In a recent survey, a surprisingly high percentage of young professionals in Hartford — 90 out of 280 who responded — either said they had started their own business or said they would like to try.
Jeff Vose, economic development and municipal services vice president at the MetroHartford Alliance, said his generation wasn’t nearly so venturesome.
The challenge now for Vose is to identify those budding entrepreneurs early and steer them toward success before they lose their nerve or take a wrong turn.
“So often they’ve got their heads down,” Vose said. “They’re caught up in product development or sales or finance. They forget to network. They don’t see the forest through the trees.”
Vose provides guidance and resources for entrepreneurs. It’s his job to help them clear hurdles that can trip them up — writing a business plan, licensing, accounting, financing, insurance, even intellectual property.
Software, Biotech, Fuel Cells
The hottest areas for local entrepreneurs are software development, precision manufacturing, biotechnology, optics, and energy products such as fuel cells.
Many of the startup company owners have worked for a major corporation and believe they have an angle they can develop and sell on their own. Others are attracted to the area because they are potential suppliers to the financial services or precision manufacturing industries that operate here.
While the economy has slowed in recent months, Vose said a slowdown is not necessarily a poor time to reach out to entrepreneurs.
The survey, conducted by Hartford Young Professionals & Entrepreneurs, or Hype, shows that the impulse to start a business is relatively strong now. “And it’s not bad to start a business during a downturn,” he said, because an entrepreneur can grow quickly with the economy as it rebounds.
Vose plans to discuss the business climate for local entrepreneurs in a seminar at the Connecticut Business Expo at the Hartford Convention Center on June 5. The Hartford Business Journal manages the Expo.
Later this year, the Alliance plans to launch a Web information portal that will allow entrepreneurs to blog questions and network with other professionals.
Peter Gioia, vice president and economist for the Connecticut Business & Industry Association, agreed that encouraging startup companies is a vital part of economic development, at least as important as recruiting companies to relocate here, Vose said.
“The business climate encourages investment, which in turn drives jobs,” Gioia said.
