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November 1, 2019

Innovation event offers insights for business community

PHOTO | New Haven Biz (l-r) New Haven BIZ Editor Michael Bingham, Al Subbloie, Erika R. Smith, Robert Schoelkopf, Jonathan Rothberg, Jennifer Good, Craig Crews, and New Haven Interim Economic Development Administrator Michael Piscitelli

Know your customers and spend time with them. Align your goals and expectations with your investors. Diversity really does matter.

On Wednesday night, six of the New Haven region’s most successful entrepreneurs and innovators shared these and other secrets to their success at New Haven BIZ’s event “60 Ideas in 60 Minutes.” More than 100 members of the region’s business community attended to hear the panelists’ insights at the Canal Dock Boathouse in New Haven.

The six leaders were also honored at the event with New Haven BIZ’s inaugural Innovation Awards for their accomplishments.

Here is a sampling of the honorees’ words of wisdom and advice:

• Jonathan Rothberg’s Butterfly Networks has pioneered a revolutionary handheld ultrasound device that can help diagnose disease and is affordable, and potentially accessible to millions around the globe. 

Rothberg urged attendees to do what they love and be motivated by the people they love. In Rothberg’s case, some of his inventions came from a desire to help his own children when they were experiencing medical problems.

“Work on things that make you happy,” Rothberg said.

Rothberg noted how setbacks, even a job loss, can lead to better opportunities: “Things work out.”

• Jennifer Good, whose Trevi Therapeutics is developing an innovative alternative to addictive opioids, said progress isn’t linear.

“Not everything goes according to plan — you have to be willing to course-correct,” Good said.

Good advised people to surround themselves with good employees and partners.

“You don’t need to micromanage,” she explained, “Hire good people and let them go.”

According to Good, diversity matters: “When you build a culture of diversity and tolerance, it creates creative flow.”

• Serial entrepreneur Al Subbloie (formerly of Tangoe)’s new Shelton company is changing the way the world buys, and uses, energy.

Subbloie, best known for starting telecom expense-management software developer Tangoe, said it is crucial to pick the right market, a process that requires listening — a lot. He urged attendees to get to know and spend time with their customers.

“If you don’t create an idea that will work, you will fail,” he said.

In management, leaders must motivate employees to act as one team, which he said is crucial to success.

“Lead by example no matter what your background is,” Subbloie said. 

• Craig Crews, founder of Arvinas Inc., which is developing novel therapies for prostate and breast cancers, told those in attendance not to be afraid to make mistakes: “We all fail, but hopefully we have more successes than failures. Encourage people to take risks.”

Crews said his hero was Thomas Edison, whose first (little-remembered) invention was a vote counter — which no one wanted to buy. 

Edison, Crews noted, decided he wouldn’t invent something unless there was a market for it. “Cut your losses when needed, so you don’t waste time,” Crews said.

Crews also encouraged leaders to make the workplace fun. “If your team thinks it is a fun place to work, they will be more productive.”

• ReNetX CEO Erika R. Smith, whose company is developing a drug to reverse spinal-cord injury damage, said entrepreneurs are “made, not born.”

Smith brought to her presentation a bagful of childhood toys like the Magic 8-Ball, Rubik’s Cube and a model Starship Enterprise to make business points.

“The first time we see a problem arise, we have to ask questions to have as much information as possible,” Smith said. 

As the Star Trek television series’ opening implores “to boldly go,” Smith urged those in attendance to take action, focus on impact and inspire others through mentorship.

“The next big thing might be inspired, if not created, by you,” she said.

• Founder Robert Schoelkopf of New Haven’s Quantum Circuits, which is developing new technology for the next generation of computers, said leaders should hire people for “quality of mind,” not for a particular skill set.

“You have to empower people and give them space and confidence,” Schoelkopf said. “Check in with what they are doing and make sure they aren’t getting unnecessarily stuck. Your job is to get them moving in the right direction.”

Schoelkopf also urged attendees to evaluate and be willing to abandon their approach to solving a particular problem.

“The most dangerous thing is a belief that ‘This has to be the right way to solve our problem,’” Schoelkopf said.

Event sponsors included the City of New Haven Economic Development Administration and the Regional Water Authority. Event Partners included Canal Dock Boathouse Inc., J. Fiereck Photography, David Alan Hospitality Group and Rider Productions.

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