Business Panel Discusses ‘Social Entrepreneurship’
By ANERI PATTANI, apattani@courant.com4:53 p.m. EDT, July 25, 2014
HARTFORD — As recipients of a $12,000 Entrepreneur Innovation Award from CTNext, Spencer Curry and Kieran Foran have been recognized for their potential as innovators.
Yet they still consider themselves new to the world of business startups, saying they need more resources to help grow their business.
Curry and Foran co-founded F.R.E.S.H. Farm Aquaponics in South Glastonbury in November 2012. The farm specializes in aquaponically grown produce, in other words, growing plants and fish in the same ecosystem.
They attend a panel discussion on social entrepreneurship Friday featuring Sens. Richard Blumenthal and Chris Murphy and several business leaders. Afterward, Curry and Foran expressed a desire for more guidance to expand their venture, a common theme among many of the young entrepreneurs attending the panel,
Held at the 99 Pratt St. coworking space of reSET, a nonprofit organization that aims to promote social enterprises, the discussion drew an audience of nearly 90 social entrepreneurs and heads of startup businesses from Greater Hartford; reSET defines social enterprise as those businesses that are structured to solve social or environmental problems.
Revell Horsey, executive director of reSET, acknowledged Curry and Foran’s concerns. The greatest barrier to success is often “not knowing what you don’t know,” he said. He stressed the importance of connecting entrepreneurs with resources and experts to guide them.
Garrett Kenny, president of Founders Pomade, a company that donates 50 cents to a local charity for every jar of hair product it sells, emphasized the need for fledgling enterprises to have access to financial and legal contacts.
“As a small business, we don’t have the money to pay high legal fees. How do we find answers to our questions when our budget is limited?” Kenny said.
John Shemo, vice president and director of MetroHartford Alliance, mentioned a portal the organization will be building to do just that. The portal will consist of a physical space and an online component, both aimed at helping startup business owners make contacts with mentors, legal and financial consultants and other entrepreneurs.
Claire Leonardi, CEO of Connecticut Innovations, the state’s quasi-public technology investment arm, also suggested visiting an entrepreneur in residence, such as Eric Knight, who works at reSET through CI funding. Knight, a leading inventor in Connecticut, provides free consultations once a week to aspiring entrepreneurs.
Another issue that resonated with many of the young entrepreneurs in the audience was that of student debt. Blumenthal named college affordability as a key issue in encouraging entrepreneurship.
Horsey agreed, saying, “Many students can’t take the deep dive with entrepreneurship because of their debt.” It’s very difficult to be a full-time entrepreneur and pay back loans, he added.
As part of the panel, Murphy talked about a bill he introduced in June aimed at helping startup companies. The Helping Angels Lead Our Startups (HALOS) Act is meant to lift certain restrictions imposed on people who invest in startup companies, often called angel investors. If passed, it would lessen the paperwork required for investors to gain accreditation.
Murphy is hopeful the bill will pass by the end of the year.
