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All Roads Start Here
Crossroads celebrates a decade of helping new companies get off the ground
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Business New Haven
4/14/2003
By: Melissa Nicefaro
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With a shaky economy and war jitters on many if not most minds, the business world continues to percolate. That's how the view looks according to Michael Roer, executive director of the Connecticut Venture Group (CVG).
"During a down economy and war, businesses are still being formed and existing businesses are expanding," explains Roer.
It is important that we continue." His words ring true, especially for health service, software, security and biotechnology companies looking to set up shop in Connecticut.
Roer's group is preparing for its tenth Crossroads Venture Fair.
This year's event marks the third at New Haven's Omni Hotel at Yale. Business New Haven is one sponsor of Crossroads, which has become the largest venture fair and technology-networking event in New England, according to the show's organizers. This year's event, on April 29-30, will feature 60 companies from early to pre-IPO stages of financing vying for dollars from close to 200 investors.
The fair gets underway at 8 a.m. April 29 with company presentations and a bioscience panel discussion. At 5 p.m. the day's formal festivities wrap up and at 6, a gala reception takes place at the Omni. Company presentations resume April 30 at 8 a.m., with an awards luncheon at 12:30 featuring a speaker yet to be announced. The fair wraps up at 3 p.m. and the newly funded companies get to work.
Crossroads is not just about the money, though. CVG's intent is to assist companies to build strong, viable and sustainable high-growth enterprises. At Crossroads, opportunities exist to explore partnerships with technology suppliers and companies in complementary businesses or with synergistic distribution channels.
There is ample opportunity for entrepreneurs to network with service providers supporting high-growth enterprises, chances to hear about the next generation and emerging technology trends and expanding audiences for products and services regionally and nationally.
Presented by CVG, the event is being sponsored by Connecticut Innovations Inc. (CII) and hosted by Yale University and the city of New Haven.
Judges are in the process of narrowing the field of 100 applicants down to about 60. Among the 60 companies awarded the chance to strut their stuff, about one-third are expected to be software companies, one-third life sciences companies and the remaining third will include, among other companies, technical companies.
"The judges - investors - know what they'd be interested in investing in, so that's what they base their decisions on," Roer explains. "VC investors look for a novel product or strategy or technique that is set apart from others. They're looking at the company, the product, service, strategy and market potential."
Roer notes that the attraction doesn't stop at a good product: "They're also looking for a strong management team and quality executives. If the guy has a great concept, but doesn't know a balance sheet from a balance beam, it's not going to work."
As in past years, startup software companies are still hot and a strong representation from life science companies, bioscience especially, is expected, especially given the fair's New Haven location. Nanotechnology, financial services and security are also expected to be hot industries at this year's affair.
"We are expecting somewhere in the area of 180 investors. Thirty-seven people walked in last year with no reservation, peeled off a couple of [$100] bills and walked in!" Roer says, adding, "The more attendees, the better."
Crossroads attendees will have an opportunity to share emerging business ideas, explore partnership opportunities and seek solutions to capital challenges.
Frank Morse, event chairman and an investment banker with the Carter Morse Co., says he is optimistic about this year's Crossroads in spite of current events, especially the war.
"Because the reputation of the fair as always being a quality fair, all of the constituents, sponsors, etc. are in place, regardless of what's happening in the world."
Morse says, "We still have quality presenting companies, and without that we could fall short of expectations."
He says that although the sheer number of applications is not as high this year as in recent years, judges should have no difficulty finding 60 quality companies among the 100 applicants: "There is no trouble with the competitive process; we absolutely won't have weak applications fill the slots."
Says Morse: "Very early indications are that we'll have as many as last year. To have a successful fair today is a feather in the cap of the Connecticut Venture Group, Connecticut Innovations, the state of Connecticut and Yale for having the leverage to put on a successful fair.
"There is overwhelming gratifying support in the ability to put on a quality fair and not skimp on the amenities that go along with it," Morse adds.
The fair has grown apace in its decade of existence. At least half of the companies applying and presenting are Connecticut companies. The rest are from Massachusetts, Rhode Island, New York and other nearby states, providing a larger pool of presenters to draw from.
Though some presenters at the fair will take their newly found funds home to neighboring states, Morse says Connecticut remains a highly desirable state in which to develop an emerging company.
"There is lots of capital and many companies who want to invest locally. Here in Connecticut, especially in New Haven, there is a highly skilled labor pool, universities and several intellectual property spin-offs."
Connecticut has been - through CII and the state's Department of Economic & Community Development - very aggressive in assisting early stage companies through incentives like tax deals. In recent years, the state's cluster initiatives have also helped grow opportunities in the state, especially in the biotech and life sciences markets. The more than 2,000 software companies, 20 biotech and big pharmaceutical companies in the state remain a formidable attraction for both investors and entrepreneurs.
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