Shelton CleanTech Company To Enter European Market

31 03 2009

Opel International, a Shelton, CT based CleanTech company, has recently announced that it has created a wholl-owned subsidiary headquartered in Belgium to serve, according to OPEL, ”as the hub of all OPEL solar projects, parnterships, and joint ventures on the European continent”.

 

OPEL develops solar-energy technology for commercial applications, including solar farms for large scale utilities to rooftop systems for commercial buildings.  The new subsidiary, OPL Solar, will be a financial holding company that will serve as a vehicle for subsidiary companies “to form limited joint ventures and partnerships with solar developers so that utility grade solar farms can be financed and installed featuring OPEL technology”.

 

As for Connecticut, this is a good news/bad news item.  It’s good news because a Connecticut-based company, in the potentially high-growth industry of CleanTech (See, Engine of Growth:  clean-tech jobs, Christian Science Monitor), is expanding its operations and capabilities.  It’s bad news because, according this article, 70% of OPEL’s business is in Europe, which, according to Frank Middleton, VP of Marketing for OPEL, is because “[t]he European countries have been more progressive than the U.S. in terms of putting incentives in place”.

 

The recently enacted American Recovery and Reinvestment Act of 2009, and its commitment to the CleanTech industry (See The Stimulus Bill and Funding Opportunities for Cleantech Startups, xconomy.com), may help expand the opportunities for companies such as OPEL.

 

- Gregg J. Lallier


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The Need for Seed (continued)

27 03 2009

As a follow-up to my post regarding the need for seed capital in the area, it was nice to read at xconomy.com – Boston that there has been a “definite uptick in interest in early-stage investments” in the Connecticut/Massachusetts area during recent months.  

LaunchCapital, which provides seed-stage capital for tech start-ups, and has offices in New Haven, CT (in addition to Cambridge, MA and San Francisco), announced investments in six start-ups, three of which were located in Connecticut:

  • Cardiophotonics (New Haven, CT), which “builds revolutionary non-invasive blood monitors used to detect dehydration and cardiac arrhythmia”
  • FMP Products (Greenwich, CT), which “creates laboratory automation equipment and software to help improve the productivity of researchers”
  • Helix (Guilford, CT), which “develops DNA therapeutics that will cause a paradigm shift in the way that common genetic diseases are treated”

LaunchCapital’s activity in Connecticut is definitely a step in the right direction, and an encouraging sign for start-up tech companies in the state as it “is committed to providing the capital needed for businesses in the initial stages of development, and seeks to quickly fund companies and concepts that would typically tap personal networks for their seed financing needs”.

- Gregg J. Lallier


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Connecticut Technology Council on Capitol Hill

27 03 2009

I recently came across this item from the Connecticut Technology Council(CTC).  The CTC was recently in Washington, DC and met with Connecticut Senator Joseph Lieberman and Representatives Rosa DeLauro.  CTC discussed the following issues:

1.  Stem and Workforce Development

2.  Healthcare IT

3.  Broadband Access

In light of the economic times, I found the stem and workforce concepts most intriguing.  Two of the suggestions that the CTC brought to Capitol Hill included establishing a training program for technology industry jobs in hopes of transitioning workers into the “innovation economy” and federal funding for paid internships in the technology sector for young people.

These initiatives have direct application in Connecticut.  The Connecticut General Assembly is considering tweaking the qualifications for Connecticut ‘s tax credit program for the in-state production of digital media and motion pictures, requiring that at least 50 percent of the production work be performed in state. To a large extent, the ability to perform more production work in Connecticut is dependent upon the existence of workers with the requisite traning and skills.  In addition, the issue of the “brain drain”, recently discussed by Gregg Lallier, can only benefit from a federal program of paid internships in the technology sector. 

-Dan Fitzgerald

 

 


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Categories : Technology

The Need for Seed

26 03 2009

As anyone who works in the VC/start-up tech space knows, the availability of seed financing for start-ups in the area has been dwindling in recent years, and such scarcity has only become more pronounced in the current tight market conditions.  This is especially true for start-ups in Connecticut, where, outside of the Seed Investment Fund of Connecticut Innovations, seed/angel investors are hard (if not impossible) to find.

Given the scarcity of seed, it is great to hear about the new seed financing initiative being started by Spark Capital called “Start@Spark” .  According to the initiative’s website, Spark Captial started the program because:

[w]e believe that providing entrepreneurs access to early stage capital is critical in building a vibrant eco-system of innovation.  Unfortunately, as our economy works through this time of economic difficulty, normal sources of early stage funding have been reduced.  Fewer angels are investing aggressively and many top tier institutional investors are turning their attention to their existing portfolios.  In this funding environment, Start@Spark is an important source of both capital and acceleration for entrepreneurs.

Start@Spark will initially focus on companies in the Boston and New York areas within their focus area of technology, media, and entertainment.  Their investments “span the full value chain in this sector, including gaming, technology platforms, mobile, advertising, consumer applications, infrastructure, and hardware”.  More details of the program can be found here, and their on-line application for funding can be found here.

It will be interesting to track the activity and success of Start@Spark, as its success may be able to not only “spark” the building of new businesses, but also “spark” the creation of new, much-needed seed sources.

- Gregg J. Lallier


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Virtual Companies Present Alternative Business Model for Start-Ups

26 03 2009

Bruce V. Bigelow, of xconomy.com-San Diego, writes about a CEO panel discussion held at Biocom (a CA life sciences trade association) regarding the advantages and disadvantages of start-ups using a “virtual company” business model (See Biotech CEOs Discuss the Virtues of Going Virtual, March 26, 2009).

The basic business model for a virtual company is to (i) have the intellectual property and other assets owned by the company, (ii) employ a “core” senior management group who oftentimes will work remotely from home office, and (iii) outsource most functional activities.  As such, the virtual company most often will not have any headquarters or main office, while employing a limited number of individuals.  This, of course, limits overhead/expenses of the company, which is particularly important in the start-up world.

The virtual company model is one that may increasingly become attractive to start-up tech companies.  This is especially true in tough economic conditions during which such companies need to limit their cash-burn as their access to capital lessens. 

Vermont seems to be ahead of the curve on this one.  In June 2008, it passed new laws making it easier to establish and maintain virtual companies in Vermont (See An Act Relating to Miscellaneous Tax Amendments).  The law attempts to make is easier for virtual companies, who transact most if not all of their business through the electronic world, to comply with the various business entity laws of the state (e.g. board meetings can be conducted through “electronic means”, such as web/tele conferences; all filings can be done electronically).  I don’t think that this law will make Vermont the “Delaware of the Net” as some hope, but it does exhibit some recognition of the potential growth of the virtual company business model.

- Gregg J. Lallier


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ConnTIP Co-Publisher Discusses Possible UConn NCAA Violations

26 03 2009

ConnTIP’s co-publisher, Dan Fitzgerald, has been interviewed by the Hartford Courant in an article about the alleged NCAA violations by the UConn men’s basketball program.

Dan also writes about the allegations on his other blog, Connecticut Sports Law.

- Gregg J. Lallier


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Crossroads Still Accepting Applications

25 03 2009

The 2009 Crossroads Venture Fair is still accepting applications for presenting/exhibiting companies for the event which is to occur May 5-6, 2009.  Crossroads 2009 will feature presenting companies with scalable tech, IT, bioscience or healthcare products/services that have received a prior round of investment or have annual revenues of $5 Million or more.

Crossroads, which is coordinated by the Connecticut Venture Group (CVG), has been around since 1983, and bills itself as the “largest venture fair in the eastern United States”, helping to raise “over $2 Billion in investment capital” for Northeast emerging growth companies.

I have been involved in and attended Crossroads for each of the past 10 years, and I can attest to the fact that it’s a great event for both investors looking for opportunities, and tech companies looking for capital.  If you’re interested in attending, presenting or exhibiting, I would encourage you to visit its webstite.

- Gregg J. Lallier


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New England Video Game Entrepreneur Retires From “Other” Job

23 03 2009

Curt Schilling, founder and Chairman of 38 Studios (a MA-based video game development company) announced today his retirement from his “other” career as a major league baseball pitcher.  As is typical of Curt’s embrace of technology, he announced his retirement through his blog, 38Pitches. 

Although professional athletes directly communicating with fans through blogs, Facebook, etc. is now a pretty common practice, Curt was really one of its pioneers.  He regularly posted his insights and views on the Red Sox fan discussion site, Sons of Sam Horn, during, and immediately prior to, his Red Sox career, and continues to do so today. 

As most know, on and around Thanksgiving in 2003, Curt was in negotiations with Theo Epstein, GM of the Red Sox, as they attempted to finalize a contract which would complete the trade between the Arizona Diamondbacks and Red Sox to bring Curt to Boston.  During such days, he participated in late night chatting/posting sessions with fans on Sons of Sam Horn about the Red Sox, negotiations and baseball in general.  Curt, of course, eventually signed with the Sox, and the trade was completed….he went on to win 21 games with a 3.26 ERA in 2004, pitch on a surgically sutured ankle as the Sox came from 3 games to 0 deficit to beat the Yankees in the ALCS, win Game 2 of the 2004 World Series against the St. Louis Cardinals, and, after a “ground ball, stabbed by Foulke“, end 86 years of Red Sox misery.

I believe that I speak for the approximately 50% of those Connecticut residents who are Red Sox fans in wishing Curt success in his newly focused career in the video game industry, and thanking him for what he’s done in the uniform of the Olde Towne Team.

- Gregg J. Lallier


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Pilot Program Seeks to Prove Courts’ Decisions in Patent Cases

23 03 2009

Last week the House of Representatives overwhelmingly voted in approval of a 10-year pilot program that endeavors to enhance the patent expertise of federal judges.  According to Rep. Darrell Issa, who introduced the bill with Rep. Adam Schiff, the program does not seek to create a court specializing in patent cases, but rather intends to provide district court judges with the tools and experience to properly adjudicate patent cases. 

H.R. 628 (the Senate introduced companion bill S. 299) was proposed in response to concerns over the expense and duration of patent litigation, as well as a perceived lack of consistency in patent cases decided at the district court level.  Part of the reasoning for the inefficiencies in handling patent cases is that less than 1 percent of all cases in U.S. District Courts are patent cases and a District Court judge typically presides over a patent case that goes to trial only once every 7 years.  These cases are said to require a disproportionate share of attention and judicial resources. 

By providing judges increased exposure to patent cases, the House believes the consistency and quality of patent decisions will improve.  As Rep. Lamar Smith states, “the premise underlying H.R. 628 is that practice makes perfect, or at least better.”  Rep. Henry Johnson describes the effect of the bill as follows:

This will create a cadre a judges who gain advanced knowledge of patent and plant variety protection through more intensified experience in handling the cases, along with special education and career development opportunities.

To achieve these improvements, H.R. 628 authorizes the expenditure of $5 million per year for up to 10 years to pay for the educational and professional development of judges and law clerks.

To be qualify for the pilot program, each district court must (1) have at least 3 judges who ask to hear patent cases under the program; (2) have at least 10 judges; and (3) either be one of the 15 courts in which the most patent cases were filed, or have developed local rules relating to patent cases.  Under the provisions of the bill, the District of Connecticut will not qualify for the pilot program.

-Dan Fitzgerald


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Categories : Intellectual Property, Legislative Affairs, Technology

“HITECH” Provisions of the Stimulus Package

20 03 2009

The recently enacted “American Recovery and Reinvestment Act of 2009” (otherwise known as the Stimulus package) contains provisions regarding the privacy and security of health information and the promotion of health information technology (the Health Information Technology for Economic and Clinical Health or “HITECH” Act).

Jennifer L. Groves and Dawn E. Alderucci of Updike, Kelly & Spellacy have issued a client alert summarizing the key provisions of the HITECH Act (See “STIMULUS PACKAGE MAKES SIGNIFICANT CHANGES TO HIPAA REQUIREMENTS“).

This is a must-read for any tech company in the healthcare space as:

 [t]he HITECH Act strengthens and enhances the privacy and security regulations promulgated under the Health Insurance Portability and Accountability Act (collectively “HIPAA”), which help to ensure the confidentiality of individuals’ health records.   

 and….

 [t]he HITECH Act extends certain HIPAA requirements to business associates and other third parties that access and store protected health information (“PHI”); it imposes notification requirements on covered entities and others who discover that an individual’s health information has been compromised; it strengthens individuals’ rights with respect to their own PHI; it restricts the sale of PHI and prohibits certain types of marketing communications; and it strengthens enforcement and enhances and clarifies civil and criminal penalties for violating HIPAA. Those subject to HIPAA will need to review and revise their existing policies and procedures, forms and agreements, and retrain personnel as necessary, in order to ensure compliance with the HITECH Act. In addition, business associates and other third parties will need to be mindful of the new requirements and the fact that there will soon be direct government oversight of their activities involving individuals’ health information. 


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