Yale Bulletin and Calendar

January 26, 2001Volume 29, Number 16



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Yale-funded center helps bring
start-up companies to city

Two high-tech companies will be making their home in New Haven, thanks to the efforts of The Enterprise Center, Inc. (TEC), a nonprofit entity that helps new entrepreneurs find the financing they need to start or expand their operations.

TEC is funded by Yale, The United Illuminating Company and New Haven Savings Bank.

The center brought together the two companies -- IDS, a technology integrator, and AQSolutions, an information technology (IT) services company that recruits from emerging markets -- with Next Generation Ventures, LLC (NextGen), which agreed to provide financing for both companies' start-up operations.

A joint venture between Phoenix Home Life Mutual Insurance Company and Connecticut Innovations, NextGen is a fund established to provide seed money and management counsel for start-up businesses in Connecticut. Its goals are to build high value jobs in the state, to retain and grow the state's strong base of intellectual capital, and to ensure that local ingenuity translates into fast-growing commercial opportunity in Connecticut.

IDS creates industry-specific supply chain solutions for companies that deliver their products and services locally. The company will be first to market with a fully vertically integrated application service provider (ASP) solution. The technology will link several offices over the Internet and enable companies to distribute their products and services more efficiently.

AQSolutions provides business clients with a long-term solution for dealing effectively with the current IT labor shortage by identifying and hiring IT professionals in emerging market countries. Using IT professionals in Ghana, West Africa, the company provides cost-effective customized software development and maintenance services that help customers manage IT labor costs and reduce time spent on IT staffing issues. The company markets a unique Remote Access model that provides customers with a predictable supply of skilled IT labor, on a time and materials basis, and local supervisors to manage the employees in their local country.

"We are very enthusiastic about these two companies, as well as other new additions to the NextGen portfolio," says David Pepin, chair of NextGen. "These two companies are representative of the many promising business concepts in our state, and the vast unmet need for seed capital."

"These are solid companies with great potential," agrees Carroll Schilling, TEC's chief executive officer. "They are both relocating to New Haven in order to be close to the resources of Yale and other technology start-ups in the city."

Maureen Burke, TEC's associate director, adds, "The fact that Enterprise Center clients have been successful raising money in this cautious investment market validates our approach, which is to build solid businesses based on credible revenue models."

Located at 433 Temple St. in New Haven, TEC provides start-up or growing companies with such services as business planning, market research, financial structuring, capital source development and management team building. Staffed with professionals in business management, TEC works closely with corporate specialists from United Illuminating and New Haven Savings Bank, and with students and faculty from the Yale School of Management and the University's other professional schools to assist businesses in various industries. Clients at the center must meet certain criteria to qualify for assistance, such as requiring private equity financing and establishing operations in New Haven.

The TEC's board of directors is chaired by Yale Vice President Bruce D. Alexander. Stanley J. Garstka, deputy dean at the Yale School of Management, and Jonathan E. Soderstrom, associate director of Yale's Office of Cooperative Research, also serve on the board.

-- By Thomas R. Violante


T H I SW E E K ' SS T O R I E S

Dean David Kessler awarded Public Welfare Medal for leadership on health issues

Psychologist Karen Wynn cited for pioneering study . . .

New director of Beinecke Library named

Fossil sheds light on rare branch of birds' evolutionary tree

Yale-funded center helps bring start-up companies to city

Lilly Endowment grants will help fund initiatives at the Divinity School, ISM

Directors, actors take part in symposium on Irish film

'A Yale Album' captures century of history in photos

Benson reappointed to second term as dean of School of Art

Talks trace the evolution of the 'democratic soul'

Nuns' library donation reveals new aspects of artist's life

Beinecke exhibit explores 18th-century views of theater


MEDICAL SCHOOL NEWS

Illustrator is inaugural Theodore Fellow

Exhibition will feature paintings by Gelernter

Historian David Kennedy to discuss World War II

Grant supports nurse's effort to prevent diabetes in teens

ITS announces appointment of new CMI director

Art gallery appoints its first deputy director

Musicologist Claude Palisca, scholar of Baroque opera, dies



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