The devastating impacts of climate change are all around us, but the news isn’t all doom and gloom. Recognizing the role investors play in bringing about positive change, as well as the potential outsize returns that come with solving global challenges, VCs around the world, including Connecticut Innovations, are stepping up their investments in climate tech. Through its newest investment vehicle, the $100 million ClimateTech Fund, CI is backing promising new companies as well as other VCs that are working to solve critical challenges like pollution, soaring energy prices, and diminishing natural resources.

Managed by Konstantine Drakonakis, P.E., an entrepreneur and venture partner who focuses on climate and adaption technology, the fund will invest anywhere from $250,000 to $5 million in a wide range of companies. Its goal: to advance green technology and green jobs, and to support Governor Lamont’s commitment to reducing greenhouse gas emissions to net zero by 2050. Drakonakis is particularly interested in technologies that address the circular economy, electric vehicles, advanced materials, and mobility apps. Fuel cells, which he says have applications for long-haul trucking, are also a target, as are technologies related to hydrogen, waste and sustainability, and energy and water.

Drakonakis said he’s proud of the way the state has rallied around this newest sustainability initiative. “We’ve joined forces with our sister agencies to create a strong syndicate,” he said. “Together with the Department of Economic and Community Development, the Connecticut Green Bank, the Department of Transportation, the Department of Labor, the Department of Agriculture, and the Department of Energy and Environmental Protection, we’re building a pipeline of interesting companies that are a good fit for the state, in terms of them thriving here based on their needs, having a market primed for their products or services, and the programs that the agencies are promoting as their part of the climate-change solutions strategy.”

The ClimateTech Fund is not this state’s first foray into sustainability. Connecticut established the nation’s first green bank and ranks fifth in the nation for fuel cell patents. It also has a growing clean energy sector with a large employment footprint. “Connecticut is a special place,” said Drakonakis. “One of our many advantages is that we’re a one-phone-call state. We have leading academic institutions, high-caliber materials sciences engineers and public health experts, and an industrial military manufacturing base of companies with the assets and expertise to partner with and help build and commercialize climate and clean technologies. We can get answers quickly and have become highly efficient in helping companies grow and scale.”

 

 

We asked our extensive network to recommend one book that should be on every entrepreneur’s must-read list. Whether you need advice, a dose of inspiration, or a gift for your co-founder, we’ve got you covered.

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The 4 Disciplines of Execution: Achieving Your Wildly Important Goals by Chris McChesney

Recommended by Alex Bryce, co-founder at WeInvoice

Why: This book “helps you get clarity on the concept and practice of execution,” Bryce says. “Since execution is one of the critical components of brand building, this book has to be on every business leader’s list.”

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The 5 Second Rule: Transform Your Life, Work, and Confidence with Everyday Courage by Mel Robbins

Recommended by Deborah Sweeney, CEO of MyCorporation

Why: “This book is about how to avoid unintentionally holding yourself back in life and in business. Reading it helped me focus on taking action,” says Sweeney.

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The 7 Habits of Highly Effective People by Stephen R. Covey

Recommended by Yoel Gabay, CEO of FreedomCare

Why: “A lot of hard work and commitment goes into bringing an idea to fruition,” says Gabay. “Success is not handed to you on a silver platter. This book gives you the tools.”

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The Art of Non-Conformity: Set Your Own Rules, Live the Life You Want, and Change the World by Chris Gillebeau

Recommended by Stephen Curry, CEO of CocoSign

Why: “Most entrepreneurs try to follow what everyone else is doing. This book…helps them break away from the toxic entourage,” says Curry.

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Atomic Habits: An Easy and Proven Way to Build Good Habits and Break Bad Ones by James Clear

Recommended by Adam Rossi, CEO of TotalShield

Why: “A must-read for every entrepreneur, [this book] will shed light on how small changes to your daily routine will have a huge impact on your life,” says Rossi.

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Rich Dad’s Cashflow Quadrant: Guide to Financial Freedom by Robert T. Kiyosaki

Recommended by Wes Niemiec, CEO of Landmark Home Solution

Why: This book “will give you a new outlook on wealth and risk management,” says Niemiec.

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Fierce Conversations: Achieving Success at Work and in Life, One Conversation at a Time by Susan Scott

Recommended by Laura Weisberger, CEO and chief alchemist, Fervor Candle Company

Why: “This book is an essential tool for developing and refining communication skills. It has been immensely helpful in my own interactions with customers, suppliers and employees,” says Weisberger.

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First, Break All the Rules: What the World’s Greatest Managers Do Differently, from Gallup

Recommended by Ari Shpanya, CEO and co-founder of LoanBase

Why: “It’s a great compilation of secrets and out-of-the-box knowledge for almost every entrepreneurial situation you could imagine,” says Shpanya. “Learning how successful managers treat people and what they do differently gives you a new perspective on how to tackle your own issues. I don’t like inspirational books or fairytale-like messages, but this book truly leaves you inspired to see challenges from a new perspective.”

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Four Thousand Weeks: Time Management for Mortals by Oliver Burkeman

Recommended by Ouriel Lemmel, CEO of WinIt

Why: “This is an insightful book about time management that’s also reassuring,” says Lemmel. “It’s a pleasure to read, and so practical, I keep it within easy reach so I can refer to it for advice. It’s a great addition to the bookshelf of anyone in a position of authority, because it demonstrates [how] to lead with grace and empathy.”

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The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz

Recommended by Stefan Chekanov, co-founder and CEO of Brosix

Why: “This is one of the rare, brutally honest books about running a business in Silicon Valley,” says Chekanov.

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Humor, Seriously: Why Humor Is a Secret Weapon in Business and Life by Jennifer Aaker and Naomi Bagdonas

Recommended by Paige Arnof-Fenn, founder and CEO of Mavens & Moguls

Why: “The authors…make a compelling argument for how and why incorporating humor in your business and as a leader can be very powerful,” says Arnof-Fenn. “Humor helps achieve business objectives, build more effective and innovative organizations, cultivate stronger bonds and capture more lasting memories. We’ve all been through a lot the past few years; it’s nice to balance the intensity of the pandemic with a light and fun read.”

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Hyper Sales Growth: Street-Proven Systems and Processes. How to Grow Quickly and Profitably by Jack Daly

Recommended by Christopher Sioco, COO of Tax Robot

Why: “This book is for entrepreneurs who are looking for more insights on selling their products and promoting their business,” says Sioco.

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Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity, by Garrett B. Gunderson

Recommended by Jeroen van Gils, founder and CEO of LiFi

Why: “I’m not a fan of financial books, but this one piqued my interest,” says van Gils. “What I love the most is its focus on creating value instead of reducing costs. It resonates with me as someone who runs several businesses.”

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Leaders Eat Last: Why Some Teams Pull Together and Others Don’t by Simon Sinek

Recommended by Haris Bacic, co-founder and CEO of PriceListo

Why: “As with many outstanding leadership books, Leaders Eat Last is inspired by military ideas,” says Bacic. “The notion is: Senior commanders eat after their troops, placing their subordinates’ demands ahead of their own. Sinek argues that putting people first enables crews to feel supported and valued. These feelings, in turn, motivate employees to go above and beyond expectations.”

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The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Reis

Recommended by Ryan Fyfe, COO of Workpuls.com

Why: “The Lean Startup teaches entrepreneurs how to test their business ideas cheaply and quickly, measure customer feedback, create prototypes, and make decisions based on data rather than intuition,” says Fyfe. “Implementing the principles from this book can help entrepreneurs avoid wasting time and money on doomed projects and increase their chances of success.”

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Mastering Inbound Marketing: Your Complete Guide to Building a Results-Driven Inbound Strategy by Elyse Flynn Meyer

Recommended by Amy Aust, senior account manager, Adler Public Relations

Why: “This book is focused on helping business owners and leaders better understand every aspect of the inbound marketing methodology, including the revenue-generation trifecta of marketing, sales and the customer experience,” says Aust.

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Mentor to Millions: Secrets of Success in Business, Relationships, and Beyond by Kevin Harrington and Mark Timm

Recommended by Daria Maltseva, head of Product at KeyUA

Why: “This is a perfect addition if you need mentoring support to achieve your goals,” says Maltseva.

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Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days by Joey Coleman

Recommended by Laura Rike, Pinterest expert, laurarike.com

Why: “This book shares how to use social media and other outlets to truly wow your customers and clients to ensure they become raving fans,” says Rike.

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On Becoming a Leader by Warren Bennis

Recommended by Angela Blakenship, CEO of Best Neighborhood

Why: “Dubbed the ‘Dean of Leadership Gurus’ by Forbes, Bennis has argued persuasively that leaders are not born but created,” says Blakenship. “His landmark work, On Becoming a Leader, which delves into the attributes that define leadership, the people who exemplify it, and the tactics that anybody can use to achieve it, has provided a source of critical knowledge for countless readers. [The] masterfully produced stories of remarkable leaders and their unique pathways to power are guaranteed to inspire future leaders to go on an exciting journey of self-discovery.”

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The Power of Positive Thinking by Norman Vincent Peale

Recommended by Sam Sweeney, founder of Trivvy

Why: “I love this book because it tells you to think positively because positive thinking will make positive things happen,” says Sweeney.

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Red Team: How to Succeed by Thinking Like the Enemy by Micah Zenko

Recommended by Sharon Winton, co-founder and director of marketing at Gomontana

Why: “This book will change the way you think. You’ll find out that thinking like the enemy will make you succeed,” says Winton.

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Remote: Office Not Required by Jason Fried and David Heinemeier Hansson

Recommended by Adam Hempenstall, CEO and founder of Better Proposals

Why: “Before remote work became cool, these two set the foundation for remote companies. [The book] not only talks about the benefits of the remote business framework, but also stresses the importance of structure, setting goals, hiring the right people and much more,” says Hempenstall.

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Rich Dad Poor Dad by Robert T. Kiyosaki

Recommended by Vaibhav Kakkar, CEO of Digital Web Solutions

Why: “Rich Dad Poor Dad is my all-time favorite business book,” says Kakkar. “It looks at the author’s two ‘dads’ in terms of wealth management; his best friend’s father is the rich dad, while his father is the poor dad. The book covers themes from making your money work for you to the necessity of financial literacy. It’s a must-read for executives, but I’d recommend it to everyone interested in improving financial literacy.”

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Shoe Dog: A Memoir by the Creator of Nike by Phil Knight

Recommended by Christian Velitchkov, co-founder of Twiz

Why: “This book inculcates readers about the importance of feedback and opinions on a business,” says Velitchkov. “The more you consider the feedback of your peers and customers, the better you can optimize your business.”

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Social Engineering: The Science of Human Hacking by Christopher Hadnagy

Recommended by Kristen Bolig, CEO of SecurityNerd

Why: “This book addresses topics like cybersecurity and the importance of managing a business’s online presence,” says Bolig. “Being a security-conscious business leader is critical because nothing sets back a company’s revenue, productivity and reputation like a cyberattack.”

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Strengths Based Leadership: Great Leaders, Teams, and Why People Follow by Tom Rath and Barry Conchie

Recommended by Kyle MacDonald, director of operations, Force by Mojio

Why: “This book is about the importance of learning, understanding and highlighting your own personal leadership style,” says MacDonald. “When you purchase it, you receive an access code to an online assessment that tells you your top leadership strengths. The book then becomes like a manual into your own leadership style because it goes into each strength and talks about what kinds of leaders you work well with, how you can lead well with that strength, and more. I became a much more confident leader after learning how to take advantage of my personal strengths instead of trying to adopt other strengths that just weren’t my style.”

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Thinking, Fast and Slow by Daniel Kahneman

Recommended by Dean Kaplan, CEO of Kaplan Collection Agency

Why: “I’m a keen reader of business books and set aside time every day to read. Entrepreneurs need to assess situations and make decisions, to evaluate outcomes and make necessary adjustments. Kahneman’s book made me appreciate that not all thinking is the same,” says Kaplan. “The difference between rigorous and sloppy thinking is often the difference between success and failure. Unfortunately, fast and sloppy thinking is all too common in business.”

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Trillion Dollar Coach: The Leadership Playbook of Silicon Valley’s Bill Campbell by Eric Schmidt, Jonathan Rosenberg and Alan Eagle

Recommended by Tim White, CEO and founder of MilePro

Why: “I love this book because it shows how a lot of concepts from the world of sports are perfectly applicable to the business world,” says White. “For example, should managers and business leaders hire employees that are the best in their respective fields regardless of how well they fit in the team, or should they prioritize cultural fit over competency? Trillion Dollar Coach discusses these extremely relevant [issues] and important questions for me as a CEO. A quote from the book resonated so powerfully with me that I wrote it down. It goes as follows: ‘Todd Bradley, a former HP executive who worked extensively with Bill [Campbell], says that the biggest lesson he learned from him was about “the humanity of winning,” by which he means winning as a team (not as individuals) and winning ethically. Whether in business or in sports, it’s amazing what can be accomplished if you don’t care who gets the credit.’”

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Who Moved My Cheese by Spencer Johnson

Recommended by Katie Lyon, co-founder of Allegiance Flag Supply

Why: “This unique book uses a parable to explain the truth about dealing with change,” says Lyon. “As an entrepreneur, you deal with change constantly. Instead of letting it stress you out, you can alter your attitude and allow changes to impact you in a positive way. It’s brief but powerful, making it perfect for business leaders who are short on time.”

 

By Mary Wisenski

As a company grows, so does its financial team. But not all companies have the same finance needs. Which roles should you prioritize? And how do you know when it’s time to fill them?

Most companies start with a bookkeeper. Depending on the size of the company, this might be a part-time position, at least to start with. But taking care of basic tasks like payroll and expenses is a must. Then, if you run into a need for skills the bookkeeper doesn’t have, such as filing taxes, you can outsource that work.

As the company grows, the next role it will need to fill is usually a controller. Sometimes you’ll need a senior accountant as well as a controller. You might, at this stage, be able to eliminate the bookkeeper position in favor of an accountant with a broader knowledge base. For example, if you’re starting to experience significant sales, you’ll need someone who’s able to account for revenue and generate financial statements for the company founders to review.

In most cases, the next role to hire is a CFO. The CFO is in charge of fundraising, forming relationships with banks and driving metrics. As the company grows, it’s increasingly important to have someone on board whose focus is fundraising.

Company needs determine roles

Depending on the rate of growth, you might also need clerks or accountants to handle specific functions within the company. If there’s a high volume of transactions being processed daily, you might hire clerks who focus only on accounts payable or, conversely, accounts receivable.

It’s wise to avoid having a one-person shop once you accumulate significant revenue and bills to process. There are two reasons for this. If the volume of transactions continues to grow, it may be too much for one person to handle. And it can be risky, from a security standpoint, to put all your eggs in one basket. It’s better to limit each person’s duties and access so they’re only working with the information they need for their particular job.

Timing is key

The CFO sits at the top of the financial team and, in addition to fundraising, is usually responsible for a higher-level review of the controller’s work. This includes financial statements, cash-flow analysis and cash-flow forecasting.

It’s important to hire a CFO at the right time. If the company is new and needs financing, or equity financing, you’ll need someone with the expertise to go out and raise money. In that case, the CFO might be hired at the same time as a controller and a senior accountant.

But C-level talent can be expensive. One option for companies that need fundraising expertise but can’t support a full-time CFO is a fractional CFO, or vCFO. This person can commit their network, knowledge and creativity without committing all of their time.

HR and payroll

As the company grows, it’s helpful to increase the segregation of duties—for example, you might want someone who handles payroll, but (as with the early role of bookkeeper) it could be a fairly limited role.

You might not need a full HR team unless you have a large hiring budget and you can forecast bringing on enough personnel to justify having someone to manage new hires, terminations, 401k plans and health insurance. If you don’t expect a lot of growth and don’t have a large hiring budget, it’s possible that the accounting manager can run payroll.

Get it right from the beginning

Your first financial hires are crucial because you’ll have fewer reviews and controls in place. The last thing you need to deal with as you scale are mistakes in the books or tax returns from the company’s early days.

You need financial statements you can rely on from the beginning. That level of trust frees you up to focus on your product or service and on growing your company.

Mary Wisenski is a partner at the accounting and advisory firm Fiondella, Milone & LaSaracina LLP (FML CPAs) with five offices in Connecticut, including Stamford. She can be reached at mwisenski@fmlcpas.com or at 860-657-3651.

If your business offers stock-based compensation, also known as share-based compensation, as a benefit of employment, Kei Morita has advice. A principal in the Los Angeles office of HCVT, a top 30 CPA firm, Kei has extensive experience providing audit and assurance services to closely held private companies, particularly those in the tech industry. Here, he answers our pressing questions.  

Connecticut Innovations: Thanks for agreeing to this interview, Kei. Let’s dive right in. What are the common ways you see tech startups structure stock-based compensation?

Kei Morita: Restricted stock units and stock options with service conditions are the most common. Even with plain-vanilla features, accounting analyses for share-based compensation can get complex.

CI: Do you have tips for choosing the best type of SBC, from an accounting and reporting standpoint?

KM: The easiest SBC arrangement from an accounting perspective is one that contains no performance conditions, such as EBITDA [earnings before interest, taxes, depreciation, and amortization] target vesting, or market conditions, such as MOIC [multiple on invested capital] target vesting. If you include put [redemption] or call [repurchase] features in an SBC arrangement, those may complicate accounting analyses even further.

CI: Are there common mistakes you see early-stage tech companies making when they offer stock-based compensation?

KM: I occasionally see early-stage companies offer SBC awards without considering the tax implications—payroll tax withholding requirements, taxable awards, etc. This often results in the company owing back taxes and penalties. I strongly advise early-stage companies that offer SBC awards to consult with their tax advisors when structuring these awards. I also see startups repurchase vested or unvested SBC awards when employees leave. With that practice, SBC may need to be treated as liability-classified awards, which would need to be fair-valued in each reporting period—that is, every time the financial statements are prepared.

CI: How can early-stage startups with limited resources better prepare to handle complex accounting and financial reporting for stock-based awards?

KM: Until GAAP-based financial reporting becomes a requirement, many early-stage companies won’t account for SBC awards under GAAP. However, it is imperative that companies maintain complete records from the beginning to avoid any tax or legal issues. Depending on the number and frequency of SBC awards they issue, it might be a good idea for these companies to use a cloud-based equity management platform to track the SBC award activities for accounting and legal purposes. It often gets too complicated to maintain SBC awards in spreadsheets, especially when the awards are issued frequently, or features differ from award to award.

CI: Why did the FASB and the Private Company Council issue new guidance on share-based awards last year?

KM: In general, SBC needs to be fair-valued at the grant date using a valuation technique such as an option-pricing model (e.g., Black-Scholes), which requires various inputs, including the fair value of the equity shares underlying the award. Based on its outreach and the feedback it received, the Private Company Council (PCC) learned that determining the current price input used in an option-pricing model is typically the most difficult task for private companies. Since private company shares are not actively traded, there are no observable market prices for those shares, so the PPC decided to provide private companies with a practical expedient to ease the cost and complexity of applying accounting guidance for all equity-classified SBC awards under ASC 718. The FASB issued ASU 2021-07 to allow private companies to elect this practical expedient in 2021.

As a practical expedient, a nonpublic entity is allowed to determine the current price input of equity-classified SBC awards using the reasonable application of a reasonable valuation method. This includes a reasonable valuation performed in accordance with the U.S. Internal Revenue Code, also known as a 409A valuation.

CI: What has been the result?

KM: Many private companies historically obtained a 409A valuation for tax purposes and adjusted the valuation for ASC 718 accounting if subsequent events or transactions changed the valuation.

As a result of ASU 2021-07, some private companies may have reduced cost or complexity, as the PPC intended. However, since many private companies had already used a 409A valuation with or without adjustment before this ASU came out, and since other ASC 718 accounting complexity still exists, I have not seen many private companies consider the practical expedient a game-changer under ASU 2021-07.

CI: At what point is a company required to become GAAP-compliant? How can it do so?

KM: Prior to obtaining outside financing, many technology startups and other early-stage companies simply ignore the accounting for SBC awards. But as companies raise larger funding rounds—typically in the Series A or B round—they will need to be audited and must become GAAP-compliant. Before raising a Series A, an early-stage company should implement GAAP accounting even when GAAP reporting is not required. Many companies with a Series A retain a CPA consultant or a future auditor to assist them in making their books GAAP-compliant soon after Series A is raised.

CI: What are some of the critical stock-based compensation accounting and reporting considerations a company should be aware of?

KM: At a high level, a company should be aware of two classifications: one, liability-classified awards, and two, equity-classified awards. Liability-classified awards need to be remeasured at fair value at each reporting period, whereas equity-classified awards do not require remeasurement unless SBC awards are modified.

Various features embedded in an SBC award, such as put and call options, may cause the SBC award to be liability-classified. Also, depending on vesting conditions, the amount and timing of SBC expense may differ. SBC awards with service conditions without performance or market conditions are expensed over the requisite service period. SBC awards with performance conditions are recognized only when it is probable—about 75 percent likelihood—that the conditions are satisfied, and therefore, SBC awards vest. SBC with market conditions requires a complex valuation model, such as a Monte Carlo simulation model, to value, and are typically recognized regardless of achieving such conditions.

CI: What can companies that aren’t GAAP-compliant do to prepare for larger rounds, exits, etc.?

KM: Common accounting challenges in many tech companies are related to revenue recognition, leases, equity and debt arrangements, and SBC. Accounting analyses for these areas may require significant time and effort to become GAAP-compliant. Thus, it’s advisable to retain a CPA or a future auditor for GAAP conversion as soon as a Series A is raised, rather than waiting until GAAP reporting is required.

In a typical transaction, a buyer requires two- or three-year comparative GAAP financial statements from the seller that have been audited by a nationally recognized accounting firm. Generally, when the seller’s books are GAAP-compliant, a single-year audit process takes two to three months, and a two-year audit process takes three to four months. When the books are not GAAP-compliant before an audit begins, it can take several more months to get the books ready for audit. Larger rounds may come with a tight due diligence period—for example, three months—so if books are not GAAP-compliant when a Letter of Intent is signed, it can be challenging to complete the audit process within the expected timeline.

CI: Anything else you want to mention to our tech entrepreneurs?

KM: SBC awards vary from company to company, and there is no one-size-fits-all solution from an accounting perspective. Suppose a company does not have a GAAP-experienced CPA in its accounting department and it needs to account for SBC awards under US GAAP. In that case, the company should consider retaining an outside consultant sooner rather than later to track SBC awards correctly and to account for them properly under ASC 718. Generally, tech companies are C-corporations. There are likely other transactions, such as convertible debt, SAFE [simple agreement for future equity], and preferred equity instruments that come with GAAP implications. I suggest early-stage companies obtain help with accounting analyses for these debt or equity instruments, since they can be even more complicated than SBC accounting.

CI: Great advice, Kei. Thanks for sharing all that with our audience.

KM: My pleasure.

Cleantech Startups Are the MVPs of CI’s Newest Fund

 

The investment team at Connecticut Innovations believes that clean technologies are poised for exceptional growth. But that’s not the only reason CI’s newest fund is green. Connecticut leaders know that environmentally friendly products and services can help combat critical issues like climate change, soaring energy prices, pollution and diminishing natural resources. CI’s Konstantine Drakonakis, an environmental engineer, entrepreneur and investor who is overseeing the fund, tells writer Amy Hourigan about this exciting new initiative and some of the promising companies already in the portfolio.

 

Amy Hourigan: Thanks for your time, Konstantine. CI has been investing in renewables and other environmentally friendly companies for years. Why create a new fund?

Konstantine Drakonakis: You’re right. CI has been investing in cleantech for years. We have several companies in our portfolio that are focused on high-potential innovations like better battery storage, fuel cells and clean financing. This new fund is timely, though, given the environment—both literally and figuratively. We need to do more to address climate change now, so that future generations can thrive in a healthy and stable environment. We also want to support Governor Lamont, who is committed to reducing greenhouse gas emissions to net zero by 2050 and is committed to creating a climate-tech-driven economy. There are funds available to help us with these efforts through President Biden’s American Rescue Plan. CI applied and earmarked $50 million for climate tech deals through its new Climate Fund.

AH: Can you tell us what you’re looking to invest in?

KD: We’re looking for new ideas to improve public health and our business and community infrastructure. We want a healthy pipeline of diverse companies that have market-ready solutions to support a green grid, waste management systems, and agricultural and commercial products and services.

AH: Have you funded any companies yet?

KD: Yes. We’ve funded two “proof of concept” initiatives. The first one, NANOIONIX, is located in Farmington. It’s part of the University of Connecticut’s Technology Incubation Program. It’s an early-stage advanced materials company that has developed a family of engineered self-disinfecting ceramic materials that, when added to things like paint, asphalt shingles and aggregate, reacts with the sun to clean the materials. It gets rid of viruses, bacteria and dirt, kind of like what OxyClean does for your clothes. It’s effective and it doesn’t harm the environment, so it’s very exciting.

We’re also closing a deal with Zone Flow Reactor Technologies in Windsor. They’ve developed a hydrogen production technology that improves the efficiency of steam methane reform systems. It makes hydrogen production from natural gas much more environmentally friendly. It’s a transition technology for the hydrogen economy.

AH: So you’re looking for really early-stage deals?

KD: We’re looking for a mix of early-stage and later-stage deals. We’ll invest a target amount of anywhere from $150,000 to $2 million per investment round in a company. We’re also considering investing in a fund of funds that focuses on waste, mobility, the circular economy and resiliency.

AH: OK, good to know. You’re a Yale-educated environmental engineer with years of engineering and investing experience. Does CI have other investors on the team who are also experienced in cleantech?

KD: Yes. Several members of the team have manufacturing and advanced materials experience, and there are people who specialize in biotech and who cross over into advanced tech. We also have investors who are skilled in cleantech software and consumer-facing products and services. It’s a great mix of talent that will ensure we’re funding the right deals.   

AH: Anything else you want to mention?

When we think about cleantech, we’re not restricting that to mean any one vertical—it’s not just carbon capture or renewables. We want to invest in technologies that are making an impact on sustainability within the context of climate change as a whole. If you believe your company meets that qualification, or you’re interested in investing alongside us, we’d love to hear from you.

AH: Thanks, Konstantine. Exciting stuff.

KD: My pleasure.

Alex Waldron Joined a Team Set on Improving the Lives of the Millions of Americans Living with COPD. Here’s How It’s Going.

 

An estimated 25 million Americans are battling chronic obstructive pulmonary disease (COPD), a progressive inflammatory lung condition whose more alarming symptoms include shortness of breath, difficulty breathing and constant coughing. People who have COPD are at increased risk of developing heart disease, lung cancer and a variety of other health problems. Even so, care hasn’t progressed as much as it has for other chronic conditions. With the first fully integrated virtual care system for COPD, Wellinks is changing all that. Alex Waldron, the company’s CEO, took time out of his busy schedule to answer writer Amy Hourigan’s questions.

Amy Hourigan: Thanks for talking with me, Alex. You joined Wellinks about a year ago. What drew you to the company?  

Alex Waldron: Sure! Two things: the opportunity to improve care for people living with COPD, and the dedication and passion of the people at Wellinks, who have been on a mission to help COPD patients since 2017. Many COPD patients feel isolated in their disease, and they’re often confused by the complexity of their medication regimen, the devices they’re advised to use to monitor their health, and how to modify their lifestyle to remain healthier while managing the disease. Building a solution that addresses those challenges with a driven team inspired me to join the company.

AH: How is Wellinks’ COPD treatment different from anything else on the market?

AW: While virtual care models have revolutionized care for many chronic diseases, like diabetes, kidney care and musculoskeletal conditions, COPD hasn’t seen the same level of innovation and investment. There is a huge need for an updated model for COPD care, particularly when so many live with the disease, which is the third leading cause of death and fifth most costly chronic condition impacting our healthcare system. Research shows that integrated COPD care can improve outcomes for patients and reduce costs, but too many patients lack meaningful access to such care. At Wellinks, we aim to bring the same innovation seen across other chronic diseases to COPD through virtual-first care that can meet patients where they are and give them the support they need.

Wellinks offers the first fully integrated virtual care system that empowers patients to manage their COPD. It combines virtual pulmonary rehabilitation, personalized health coaching, monitoring through connected devices and an easy-to-use patient app. This activates our members in their self-management and enables providers to close gaps in care. Wellinks is expanding the capabilities of our current healthcare workforce, increasing transparency and improving patient well-being.

Right now, we’re the only solution focused exclusively on COPD, and are investing heavily in developing a strong clinical evidence base for virtual-first COPD care as we lead this charge.

AH: That’s impressive, and it sounds like a lot of work. What has been your biggest challenge as CEO so far, and how did you overcome it?

AW: The biggest challenge coming into Wellinks was one I tackled with the leadership team: How do we evolve a medical device company into one where we provide a full-stack solution for the care and management of COPD? The digital health, and in our case, virtual-first, landscape has been evolving so quickly, catalyzed by COVID and the willingness of patients to use technology and services to better treat disease. Our leadership team looked at all the trends with other virtual-first companies in diseases like diabetes and musculoskeletal health and the way health systems were integrating this new methodology to provide access and care. We then considered what assets we had as a COPD company with over three years’ experience understanding what patients with COPD really needed, and then developed the strategy to transform Wellinks into a company laser-focused on meeting those needs for patients.

AH: That focus paid off. You recently closed a $25 million funding round. Do you have tips or lessons learned from the process that you can share with our network?

AW: Yes. Be persistent and find the right investor for the company you’re funding. In the case of Wellinks, we’re building an innovative virtual-first company in a healthcare landscape that is evolving to be more value-focused and recognizes the need to improve access. While we spoke with a lot of investors in the healthcare space, many have a more traditional investment thesis in assessing companies. We were fortunate to have had Morningside Ventures, an investor with a strong appreciation for the emergence of virtual health solutions and a belief in their adoption into the wider healthcare landscape, lead the round.

AH: I understand the company pivoted. Can you talk about that?

AW: Think of it more as an evolution than a pivot; empowering people with COPD to live fully and breathe freely has been the mission since day one. The approach we are focused on today started in late 2019 as a result of combining two existing Connecticut companies, Convexity Scientific Inc. and Wellinks. In bringing together the virtual health and human-centered product design expertise from the original Wellinks team, and the health tech focus of Convexity Scientific Inc., we set out to reimagine COPD care.

 

AH: Despite being one of the costliest and most common chronic conditions in the U.S., COPD hasn’t seen much in the way of innovation and investment. Why do you think that is?

AW: Working for over five years with more than 20,000 people with COPD, the Wellinks team has seen firsthand the frustration that many experience while navigating the current care system. Unfortunately, too often COPD patients who have bad outcomes are blamed for inadequate self-management, when they are navigating a care system that is fragmented and inaccessible and overemphasizes high-cost acute and inpatient care. This has created a negative cycle that is taking a heavy toll on COPD patients. It’s resulted in low engagement, a lack of adherence, and a lack of proactive longitudinal care that’s needed to help patients manage their condition.

We’ve also learned that many COPD patients aren’t aware that it’s possible to improve their symptoms with the right combination of rehabilitation, coaching and behavior change. When the patient community doesn’t understand the benefits that a virtual-first solution can provide, it’s harder to gain widespread traction. There is an element of education that has to happen across patients, payers and providers to demonstrate the possibilities of this innovation.

The onset of the COVID-19 pandemic compelled changes in how we think and deliver care; however, many providers and third-party payers are beginning to embrace technologies that enable a wider variety of at-home care options. We are encouraged by the explosion of virtual-care models that have revolutionized care for other conditions and are confident in our ability to similarly transform COPD care.

AH: How are you getting your COPD solution into the hands of more patients?

AW: Wellinks is working with leading academic, research and advocacy organizations to grow the evidence base for virtual-first COPD care; we’re also helping to increase access to necessary care by getting an integrated COPD solution into the hands of more patients. In parallel to those efforts, Wellinks is forming and seeking partnerships with innovative health plans, provider networks and advocacy groups to generate evidence in clinical trial and real-world settings.

We know that health technology innovation doesn’t really matter unless we’re able to get it into the hands of the people who need it, and unless it truly engages them in their health. By using patient-centered design and creating a constellation of care through our integrated model, Wellinks helps increase engagement and improve self-efficacy among people with COPD. For many COPD patients, it can be extremely difficult to access in-person care, both because of a shortage of care availability and as a result of symptoms that limit mobility, which is why the virtual-first model is so important.

AH: Is the virtual-first solution easy for patients who aren’t digital natives to pick up?

AW: The myth that older adults can’t use technology has been busted, so our opportunity now is to prove that the people we are working to serve will meaningfully engage with innovative health delivery tools.

To achieve that, you have to design the solution with your end users in mind and develop full wraparound supports that reflect how they are using the tech. If the solution is simple and intuitive, and there is a real human in the loop that they can use as a resource to guide them, there is a greater likelihood that they will stay engaged. Because COPD is much more prevalent among older adults, we made sure Wellinks had all of these elements and would be accessible for this population. Additionally, our virtual health coaching capabilities give our users personal contact with trusted resources, who guide them not only through their care journey but also through their tech journey, as they familiarize themselves with our app. In fact, recent research published in Journal of Medical Internet Research found that Wellinks effectively engaged older adults at a high rate. With the average age of 80, all studied patients achieved the weekly goal of at least one pulse oximetry reading per week for the full eight weeks, and continued to log medication use, symptoms and spirometry readings regularly for the full duration of the study. Eighty-one percent of participants reported that the Wellinks app was valuable, 94 percent said the app is easy to use, and 100 percent remained engaged at eight weeks.

Given the difficulty of managing this complex, chronic disease, this feasibility study shows older adults will engage with a well-designed virtual-first solution like Wellinks.

AH: Those are impressive stats! Congratulations. So, you studied business, economics, political science and government. How did you get into digital health?

AW: I have spent my career working to evolve healthcare options for patients across many diseases with multiple solutions. While I may have started in traditional pharmaceutics “carrying the bag” as a salesperson, I quickly transitioned into biotechnology in the mid-1990s as I became fascinated with novel ways to treat people with diseases that had previously had few care options. The same can be said for digital health solutions. While pharmaceuticals, biologics and devices can chemically, biologically or physically provide help for patients in need, there are many diseases where changing behavior, providing support and managing the disease via digital health and virtual-first solutions can have a profound and clinical impact on disease outcomes and patients’ lives.

AH: What do you do in your downtime, and how do you avoid burnout?

AW: Downtime is always such a challenging concept when in a startup. You have the privilege to work with such passionate people and, in the case of Wellinks, you get to work on a solution that is badly needed by COPD patients. You always want to be working to help the company succeed and to help those patients get the best possible care. I often remark that the title of the book I’d write chronicling my experience in a startup would be “Exhilarated and Exhausted.” Having said that, I’m always conscious of the need to balance life, work and family. My weekends tend to consist of spending time with my family, and if I’m lucky, exploring a craft brewery with friends in New England.

AH: What’s next for the company?

AW: Looking to the future, our focus is on building a great company, growing our team, refining our technology and expanding the value we can create for members living with COPD through agreements with health plans and providers.

We also remain dedicated to ensuring that evidence-based research and clinical studies are a core component of the company’s work. In parallel to new clinical research studies examining both the clinical and economic outcomes of our virtual-first solution, Wellinks is forming and seeking partnerships with innovative health plans, employers, provider networks and advocacy organizations to generate real-world evidence in clinical trial and real-world commercial settings.

We’re very excited about where the company is today, and everything we have planned in the coming year.

AH: Thanks for your time, Alex, and best of luck on your continued success.

AW: Thank you.

They aren’t pretty or, thankfully, painful (unless you get one on your foot), but warts are a nightmare to get rid of. Freezing is painful, over-the-counter treatments require months of diligent application, and the much-praised duct-tape method doesn’t work. (I know. I’ve tried it on all three of my kids.) Dr. Reid Waldman’s company, VeraDermics Inc., offers hope for frustrated parents and children. Here, he tells writer Amy Hourigan how his revolutionary new painless pediatric wart treatment came to be, why building a startup is nothing like what you see on TV, and how he approaches fundraising to get the results he’s after.

Amy Hourigan: Thanks for talking with me, Reid. Our readers are always interested in learning how entrepreneurs are solving some of today’s biggest challenges in new ways. How did you get the idea for your revolutionary treatment for pediatric warts? I read that up to 33 percent of children and teens have them, so this will come as welcome news.

Dr. Reid Waldman: VeraDermics Inc. was founded at MIT Hacking Dermatology [a dermatology hackathon] because our founding team of dermatologists was frustrated treating warts on a daily basis and felt that a painless and kid-friendly treatment for warts was needed.

AH: I agree! This would have been a godsend when my kids were little. How is what you’ve developed different from anything else on the market?

RW: There are no FDA-approved prescription treatments for common warts. The treatments that are used, like freezing the wart with liquid nitrogen, are painful, scare children and still are not particularly effective. Over-the-counter treatments like salicylic acid, which is the active ingredient in Compound W, require daily applications for months at a time, which is too burdensome for most people.

AH: You’re a board-certified dermatologist turned dermatology innovator. What attracted you to entrepreneurship?

RW: As a physician, I have always enjoyed research. I find entrepreneurship, and drug development in particular, to be a much better version of research because the outcome is tangible.

AH: What was your company’s biggest challenge so far, and how did you overcome it?

RW: Our biggest challenge to date has been building out a robust team. Drug development is a multifaceted discipline that requires contributions from numerous people with highly specialized knowledge in areas like chemistry, manufacturing and controls (CMC); regulatory affairs; and medicinal chemistry, to name a few. One of our top priorities at all times is ensuring that we have the best partner possible for each specific job. Our network of mentors has been instrumental in helping us choose who to partner with.

AH: You recently raised a large round. Do you have tips for other entrepreneurs who are fundraising?

RW: Take every meeting! Raising money is all about building relationships, and the only way to build relationships is by talking to people. Almost all of the money that VeraDermics has raised has resulted from a warm introduction to an investor by a mentor.

AH: What’s the hardest part about being an entrepreneur?

RW: Patience and discipline. Unlike on TV, building a startup does not happen over one night or because of one pitch, even though VeraDermics was founded at a weekend pitch event. Many business activities unfold over months or even years, and it requires patience and discipline to persevere, especially when there is turbulence on your path.

AH: What’s the best part?

RW: Watching plans that you dreamed up over the previous months or years come to fruition. Even little victories can be motivating when they occur because of hard work and strategic vision.

AH: How do you avoid burnout? I see BBQ, judging by your LinkedIn profile.

RW: I love VeraDermics! While it’s trite, it’s also true that if you do something you love, you’ll never work a day in your life. Nothing makes me happier than working toward the company’s goals.

AH: Why did you choose Connecticut?

RW: I moved to Connecticut initially for work and have stayed due to the robust ecosystem and seemingly endless opportunities here. We found Connecticut Innovations shortly after founding VeraDermics by googling funding opportunities in Connecticut. We are very appreciative to have the support of Connecticut Innovations and CI’s senior managing director of investments, Kevin Crowley. Kevin has been an exceptional resource for VeraDermics, and he serves as one of our most esteemed mentors.

AH: What’s next for the company?

RW: Our next big milestone will be filing an Investigational New Drug application, or IND, for our wart product.

AH: Good luck and thanks for your time, Reid. We’ll be looking forward to seeing your product come to market.  

RW: My pleasure.

It was never easy to get a reporter’s attention, but with budget cuts in the newsroom and time at a premium, you must work even harder to stand out. Here, PR pros, a journalist and multiple entrepreneurs share what’s working—and what’s not.

Help your company stand out (especially on a limited budget)

“When you’re working with a limited budget, hiring a PR firm or other agency to find and connect with journalists and blogs on behalf of your business isn’t an option. Fortunately, with a little tenacity and know-how, you can achieve much of the same results with only one or two dedicated people. If you have a product launch or other upcoming event, stand out by personalizing your pitches. Journalists get pitches all day long, likely for products or businesses just like yours, so you can’t expect an impersonal cold email to inspire them to cover your launch. Take the time to browse their recent work and include a short blurb in your pitch about how you enjoyed their recent article on XYZ.”
—Dr. Emily Perry, senior education program manager, QuillBot

“Reach out to local media contacts and develop key relationships that will foster continued coverage. Not every media relations effort needs to be national.”
—Carson Kunnen, communications coordinator, Fifth Wheel Freight

“With journalists and their editors looking as closely at their social interactions as their page hits, the best angles are those that provoke conversation. If you lack a strong enough hook for your news, try approaching with a comment piece providing a fresh outlook on the industry that goes against the grain. Get people talking about the message you’re pushing and they will start talking about the person behind it, and thus the business they own/represent. There is a fine line between provoking a conversation and aggravating figures within your industry. Tread lightly.”
—Ryan Hathaway, PR and media manager, BrighterDirections

“Find the publication you’re targeting, and the specific journalist if possible, and see how they write, what their common themes are, and how well their readers engage on social media. Afterwards, if you still feel your story is a great match, be sure to point that out in your outreach. It demonstrates that you’ve done your due diligence, which will set you apart.”
—Connor Hewson, managing director, Assured Marketing

“Make personal connections with the media in your region.”
—Ben Baker, newspaper editor, syndicated columnist and freelance writer, Baker Brothers PR

“One of the best and most cost-effective ways to launch a PR campaign is to create link-worthy content in the form of a study or industry report. Original data will help you stand out and attract journalists’ attention. Research content, for example, from your competitors, that generated mentions and backlinks from reputable publications. This exercise should give you an idea of the type of content you need to create.”
—Kas Szatylowicz, content and PR manager, V7 AI Vision Platform

Make your pitch stand out

“When pitching your B2B story, make it simple and direct. Journalists may already have a plethora of pitches to review, and so it’s advantageous if you can capture their attention within the first few sentences.”
—Martin Luenendonk, CEO of FounderJar

“First, the don’ts: As a journalist, I am not interested in hearing you have opened a new business and are offering X to the public, unless X is something truly unique and revolutionary. You may think what you have is unique and revolutionary. Ninety-nine percent of the time it is not. Absolutely do not come to me to announce a big sale. If I don’t block you, I will refer you to the advertising department. Don’t come to me with a story about superior service. Everyone says this. I forget how many businesses come to me and want me to write this story. No. A real story is why you opened the business. Tell me about how you grew up, what you wanted to do as a kid and why that led you to the business. Tell me about your community service work and how that dovetails into your business. We have a Youth Apprenticeship program in my community. Businesses hire high school students to work in the place. Students get paid and get high school credit for this. Each one of these kids is a story. Volunteer in the community. [There is] always a story there and it can link back to your business. Tell me why you located your business in the community. Be local. Local is defined as my coverage area. I regularly get PR that says LOCAL in the subject line. I open it to find out the person/place/event/thing is several hundred miles away. Do that a few times and the email gets blocked.
—Ben Baker

“Unless you are bringing a revolutionary product to market, immediately contacting national outlets is unlikely to yield results. Work up through the media ranks, quietly and proportionately building your contact bank as your business itself grows. As mentioned before, provoke a conversation. Think about the articles that you read and share with others: What do they have in common? They either present something new, present an opinion that goes against your own, or provide new insights in an area of interest to you. When your angle is ready, create a priority list of media outlets you would like to be featured in and personally pitch to the right contacts at each. It is vital that you take time to research each outlet closely and discover: A) What are their guidelines for contributions? B) Who is the best person to contact for this pitch? C) Are there any specific pieces of information that they want to receive with your pitch? D) Is your news relevant to their audience? From here it is a time-consuming but ultimately rewarding process of reaching out to discuss your idea.”
—Ryan Hathaway

“Don’t be boring or generic. Lay out how the business or product you want them to write about is different or disruptive and offer some angles specific to the journalist’s niche or location. Help them help you! It is not their job to come up with how your product or business will change the world, and if you don’t include the angle, you will likely not get a response. Also, don’t expect a journalist to drop their other stories to cover yours because you were late pitching. A week of lead time is considered good practice for events like product launches. The opposite is almost never true: Even the best pitch levied too late in the game won’t fly. And don’t contact more than one journalist at an outlet at a time. If several from the same place accept your pitch, you will burn bridges because they don’t want to be writing the same thing.”
—Dr. Emily Perry

“A good human interest story will almost always increase brand awareness. It’s crowded out there, and the fact that people buy from people first will never change. Tell the intimate stories of how your brand helped customers overcome hard times, share customers’ milestones or achievements or random acts of kindness or bravery, honor unsung heroes, or highlight a social cause that’s near and dear to your heart.”
—Lakesha Cole, founder and principal publicist, shePR

“Journalists hunt for interesting facts they can turn into compelling stories. To be successful at pitching journalists as a B2B business, you have to give them what they’re looking for—intriguing, original findings that will make them go ‘Wow, I need to be the first one to cover this!’ My tip is to make sure you provide journalists with everything they need to share your stuff with minimum effort—give them the write-up, highlighted facts and numbers, infographics, quotes, etc. And make sure you reach out to relevant people in the first place!”
—Kas Szatylowicz

“Getting coverage as a startup is relatively easy, particularly if you can announce a successful round of funding. There are many outlets that want to hear about the pitch deck that helped a hot startup raise millions. You have to be able to sell the story, though—what are you going to do with the investment that’s different? That’s the key: identify what makes you different and tell a story that hasn’t already been told.”
—Jennifer Reid, managing director, Techmarketingtalk

“The best way is to document your own narratives internally. Write down all the events, twists, turns and key people who are making interesting things happen. Ask yourself, would I like to read about this? Think of your startup as a movie set—or better yet, a Seinfeld episode. Who are the standout employees or executives or investors who have a compelling or funny or innovative story? How did they defy the odds and come up roses? In what ways has your launch or product or startup journey been excruciatingly interesting? Telling your compelling or educational or amusing business story is largely free if you have the time, the penpersonship, and the patience to write to each journalist individually and ideally exclusively. Never send out an email blast to every reporter on your list. Expensive PR or publicity consulting firms like mine are simply selling you their time and expertise, along with their contact list and proven strategies for earning great press. Truth be told, you can do this yourself if you and your team can advance an authentic, multi-pronged narrative that reads like a mini action-adventure novel or Navy SEAL mission.”
—Baron Christopher Hanson, growth strategy and turnaround management consultant, RedBaronUSA

“When you are starting off, the best step you can take is to be personal. Offering to take the journalist for a coffee to showcase what you are offering is a much better idea than hoping they will respond to a cold email. Start local and build a core of support with the journalists around you and build from here.”
—Zac Surprenant, marketing director, BPKC

Build a targeted media list on a limited budget

“Find out who does the reporting for the media outlets that cover your area. Find out who covers the sector your business is in. Harvest emails from websites. Find out when their deadline is. Then, make an appointment to speak with that person well before or sometime after deadline. Caution: If you start spamming me, I will block you. I’ll never see your stuff again. I have blocked all the major press release distribution agencies. This morning, I blocked two small PR agencies.”
—Ben Baker

“Building a targeted media list can feel overwhelming. Start with a Google or Excel sheet. Once you feel this is inefficient, try a platform such as Muck Rack, Cision or Meltwater. Include contact name, publication, areas of expertise/coverage, mailing address, links to their socials, etc. It is important to keep your media information up to date. Attention to detail is crucial. You don’t want to send your pitches to the wrong email or spell your contact’s name wrong. This could ruin a potential relationship.”
—Carson Kunnen

“The easiest way is to use a tool such as Muck Rack or BuzzSumo to get access to the journalists’ database. The cheapest way is to find relevant people on Twitter and LinkedIn and start building relationships with them.”
—Kas Szatylowicz

“Make a list of topics related to your company and put them into a search engine to find out who covers them. For example, if you are in the B2B cloud computing space you could search for cloud storage, cloud migration and cloud management. When going through your search results, identify not just publications but journalists who cover these topics. Now you can build a media list of journalists and the publications they write for.”
—Brad Touesnard, founder and CEO of SpinupWP

“Start with local and statewide news organizations that publish in your niche or have a news section. Some of these will be smaller but will also be looking to champion people from their community or state. Then you can add authoritative online media outlets or blogs that cover stories or launches like yours—they could either fit into your niche or have a news feed. From there, you can look at where your competitors have gotten backlinks or press coverage and target those same outlets, knowing that they have covered a relevant company in your niche. You will still have to contact, pitch and make relationships with the people on your target list, but the list will act like a game plan for your outreach efforts.”
—Dr. Emily Perry

“Get your C-suite together, along with your marketing and sales folks, and become voracious readers of industry-related news. As you and your team begin to follow certain journalists and publications, you can organically build contact spreadsheets, and then craft bespoke press release pitches. The secret is to mail select journalists and editors or newsrooms a handwritten note, a recent clipping of other news you’ve earned, and a few questions about a potential follow-up article.”
—Baron Christopher Hanson

“Work on establishing a relationship with a boutique PR agency that aligns with your company values. Bigger isn’t always the best choice for startups. The media landscape changes all the time, making it difficult for many media list providers to keep accurate databases. Most boutique agencies secure access to a regularly updated media database and invest more time into building media relationships. Many will sell you a list for a flat rate and have more flexibility to work with various budgets.”
—Lakesha Cole

“Pre-built media contact databases can be costly, but they do offer an all-in-one spot for your PR and marketing team to pull from. If you cannot afford one, you can build your own database from scratch. It’s time-consuming but does have benefits, including that you will have to visit each outlet you’re targeting, which means you’ll get an idea of what content they publish, helping you tailor your pitch to meet their style. While most outlets offer contact details and an overview of what they look for in a pitch, not every editor makes their contact details public. You may come across their email address or phone number elsewhere, but if it is not prominently featured on the website it is likely that they do not appreciate receiving cold pitches and will therefore ignore yours if you try.”
—Ryan Hathaway

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Wondering how often (or even whether) you should follow up with a journalist? Our experts weigh in.

 

“My first follow-up is about 14 days after my initial pitch. Then, if I’m really determined to reach this specific writer, I’ll follow up again after another seven days. Unless something changes, I follow up a maximum of two times per journalist. You don’t want to burn any bridge and upset them.”

Brandon Hopkins, founder, DiamondLinks

“Follow-up times to journalists vary. If you’re trying to newsjack a trending headline, you should follow up within 48 hours. If you’re pitching an evergreen story, expect some quiet time after you send the first pitch and follow up in a week. After the second follow-up with no response, the best follow-up is a new pitch.”
—Lakesha Cole

“Following up with a journalist can be tricky. You don’t want to be annoying, but you also want to know if and when your story will get covered. Research shows that 90% of journalists say that one follow-up email is acceptable. Sometimes journalists want you to follow up because, as all of us do, they get busy.”
—Carson Kunnen

“One follow-up with a phone call is enough. Keep pestering me and when I see your number on caller ID, it will just ring and eventually go to voicemail, which I ignore, or the answering machine.”
—Ben Baker

“For a launch with a specific date, you can specify in your pitch that you need a response by a certain date. Depending on the timeline, I will follow up no more than twice before the stated ‘response needed’ date: once the week before, and one last time up to a few days before. I wouldn’t follow up twice in one week, though. If they want to cover your launch and you’ve given them a great pitch to work from, they will let you know if they can make it work. It is their job to find and write about newsworthy things, after all.”
—Dr. Emily Perry

“Send them a handwritten note or thank-you once, with your business card, and that’s it. Do not ping them via email or social media constantly. This will annoy busy journalists who are not only on multiple deadlines each day, but also get hundreds of emails begging them for free press. Be different by starting a conversation with them that’s relevant to their upcoming or distant editorial calendar.”
—Baron Christopher Hanson

“It depends on the journalist. With job cuts and shrinking newsrooms, most editors and journalists have an inbox overflowing with messages, many of which will never be opened, which means follow-up emails are needed. We suggest following up four to five days after an initial pitch, and again the week following if you have heard nothing back. Daily follow-up emails are a great way to find yourself blacklisted.”
—Ryan Hathaway

Another great way to get ink…

“You can hire a writer. You can even dictate what that writer puts down. I have plenty of clients who do this. They get irritated when their press release, blog, etc. does not take off or go viral. Not my fault. I wrote exactly what I was told. I have a few clients who give me a topic and let me do my thing. Their articles, releases and blogs get serious traction. I know what the media wants and I will deliver, if allowed.”
—Ben Baker