioned to KeyBank branches. There were no existing KeyBank branches in the state prior to the merger, so there was no overlap that required branch closings, as is often the case with bank mergers.

Headquartered in Cleveland, KeyBank’s footprint includes 15 states via a network of more than 1,200 branches and more than 1,500 KeyBank ATMs. The company’s roots trace back 190 years to Albany, New York. Since then, KeyCorp has grown into one of the nation's largest bank-based financial services companies, among the top 15, with assets of approximately $135 billion, according to the company.

In recent months, First Niagara did consolidate five Connecticut branches (Woodstock, Dayville, Hamden, East Haven and Madison), and all of the employees who worked at those branches were offered positions within the bank, officials indicated, and no layoffs were associated with that consolidation.

"By asset size, this is the largest bank merger since the financial crisis,” Beth E. Mooney, Key’s chairwoman and CEO, told the Buffalo News last month, during a visit to Key’s Northeast regional headquarters in Buffalo, which had been First Niagara’s corporate headquarters.

“So there is a significance and an importance for us to do it well that’s critical for our communities, our clients, our employees and our shareholders. But from an industry perspective, this is actually one that there’s a fair amount of eyes on us, as well.”

The conversion of First Niagara accounts and services to KeyBank will begin at with a 3 p.m. close of business on Friday, October 7.  Due to Online Banking updates, customer balances that appears online on Thursday, October 6 at 11:59 p.m. will not change until Saturday, October 8, at 6 a.m., so any purchases or deposits made during that time will not be reflected on online balances until Saturday. Customers can continue to use current First Niagara ATM/debit card, account numbers and PINs will not change.

The acquisition of First Niagara by Keycorp was announced on Oct. 30, 2015, and includes the addition of approximately 300 First Niagara branches in New York, Pennsylvania, Connecticut and Massachusetts.  First Niagara had entered the Connecticut market in 2011 with the purchase of New Alliance Bank.

Global Health and Innovation Conference, World's Largest, in New Haven in April

The Innovation Prize is a $10,000 and a $5,000 cash prize that is awarded to the two best social impact pitches that are presented at the 2017 Global Health & Innovation Conference, to be held in New Haven at Yale University on April 22-23, 2017. The Global Health & Innovation Conference (#GHIC) is the world's leading and largest global health conference as well as the largest social entrepreneurship conference, with 2,200 professionals and students from all 50 states and more than 55 countries, according to conference organizers.

The conference was developed by Unite for Site, a 501(c)(3) nonprofit global health delivery organization that is free of commercial interests and committed to promoting high-quality health care for all. GHIC 2017 will be Unite For Sight's 14th annual conference, having grown from a conference of about 100 participants in its first year.

Unite For Sight, headquartered on Church Street in New Haven, supports eye clinics worldwide by investing human and financial resources in their social ventures to eliminate patient barriers to eye care. Unite For Sight applies best practices in eye care, public health, volunteerism, and social entrepreneurship to achieve our goal of high-quality eye care for all. The programs are locally led and managed by ophthalmologists at Unite For Sight's partner eye clinics.

Unite For Sight's international eye care services with partner local eye clinics are provided year-round and are comprehensive, including examinations by local eye doctors, diagnosis and care for treatable conditions, education, and preventative care. The organization’s website indicates that Unite For Sight has provided eye care services to more than 2.1 million people worldwide, including more than 93,166 sight-restoring surgeries.

The conference is expected to include 300 speakers, including keynote addresses from:

• Vanessa Kerry, Founder and CEO, Seed Global Health
• Jeffrey Sachs, PhD, Director of Earth Institute, Columbia University; Quetelet Professor of Sustainable Development, Professor of Health Policy and Management, Columbia University; Special Advisor to Secretary-General of the United Nations Ban Ki-moon
• Sonia Sachs, Director, Health Sector, Earth Institute, Columbia University; Health Coordinator, Millennium Village Project
• Leana Wen, Baltimore City Health Commissioner

Unite for Sight was founded in 2000 by Jennifer Staple-Clark, then a sophomore at Yale University, in her dorm room. Unite For Sight is now a leader both in global health education and in providing cost-effective care to the world's poorest people. Staple-Clark, the organization’s Chief Executive Officer, is being honored in November by the Greater New Haven Chamber of Commerce as a Millennial Move Maker.

She is the recipient of the 2011 John F. Kennedy New Frontier Award, presented by the John F. Kennedy Library Foundation and the Institute of Politics at Harvard's Kennedy School of Government to "an individual whose contributions in the realm of community service, advocacy or grassroots activism have elevated the debate or changed the landscape with respect to a public issue or issues." In 2015, Middlebury College's Center for Social Entrepreneurship presented Jennifer with the Vision Award "to recognize leadership and vision in the world of social entrepreneurship."

Topics at the April conference will also include design thinking; education and school-based programs; environment health, energy, food and agriculture; healthcare delivery, university education initiatives; health policy, mental and neurological health; patient-centered initiatives; marketing communications; social entrepreneurship; surgery & global health; technology in global health; and non-communicable diseases.

The conference also includes Social Impact Labs, which provide an opportunity for selected speakers to present their new idea in the format of a 5-minute pitch. All of the presentations are ideas that are being developed, meaning that the ideas are in the brainstorming, early development, or early implementation stage.  Following each presenter’s 5-minute pitch, there is a 15-minute period for discussion and coaching with two expert speakers, questions, answers, and feedback from the audience.

For Innovation Prize at the 2017 GHIC, there are two categories: Early Stage (idea, program, or organization is less than 3 years old, and ideas in the brainstorming stage are also eligible) and Established Stage (program or organization is 3-6 years old). A newer program (0-6 years old) that is within an established (7+ year old) organization qualifies for the Social Impact Lab category as well.

https://youtu.be/Lt818tE5AUc

https://youtu.be/NtTtFAv-uTQ

State Resident Published by National Magazine Concludes "Connecticut's Bad for Business"

The headline in the story posted over the weekend at the National Review website says simply, “Connecticut’s Bad for Business.” The article explains that “the state’s perpetual budget crisis has continued unhindered, with no resolution on the horizon,” and points to “a long list of causes” for the adverse business climate: “burdensome regulations, the second-highest tax burden in the country, restrictive zoning rules, high costs of labor, a lack of meaningful regional cooperation, clogged highways, crowded trains, and overall inadequate public transportation.”

The National Review focus on Connecticut launches into a discussion of “the educational disparities that characterize the school systems” including this spending review:

“New Haven, featuring a perpetually beleaguered and fairly depleted school system, spends $17,200 per student. Fairfield, the wealthy town right next door to Bridgeport, actually spends less — just under $16,000. Waterbury, one of the poorest cities in the state, spends $15,000 per student; West Hartford, regarded by all as some sort of suburban Zion, spends $500 less. Hartford spends $19,400 per student, more than the New York exclaves of New Canaan and Darien and more than the shoreline oases of Madison and Guilford.”

The article suggests that among the factors adversely impacting the quality of education in urban districts is “stunningly dysfunctional boards of education” that feature “bitterly personal partisan acrimony” and “an inability to rise above petty, factionalist squabbling.”  Some examples are outlined.

Education funding, likely to be front and center in the 2017 state legislative session following a sweeping court decision now being appealed by the state, drew this observation:  “Wealthy towns may, on average, spend more per student than poorer towns and cities do, but it’s not a hard-and-fast rule; sometimes poor towns spend more, and sometimes they spend less. In any case, spending can’t explain it all.”

Recent articles by The New York Times and Atlantic are referred to, noting that they also reflected poorly on the state’s current condition.  National Review adds to the journalistic observations of a state filled with seemingly intractable dilemmas, noting that “Connecticut’s tax system is currently so dependent on the incomes of Fairfield County high-earners — as Governor Malloy has often made clear — that even the slightest variations can trigger a budget crisis.”  The article adds, however, that “finance lies somewhere near the bottom of a long list of factors in explaining the current state of Connecticut.”

The article suggests that GE’s departure and Sikorsky’s recent decision to stay in the state both reflect Connecticut’s weakness.

“That Sikorsky probably would have followed GE’s path out of the state without (state subsidies) suggests to me that Connecticut just isn’t a good place for business anymore — unless the state opens the coffers. The lack of middle-class jobs in Connecticut cannot be explained by an overreliance on finance in one of the state’s eight counties; rather, it has far more to do with Connecticut’s long-decaying business climate.”

The article was authored by National Review intern Noah Daponte-Smith, who is also a Yale University student and staff reporter and writer for the Yale Daily News, described as a “student of modern history and politics.”  Smith has also written - last summer - for Forbes, focusing on “British politics in the domestic and European spheres.” He is a graduate of the Hopkins School in New Haven.

Daponte-Smith indicates that Connecticut’s “problem can be solved,” but concludes that “blaming inequalities in education funding or the prominence of finance in Fairfield County’s economy are poor places to start.”

Some Businesses Anticipate More Hiring in CT, But Employers Expectations Lower than Last Quarter, Last Year

Employers in Connecticut expect to hire at an “upbeat pace” during the fourth quarter of 2016, according to the Manpower Employment Outlook Survey, but hiring intentions are weaker than in the previous quarter, and a year ago. Nearly one in five Connecticut employers, 18 percent of the companies interviewed, plan to hire more employees between October and December, while 6 percent expect to reduce their payrolls. Another 73 percent expect to maintain their current workforce levels and 3 percent are not certain of their hiring plans. This yields a Net Employment Outlook of 12 percent, according to Manpower, which produces the quarterly surveys of business hiring plans.

Those numbers are not as strong as in previous surveys, taken  in advance of the third quarter of this year, and prior to the fourth quarter a year ago. Nationwide, the trend is in the opposite direction.  Employers indicate a slight increase in hiring plans for the final three months of 2016.

“Hiring intentions are weaker compared to Q3 2016 when the Net Employment Outlook was 15 percent,” Manpower spokesperson Betty Gooding said about the Connecticut numbers. “The hiring pace is expected to slow down compared to one year ago when the Net Employment Outlook was 16 percent.”

Among metropolitan areas in Connecticut among the top 100 surveyed nationwide, 16 percent of Bridgeport area employers anticipate more hiring in the fourth quarter, compared with 8 percent of Hartford region employers, according to the survey data.

For the coming quarter, job prospects appear best in Transportation & Utilities, Wholesale & Retail Trade, Information, Financial Activities, Professional & Business Services, Education & Health Services, Leisure & Hospitality and Government.  Employers in Durable Goods Manufacturing, Nondurable Goods Manufacturing and Other Services plan to reduce staffing levels, while hiring in Construction is expected to remain unchanged, according to the survey.

Connecticut’s employers’ hiring projections are also slightly lower than the nationwide numbers.  Of the more than 11,000 employers surveyed in the United States, 22 percent expect to add to their workforces, compared with 18 percent in Connecticut, and 6 percent expect a decline in their payrolls during Quarter 4 2016. Sixty-nine percent of employers anticipate making no change to staff levels, and the remaining 3 percent of employers are undecided about their hiring plans.

In the Northeast, 20 percent of employers surveyed anticipate stronger hiring activity in Quarter 4 2016.  Connecticut employers expectations are somewhat lower.

Heading into the fourth quarter, the states with the most optimistic hiring outlook are Hawaii, Tennessee, Utah, Montana, Florida and Arizona.  The most pessimistic are Alaska, New Jersey, Wyoming, Puerto Rico and Indiana.

The Manpower Employment Outlook Survey is conducted quarterly to measure employers’ intentions to increase or decrease the number of employees in their workforces during the next quarter. The Manpower Employment Outlook Survey’s United States results are based on interviews with 11,000 employers located in the 50 states, the District of Columbia and Puerto Rico, which includes the largest 100 Metropolitan Statistical Areas based on number of business establishments.

WTIC License Renewed by FCC Following Nearly 3-Year Odyssey

Concluding a process that dragged on for nearly three years, the Federal Communications Commission (FCC) has renewed the broadcast license of Hartford’s WTIC-AM. The FCC action, confirmed to CT by the Numbers, comes three months after a federal appeals court upheld former Gov. John G. Rowland’s conviction for violating federal campaign laws.  Just days after that ruling, the FCC lifted a years-long enforcement hold on the station’s license renewal, which then allowed the agency to consider the long-pending license renewal.

The station’s broadcast license expired 2 ½ years ago, on April 1, 2014.  In accordance with FCC procedures, the station filed a license renewal application on November 27, 2013.  By September 2014, the FCC’s enforcement division placed the renewal application on “enforcement hold.”  It remained on enforcement hold – which precluded consideration of the application – until June of this year.

The license was renewed  on September 13, 2016 for the customary period of eight years, retroactive to the expiration date of the previous broadcast license in 2014.  It comes at a time when CBS Radio, which owns WTIC-AM, is seeking to sell or spin off its radio holdings. The agency’s renewal of the WTIC-AM broadcast license is scheduled to expire on April 1, 2022.

“We’re pleased with the FCC’s decision to renew the station’s license and look forward to many more years of providing the Hartford community with local news and engaging talk radio,” WTIC-AM 1080 Program Director Jenneen Lee said.

At the time that Rowland was accused of secretly accepting pay as a political consultant, he was also an afternoon radio host on WTIC-AM. His use of the airwaves in order to favor the candidate, Lisa Wilson-Foley, whose spouse was paying Rowland at the time, was raised during his trial.  Rowland recently retained a new legal team and appears to be planning to pursue an appeal this fall at the U.S. Supreme Court.

The station could – and did - continue broadcasting while the FCC held the renewal application. Stations in such a status routinely continue to operate without any interruption until a decision on license renewal is made.  As the agency’s Enforcement Bureau considered “an alleged violation of FCC rules,” the agency’s Media Bureau could not proceed with a decision on whether or not to renew the station’s broadcast license.

FCC officials have indicated that most often enforcement holds are instituted due to a complaint being filed that requires investigation, but they would not confirm whether that was true in this instance.  That information is only made available to the licensee or their attorney, according to an FCC official.  Hartford Attorney Ken Krayeske filed an informal objection on October 1, 2014 to WTIC’s broadcast license renewal, alleging that the station “demonstrated serious malfeasance” and “helped conceal violations of federal law.”  The FCC confirmed the receipt of that objection.

Rowland resigned from his drive-time talk show on WTIC-AM in April 2014.  The station currently airs a locally-originated sports talk program in that time slot.

CBS Radio operates 117 radio stations in 26 U.S. markets, including Hartford’s WTIC-AM, WTIC-FM, WRCH-FM, and WZMX-FM.

Tech Impact Summit to Provide High-Level Focus on Corporate Information Security

Information security experts from the Federal Bureau of Investigation (FBI) and InfraGard will keynote the Tech Impact Summit in Farmington on October 7, coordinated by The Walker Group, one of New England’s leading technology services firms. FBI Special Agent Judy Eide, a 25-year veteran currently assigned to the Bureau’s New Haven Division Computer Crime squad and a coordinator of the Connecticut Chapter of InfraGard, will be one of the speakers.  Also on the program is Mark Ramsey the Chief Information Security Officer for ASSA ABLOY – Americas and President of the Connecticut Chapter of InfraGard. Ramsey also teaches at Fairfield University, and previously held information security positions at Stanley Black & Decker and General Electric.

In addition to the keynote presentations, the event will focus on three top trends in technology: Cybersecurity, Cloud/Hybrid Cloud and Hyperconvergence.

Attendance at Tech Impact is expected to exceed 300 people, which organizers describe as one of the region’s most comprehensive gatherings of technology leadership this year. More than 30 of today’s most innovative technology companies will be represented, including RSA, Splunk, Zerto, Nutanix, Dell, EMC, Microsoft, VMWare, and Aruba Networks. The program includes panel discussions, hands-on exposure to the latest technology and giveaways for participants.

“We want this to be a must-attend event for anyone responsible for strategic technical decisions within their organization,” says Steven Bulmer, Walker’s vice president of professional services.  “Tech Impact is really a self-defining event based upon the intense interest and demand from our clients, especially for information security services.”

The summit is complimentary for information technology professionals responsible for the strategic planning and implementation of all technology-related decisions throughout an organization.

The event will also be used to celebrate a $10,000 Tech Impact Award, given in partnership with Hartford-based reSET, to a social entrepreneur in the technology space that has the potential to make a social or environmental impact.

“Combining the opportunity to learn about cutting-edge trends in technology with a celebration of what technology can do to help make the world a better place is a wonderful way to celebrate our commitment to our social enterprise model,” said Walker’s CEO, Kate Emery.

Tech Impact will run from 9am to 4pm at the Farmington Marriott.

Leadership Greater Hartford Launches New Brand Identity As 40th Anniversary Approaches

Leadership Greater Hartford (LGH), the region's highly regarded go-to source for tackling community challenges through knowledge and cooperation, has unveiled its new logo and visual identity, which reflects the organization’s growth and prominent role in strengthening community leadership connections. Three pillars, “Community. Leadership. Connections,” informed the design of the organization’s new logo and form the backbone and structure of the new website, www.leadershipgh.org. "We are proud of our past and look forward to the future. While our logo is changing, one thing that will never change is our purpose and mission,” said Ted Carroll, President of Leadership Greater Hartford. “It is important that our brand reflect the organization we have become and where we will continue to be headed in the future - making our communities better and stronger.”

The website points out that “more than 600 employers have enriched the development of their staff and become involved with civic progress; 2500+ students from four dozen schools across the region have gained broader perspectives and wider circles of friends; more than 500 seniors gained the opportunity to continue giving back to the communities they’ve seen undergo so much change in their lifetimes.”

As Leadership Greater Hartford has grown and evolved, broadening participation and developing an array of effective programs and initiatives, the organization notes that the business landscape has changed, including in market demographics, competitive environment, and the acceleration of social media.

LGH will celebrate its 40th anniversary on November 15, with their annual Polaris Awards Gala.  As the organization enters its milestone fortieth year, it is “well-prepared and firmly engaged to be a relevant, forward-thinking resource for the community – both the private and public sectors – for the next 40 years,” officials said, as the website highlights that “our program participants have completed more than 200 community impact projects, we have trained and placed more than 450 individuals on more than 125 nonprofit boards, and program graduates volunteer at a rate of 137% higher than that of the rest of the country.”

The web redesign and visual identity was developed by MRW Connected, Inc. “All of us at MRW Connected engaged with Leadership Greater Hartford in the exciting process of re-branding and re-messaging this important organization in their 40th anniversary year,” explained MRW Connected president and founder Tom Willits.

Officials indicated that LGH staff, organization leadership and Board members, program participants as well as the Greater Hartford community, were involved in the process “to better understand their organizational objectives and accomplishments.  In this way we helped Leadership Greater Hartford realize their goals of creating an updated look and responsive, engaging website that truly represents the inspired leadership development work they do and allows the community-at-large easier access to their programs and their network," Willits added.

Leadership Greater Hartford (LGH) is a mission-driven, nonprofit organization that supports and strengthens the local community by training and connecting aspiring and established leaders.  The well-known LGH programs for professionals include Quest, Executive Orientation, Hartford Encounters, Leaders on Board and Summit.  Encore Hartford and Third Age Initiative are aimed at late-career individuals and retirees; Common Ground, Leading Off Campus and Summer Nexus are designed for high school and college students.

For more information about how to be a participant or sponsor, or to inquire about customized training with Leadership Greater Hartford, call 860-951-6161 (x1800), email info@leadershipgh.org visit .leadershipgh.org, or follow LGH on Facebook and Twitter @leadershiphtfd.

“State of Innovation” Specialty License Plate Is Latest to Join List of Choices

Connecticut, with more than 50 special license plates featuring everything from animals to war survivors, now has one more available for purchase by state residents. At the fifth annual Westport Mini Maker Faire earlier this year, it was announced that a new “State of Innovation” license plate was being developed by a non-profit organization, Remarkable STEAM.   The organization has now announced that their design has been approved, and sales of the new plate are underway.

Individuals can transfer an existing plate or obtain a vanity plate.  A portion of the proceeds goes to Remarkable STEAM, Inc, a 501(c)(3) not for profit corporation, best known for the Westport Mini Maker Faire.  Remarkable STEAM initiatives support job creation and educational programs.

State law allows the Department of Motor Vehicles to issue of special background plates on behalf of non-profit organizations. The organization must be non-profit, must submit a copy of the organization's charter or by-laws, provide a letter of good standing from the State of Connecticut Secretary of State’s Office (if required) and supply any Internal Revenue Service ruling on their non-profit tax exemption status.

The logo production and cost incurred will be the responsibility of the organization. The logo prototype design, preferred in PDF format, must be submitted to the DMV. The logo can be no larger than 2 inches wide and 3.5 inches high. DMV has final approval on all the plate and logo designs.

A liaison for the organization must be appointed. This individual will be responsible for all communications with the DMV as well as certifying and authenticating (by signature) each member’s application, submitting the logo design to DMV for approval, submitting 400 applications with the required fee prior to the manufacturing of the special background plates, and submitting a Special Interest Plate disclaimer.

Many organizations in Connecticut offer license plates to their members and the general public.  General categories include animals, colleges, environment, organizations, police and fire, cities and towns, and recreation.

Organization vanity plates include Amistad, Benevolent & Protective Order of the Elks, IUOE Local 478, Grand Lodge of Connecticut, Knights of Columbus, Olympic Spirit, P.T. Barnum Foundation Inc., Preserving Our Past CT Trust for Historic Preservation, Red Sox Foundation, Lions Eye Research Foundation, Special Olympics, Federated Garden Clubs, Fidelco Guide Dog Foundation, Keep Kids Safe, New England Air Museum and the U.S.S. Connecticut Commissioning Committee.

All fees established and collected pursuant to the United We Stand plate (except moneys designated for the administrative costs of the DMV) shall be deposited in the United We Stand commemorative account.  Funds are directed to the United States Department of State Rewards for Justice program and is used solely to apprehend terrorists and bring them to justice. The account will also be distributed to the Secretary of the Office of Policy and Management for the purpose of providing financial support and assistance to the former spouses and dependents of persons killed as a result of the acts of terrorism committed on September 11, 2001.

When individuals purchase a Keep Kids Safe plate, a portion of the fee goes to the Keep Kids Safe Fund, which “makes many worthy projects happen for youngsters.”  The fund awards grants to schools, hospitals, municipalities and other non-profit organizations working to make all Connecticut children safer from severe and preventable injuries, according to the DMV website.

In most cases, remake of a current plate is $70; a new vanity plate is $139, a new series plate is $50.  For others, including the UConn Huskies plate, the price tag is somewhat different.  Off-the-shelf license plates cost $55, remake of a current plate is $75, a new vanity plate costs $144, according to the DMV website.

The Support Our Troops plate sends a portion of the fee to provide funding for programs to assist Connecticut troops, their families and veterans. When you buy a Red Sox plate, a portion of the fees support and help fund academic scholarship programs in Connecticut.

Also included are 17 varieties of military specialty plates, including Disabled American Veteran, Gold Star Family, Iwo Jima Survivor, Korean War Veterans Association, Marine Corps League, Laos Veterans of America, Military Order of the Purple Heart, Pearl Harbor 1941, U.S. Submarine Veteran, National Guard Association of Connecticut, First Company Governor’s Foot Guard, First Company Governor’s Horse Guard,

Colleges with designated plates include Central Connecticut State University, Penn State Alumni, University of Hartford, University of Connecticut, and University of New Haven.  Cities with available plates include Meriden, Norwich, and Stafford.

Organizations interested in launching a new special plate, should contact the DMV Special Plate Unit at (860) 263-5154 for further information.

Financial Capital Remains Hurdle for Women Entrepreneurs

“Data reveal that an increasing number of women are choosing entrepreneurship as a career path, and of those, a growing number of them share aspirations for growth.”  That fact, pointed out in the preface of a new book co-written by a local university professor, is the proverbial tip of the iceberg. According to the U.S. Census Bureau, there are roughly 9.9 million women-owned firms in the United States, representing over a third of all firms in the country—and the ranks of new enterprises with women at the helm are growing rapidly. Between 2007 and 2012, women-owned firms in the U.S. grew by 27 percent compared to a growth rate of 2 percent for firms overall.

“But in spite of their impressive growth in numbers,” writes University of Hartford finance professor Susan Coleman, “the business ventures women are launching today continue to lag behind those launched by men in terms of revenues and employment. So while an increasing number of women can count themselves as entrepreneurs, many appear to be running into barriers, as the vast majority of their businesses remain quite small.”

Coleman, along with Alicia M. Robb, have co-authored The Next Wave: Financing Women’s Growth-Oriented Firms (published by Stanford University Press), which points to “three essential factors that women entrepreneurs need to thrive: knowledge, networks, and investors. In tandem, these three ingredients connect and empower emerging entrepreneurs with those who have succeeded in growing their firms while also realizing the financial and economic returns that come with doing so.”

Robb is Senior Fellow with the Ewing Marion Kauffman Foundation and Visiting Scholar at the University of California, Berkeley and the University of Colorado, Boulder. She previously worked with the Office of Economic Research in the Small Business Administration and the Federal Reserve Board of Governors. Coleman is Professor of Finance and Ansley Chair at the Barney School of Business at the University of Hartford.

Coleman notes that “A crucial pitfall is that women face unique challenges in their attempts to acquire financial capital. Growth-oriented firms typically require substantial investment—both in the form of bank loans and external equity in the form of angel or venture capital funding—to scale up.” Studies reveal, however, that “women entrepreneurs raise significantly smaller amounts of capital than men and face continued barriers in their attempts to secure external equity in particular,” Coleman points out.

In the book’s forward, the authors explain that the motives behind women-run entrepreneurial businesses vary.  “Some of these growth-oriented entrepreneurs are motivated by a desire to pursue an opportunity or an unmet need in the marketplace.  Others are frustrated by the constraints imposed by a ‘glass ceiling’ that prevents them from reaching the most senior ranks of corporations.  Still others are drawn by the financial and economic rewards that can come from leading a firm that achieves scale.”

According to IRS data, women represent over 40 percent of top wealth holders in the United States, yet estimates from the University of New Hampshire’s Center for Venture Research indicate that they represented only 25 percent of angel investors in 2015, Coleman notes.

Optimistic about the future success of women entrepreneurs, Coleman and Robb observe that “Successful women entrepreneurs who are paying it forward in a variety of ways are a driving force” in what they describe as the “next wave.”

“In a virtuous cycle, women entrepreneurs evolve from being the recipients of human, social, and financial capital into becoming the providers of those key resources as their firms grow and create economic value. The more successful women at the helm of businesses that kick off cash, the more women there are to invest in others, and the faster we see the number of women grow in the ranks of larger businesses and investing.”

In addition to appreciation expressed to the Kansas City-based Kauffman Foundation for financial support, the book’s acknowledgements note that the Barney School of Business and the University of Hartford’s Women’s Education and Leadership Fund provided grants that helped support initial research and development of case studies on women entrepreneurs. The authors also expressed appreciation to three University of Hartford graduate assistants – Ece Karhan, Mert Karhan, and Isha Sen – who “played an invaluable role in the book’s development.”

State Arts Office Completing Outreach for Strategic Plan, Adding Staff Position

Connecticut’s Office of the Arts (COA), which operates within the state Department of Economic and Community Development, is concluding a months-long strategic planning process to inform the agency’s next five-year Statewide Cultural Strategy. The Office is also looking to hire a full-time program associate, even as budget cuts and layoffs decimate state agencies from tourism to developmental disabilities. It is just one of nearly three dozen state positions currently being advertised by the state Department of Administrative Services.

The aim of the strategic planning effort is to move perception of the arts from "nice to necessary," according to the agency’s website. “To do this, we've engaged a firm to help guide our discussions and considerations and are utilizing a Design Thinking approach to this process.”

The firm, Austin-based Public City, is a culture-driven public engagement consultancy and studio. Public City works “to create authentic culture-based experiences that allow our clients to deeply connect with their publics.”  The firm’s website cites 25 years of experience “strategizing, designing, commissioning, exhibiting, and partnering with cities, businesses, artists, designers, and curators.”  Connecticut is listed first on the company’s client roster, which includes numerous Texas organizations and others from throughout the country.

COA has used social media, Survey Monkey, and regional charrettes for data collection in Connecticut.  Regional charrettes were conducted in collaboration with regional partners and were “small think tank discussions by invitation which represent a wide sampling of voices.”  Facebook and Twitter sites were used, along with the hashtag #CTArts.

The Office of the Arts develops and strengthens the arts in Connecticut and makes artistic experiences widely available to residents and visitors, according to the agency website. Through its grant programs, COA invests in Connecticut artists and arts organizations and encourages the public’s participation as creators, learners, supporters, and audience members, the site explains.

In addition, the Office of the Arts plays an ongoing convening role and provides an array of training and professional development opportunities, and also collects and disseminates state, regional, and national arts information resources via web communications, directories, publications, data-sharing, one-on-one consultations, and referrals.

The staff position that COA seeks to fill will report to the state’s Director of Culture and work “independently to support the grant-making, researching, and developing activities necessary to implement arts and cultural programs in a wide range of artistic areas.”  Applications for the position – with an anticipated salary range between $62,973 and $81,493 – are due by September 22.

Following data collection and analysis in the strategic planning process, COA anticipates sharing results and engaging in further outreach. The final plan was set to emerge this week, according to the COA website.