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Strategies for Improving Memory and Creativity (Entrepreneur Edition!)

LEARNING A NEW LANGUAGE AND GETTING EIGHT HOURS OF SLEEP MAY BOOST YOUR BRAINPOWER, BUT YOU PROBABLY DON’T HAVE THE TIME. HERE’S HOW TO DO IT INSTEAD, ACCORDING TO A NEUROSCIENTIST.

smart brain

It’s Official: Memory Complaints Are Universal

You’re introducing your coworker to a new hire, giving a presentation or answering a question about a critical metric when suddenly, you can’t recall the name/key point/piece of data you need. Maybe you feel embarrassed by your gaffe, or frustrated with your lack of recall, or perhaps you worry there’s something wrong with you. You’re not alone. “Memory complaints are universal: We all have them, and we all dislike the experience of not being able to remember something at a critical time,” says Dr. Heather Collins, a cognitive neuroscientist and speaker. But what can you do about it?

Your Memory Isn’t the Problem

The first thing to know is that your memory isn’t the problem. “The most common pitfall with a ‘bad memory’ isn’t actually memory itself, it’s attention,” says Dr. Collins. “For your brain to make a memory, you first must pay attention to the thing you intend to remember.”

Since they’re so busy, entrepreneurs can easily overlook the importance of paying attention, but paying attention is critical to memory making. “If you’re having a conversation with somebody, take a moment to think about what they’re saying instead of how you’ll respond. If you’re watching a presentation, separate the information you want to remember from the irrelevant information that can be tossed aside,” Dr. Collins says. Doing this allows you to focus on creating a strong memory you can recall rather than a weak one you can’t.

How Memories Form

Your hippocampus is a small, curved structure near the center of your brain. It’s associated with learning and emotions, and is involved in the formation of new memories, but it doesn’t work alone. “The hippocampus works in collaboration with other brain regions to form a network that represents each memory,” explains Dr. Collins.

How can you use this information to your advantage? “Don’t just repeat the word, phrase or point [you’re trying to remember] over and over, because you’re likely to forget much of the information if that is your only strategy,” says Dr. Collins. “Instead, associate the to-be-remembered information with everything else you know. For example, if I ask you to remember ‘apple,’ start by creating a mental image of an apple, which will form a link between your hippocampus and the vision areas in your occipital lobe. Next, think about a specific apple, like a Granny Smith apple, and what it tastes like, feels like and smells like. Maybe think of a story about an apple, such as the time you knocked over a stack of Granny Smith apples at the grocery store.”

Dr. Collins says this imagery and sensory information creates a broad representation network including your somatosensory cortices and your frontal lobes, and will ensure that you create a powerful memory. “Be specific and include as many contextual details and stories as possible.”

While this technique takes work, it’s worth the effort. “Have you ever tried a new weightlifting program or exercise class? It was probably difficult and awkward at first, but then it became part of your routine as you gained experience. Creating a powerful memory is just like that,” says Dr. Collins. “By engaging in this cognitive effort now, you are training your brain to create powerful memories with each important encounter. After a while, your brain will do this automatically and it will feel effortless. Not only will you generate lasting memories, but you will also free up your cognitive resources for other critical tasks.”

Running on Autopilot Kills Memory Making AND Creativity

If sharpening your focus can boost recall, can it help in other areas, such as creativity? You bet. Operating on autopilot can be restful, but it can also lead to missed opportunities and missed connections.

So what is autopilot, and why is it bad? “Autopilot is a form of automatic thinking that requires few resources, minimal effort and even less mental awareness,” says Dr. Collins. “During autopilot, your default mode network is active and humming, but complex networks involved in thinking, reasoning and decision-making are passive.” (If you’ve ever found yourself thinking “What did I just do?” or “Where did the time go?,” chances are, your brain was on autopilot.) Dr. Collins likens the phenomenon to a car idling at a stop sign. “It’s on, but it isn’t going anywhere. To shift your brain to active pilot, you need to give it some gas.”

Why fight autopilot? Because it can have serious consequences. “When your brain is on autopilot, you fail to think creatively, fail to identify solutions and fail to engage in high-level problem solving,” says Dr. Collins. “Being on autopilot also limits your effectiveness in performing important tasks, taking on challenges and achieving goals. Your options are fewer, opportunities are missed, and there is a narrowing of potential connections made between you and your world.” Not a good state to be in if your company’s success depends on your ability to continually innovate!

Killing the Autopilot Switch

Turns out, switching your brain fully on is easy—as is not letting it switch off in the first place. You simply have to rely on external cues. “When your brain slips into autopilot, you’re unlikely to be aware of small internal signals that indicate you’re not performing at your best,” says Dr. Collins. “External cues help you snap out of autopilot and can prevent your brain from slipping in the first place.”

You can create an external cue by setting a timer on your phone or computer. “Think about how difficult your task is and set a reasonable time limit for the project. The key is to make it long enough to accomplish meaningful progress but short enough to prevent your brain from slipping.” Aim for 20 minutes or less; research suggests that your brain’s default mode network needs to refresh that often.

To keep your brain from going on autopilot in in-person settings, like meetings or presentations, Dr. Collins suggests asking someone who is attending with you to prompt you every so often with a meeting-related question. Alternatively, you can take notes—with pen and paper—every 2–5 minutes. (Don’t take notes on a digital device, since they’re distracting; if you use a device at all, make sure it’s as a timer only.) Another effective method is asking questions. “When you ask questions, you engage your brain’s frontal cortex,” says Dr. Collins, who explains that this is the region of the brain where critical cognitive processes, such as reasoning, thinking and decision-making, occur. “Keeping your frontal cortex active ensures that you’ll be ready to engage in complex reasoning and decision-making and won’t be caught off guard.”

Finally, reframing business activities may help you see them in a new light. “Many times, we walk out of meetings or presentations believing they were worthless, but if we don’t do our part to get the most out of every professional situation, we have done ourselves a disservice,” says Dr. Collins. Even a dull presentation may contain a few gems. Make sure to fully engage, and you might just find a few you would have otherwise missed!

For more tips on using neuroscience to your advantage, watch Dr. Collins’s TEDx talk.

Persona Company Profile

Tips for Shooting Better Marketing Videos

YOU DON’T HAVE TO BE A WORLD-FAMOUS DIRECTOR TO SHOOT GREAT VIDEOS, BUT WE ASKED ONE FOR ADVICE ANYWAY

 

If you haven’t yet added videos to your marketing mix, you might want to start. Video drives traffic to your site, boosts sales and leads to fewer support calls. What’s more, 88 percent of businesses say video gives them a positive ROI. Think video costs too much or that you won’t be able to produce quality videos in house? We did, too. So, we asked world-famous photographer and director Michael Grecco for pointers. A former photojournalist, Grecco has published several best-selling photography books, and his clients include Steven Spielberg, Will Smith, Robert Duvall, Martin Scorsese, Janet Jackson, Mel Brooks, Lucy Liu, Morgan Freeman, Jet Li, Joaquin Phoenix and others. In other words, the man knows his stuff. Luckily for us, he’s happy to share his knowledge.

 

cellphone to record

 

Connecticut Innovations: Thanks for talking with us, Michael. We know you’re busy, and so are our readers, so we’ll get right to it: Is it possible for a cash-strapped startup to produce high-quality videos?

Michael Grecco: Yes! If you need video and you have some budget, you can hire a cameraperson for a day for between three hundred and five hundred dollars. During that time, you should be able to shoot 10 videos. Decide what you need, group them, shoot them together and then have the professional you hired do the cuts. Cuts for 10 videos should run you another fifteen hundred to two thousand dollars.

CI: What if you want to shoot the video yourself? Is it possible to capture high-quality video on a smartphone?

MG: Yes. In fact, I’m a big fan of the iPhone 11; it has great video capabilities. If you decide to shoot video on a smartphone, you have two choices: Put the phone on a tripod or have a partner hold the phone. The latter option is better, since the person who’s holding the phone can start the recording when you’re ready and stop when you’re done, which means there’s no need for you to go back later to edit out the start or the tail.

CI: What about orientation?

MG: Horizontal wins. Facebook and other platforms require horizontal, so why not use that space.

CI: Your peers call you a master of lighting, and you’ve written books on the subject. Can you give us some pointers?  

MG: Consider what people need to see in the background. Unless you’re a beauty blogger, there should be content. If the video is for manufacturing or sales, think about your content first. Then lighting. You don’t want any straight overhead light, especially at noon, because you’ll wind up with people who appear to have black eye sockets. The same goes for an office shot. As far as light source, I don’t recommend having it on your camera unless you’re walking around. Your best bet is to go online and buy LED video lights. Lume Cube has nice panel lights. Put them on a light stand so they’re off camera, and angle them so that the light source is 45 degrees to the subject off to left or right, and one-and-a-half feet higher than the subject, aimed at his or her face. Don’t put your light source at your subject’s feet, because the person will appear ghostly.

CI: What about audio?

MG: You can rely on your iPhone microphone if the phone is close enough to what you want to record. If the action is far away, like across the street, you’re never going to get good audio. You can get a separate microphone to record audio, but then you’re in a whole different ball game, because you’ll need a clapper and someone to clap it. [A clapper board, like the one pictured at right, helps you synch audio to video when the two have been recorded separately.]

Zoom has a great product for recording audio. You can get a wireless or wired lavalier. Hook it up, and if it’s wired, run it up the inside of your subject’s shirt. Or, you could get a shotgun mic/boom, which, since it takes noise from a small space, you’ll need to put above your subject. Don’t put it below, because there’s less noise down there, plus perhaps carpet, which will absorb sound.

CI: What video editing software do you recommend?

MG: It all depends on the time you want to put into it. iMovie from Apple is easy to learn, entry-level software. Adobe Premiere Pro is a professional video editor that takes a while to master.

CI: What tools should cash-strapped startups invest in?

Michael Grecco

Photographer and Director Michael Grecco

MG: You can invest a lot of money, or you can keep it simple. Video equipment costs have come down a lot. You can invest in a Zoom mic, like we talked about earlier, but you need an extra human to operate it. If you have two extra humans, get a boom mic. Now you’re a pro.

Get the Lume Cube light—the panel light. Don’t get the little one, which is good for, like, hiding in a car dashboard and shooting there, but it won’t go beyond two feet. You’ll lose power. There’s something called the inverse square of light [which describes light’s intensity at different distances from its source]. If you move from one to two feet, light intensity doesn’t cut in half, it is quartered. Light scatters.

If you have some money, and you think you’re going to produce video regularly, invest in a Sony camera. You can purchase a Sony A7S, which is more of a video camera, for about two thousand dollars. If you’re doing stills, product shots and headshots, the new Sony A7R Mark IV is killer. It’s a beautiful, high-end camera that costs around four thousand dollars. If you think you might buy a Zoom mic and you’re recording sound, just get the Sony.

CI: What are the biggest mistakes amateurs make when shooting video?

MG: Amateurs never consider sound. In fact, sound is a failure of many movies and documentaries. It needs to be considered.

CI: Any final thoughts before we let you get back to work?

MG: Shooting video isn’t magic, it’s common sense. Look at professional videos you admire. [Find Michael’s here.] Yours should look and sound like those.

How to Make a Press Release Work for Your Business

Have press releases gone the way of phone books and QR codes? Or are they still effective for spreading the word about your latest company news? We asked journalists, PR pros and marketing experts to weigh in.

 

You may have heard that the press release is dead. Those of us in the communications industry have been hearing it for years, but the truth is, press releases—short communications that relay news—are very much alive. “Many reporters still prefer to receive press releases because they are the easiest way to understand the who, what, where, when and how of your announcement,” says Michelle Barry, a public relations strategist with Chameleon Collective.

Former news reporter Liz Jeneault, now a vice president of marketing with Faveable, agrees. “I believe in the power of press releases. When I worked as a reporter, I relied on them for story ideas.…They are chock-full of great information, and they’re a great jumping[-off] point for a story, especially on a slow news day.”

While press releases still have their place, it’s important to note that they’re evolving right along with the communications industry. “Press releases don’t have the same effect that they used to,” says Ronjini Joshua, owner and CEO of The Silver Telegram, a PR agency. “They are used more like fact sheets and reference points. They also are a primer for reporters to determine whether they want to create a bigger story out of the news.”

“A press release…should be viewed as one of many tools at the disposal of a company,” says Edward Yang, managing partner at Firecracker PR. “If your goal is to create an online profile with a history of official announcements that are picked up automatically by certain websites, press releases can do that. However, if you’re looking to generate original stories from reporters, the chance of that happening from a press release on a wire service is low.”

“Issuing a release over the wire can be expensive and doesn’t guarantee media coverage,” adds Barry. “The press release is only one small part of a larger strategy.”

So how do you use a press release strategically? The first step is to determine if your news is actually newsworthy. “Many clients want a press release for every new hire and promotion,” says Margaret H. Geiger, the owner of Twelve31 Media, a full-service marketing company. “This [information] may be important to the business internally, but news outlets wouldn’t consider [it] very newsworthy.”

What is likely to catch a reporter’s attention? “Grand openings, big events, nonprofit/charitable contributions and fundraising opportunities, new product launches and notable business acquisitions,” says Geiger.

Writing the Press Release

If you have an announcement that is truly worthy of a press release, there is a right way to go about crafting it. “Most companies organize their press releases using a completely wrong approach,” says Rafe Gomez, co-owner of VC Inc. Marketing, a public relations firm. “By not understanding the essential ‘rules’ that make a press release readable, interesting and usable, these organizations will have tremendous difficulty attaining the valuable benefits that a well-crafted press release can deliver.”

Besides sharing updates that are truly newsworthy, Gomez says companies should present the information clearly and concisely, and avoid hype. “Mirror the flow of a CNBC story rather than a QVC segment,” he says.

“Keep it under 500 words,” adds Barry. “Avoid jargon and buzzwords, and focus on customer benefits. Don’t make overinflated claims that you can’t back up with facts, and when it comes to quotes, ditch the fluff. Remove any quote that starts with ‘We are excited….’ They add no value.”

Besides these tips, be sure to format the release properly (search “how to write a press release” or view examples here). Include hyperlinks where relevant—two or three at most. You can also use images and video if they help tell your story.

Promoting Your News
Once you have a well-written, jargon-free press release, you need to promote it. “In an innovative industry like tech…every press release should be on a company website, on the internet more broadly, on tech blogs, on all your social media channels, and, if it is a major announcement like a funding round, on a paid press release distribution service,” says Andrew Blum, a PR consultant with AJB Communications. “Using a video to serve as a press release announcement is also a good way to go.”

You also need to pitch your news to reporters. (Simply hoping they’ll write a story after seeing your release isn’t a sound strategy.) What is? Doing your homework.

“Building relationships with media and news outlets is extremely important,” says Geiger. “Maintaining an up-to-date media list that is specific to your industry is key since the news world has a high turnover.” You can build these relationships by reading and commenting on industry blogs, following the trade press, connecting with influencers, and following journalists and editors who cover your industry on Twitter and other social media sites.

It also pays to be persistent. “Media personnel are busy, and some receive hundreds of emails a day,” says Geiger. “To get seen among the clutter, always follow up with a phone call. For bonus points, find their social media handles and reach out via direct message. They’ll appreciate the urgency and determination.”

“You never know what a reporter is looking for, so it’s important to keep sending them press releases,” says Jeneault. “Even if you don’t get a response the first or second time around, you might on the third. When I used to host and executive produce a weekly news program, I remember passing on one woman’s press releases several times until I finally received one that fit what I was looking for. Even though I had ignored her for months, her patience and persistence paid off. I booked two of her clients to appear on my show.”

Note, too, that your time might be better spent courting the trade press rather than the big media outlets. “The wider the market you’re going after, the harder it is to get press,” says Yang. “It is magnitudes harder to get a mention in a national mainstream media outlet versus in an industry-specific magazine. Yet the latter often offer the best opportunities to generate press if you can tailor your message for unique audiences.”

Press Release as SEO Tool
Besides helping you to engage reporters, press releases have a place in your search engine optimization strategy. “Establishing a strong brand position in Google and other search [engines] is important, if not critical, to most companies, and press releases serve as strong SEO and online reputation management tools,” says Eric Fischgrund, the founder of FischTank, a marketing and PR firm. “Releases that are well written, laden with keywords relevant to [your] business, and [that contain] links to important online assets are helpful for online branding.”

“With the rise of social media and digital marketing, press releases now are an invaluable resource for gaining organic backlinks, which are important in digital marketing, especially SEO,” says SEO expert Kenny Trinh, CEO and founder of Netbooknews. Like the other experts we consulted, though, Trinh cautions that focusing on backlinks is not enough. “Press releases will be effective only if the content is useful, newsworthy and done correctly.”

Go Beyond the Press Release
“Companies with a small marketing budget can make a large impact by investing their time and resources in PR,” says Olga Mykhoparkina, chief marketing officer of Chanty. “We’ve extensively used platforms such as HARO, Sourcebottle and JournoRequests. With just a few hours per day, we’ve been able to get massive exposure for our website, as well as a large number of backlinks (30-plus) every month, just by following what journalists are asking for and giving them the right information in time.”

You can also contact reporters directly. “I will only write a press release if the client asks for a formal release they can use on their website for SEO and/or content,” says Patricia Jones, founder of PJones Communications. “If a client wants me to generate news coverage for their product, service or industry, I craft pitch emails customized to the reporter or editor I am writing to. In the first sentence, I tell the reporter why the pitch is of interest to their audience. I don’t waste the reporter’s time, and I don’t waste my client’s resources by writing a lengthy press release that will most likely go to spam or get deleted.”

In addition to building your media list, create a folder dedicated to editorial calendars. This is a great opportunity to reach out to the editor and pitch based on what topics they’re looking for. —Margaret Geiger, owner Twelve31 Media

Serial Entrepreneur on Batteries, Balance, and How She Built a Global Business in Connecticut

As the demand for electric vehicles, consumer electronics, and grid energy storage systems continues to grow, so does the demand for safer, cheaper, high-performing lithium-ion batteries, which power most of these devices. The problem? Lithium-ion batteries are expensive to produce, have a history of exploding—one merely has to Google “Samsung phones exploding on planes” for more on that front—and have less capacity to store energy than do fossil fuels. Dr. Christina Lampe-Önnerud, CEO and founder of Cadenza Innovation, is solving these challenges and more. Her company, in which CI is an investor, has patented a battery architecture that is safer than existing designs, creates greater energy output, and is cheaper to produce. CI caught up with Christina recently to learn more about her company and her experience running a global business right here in Connecticut.

Connecticut Innovations: Thank you for agreeing to talk with us, Christina. You have an impressive background. (Among myriad notable accomplishments, Dr. Lampe-Önnerud patented a material to increase the power of lithium batteries while still a doctoral student, and later became one of management consultancy Arthur D. Little’s youngest partners.) What drew you to the startup route?

Christina Lampe-Önnerud: I am no stranger to big companies, and have been part of the leadership team of multiple large organizations with operations in multiple countries. [Dr. Lampe-Önnerud was a director and senior scientist at Bell Communications Research and later served as a director and partner in the Technology & Innovation Practice of Arthur D. Little before founding Boston-Power in 2005.] Bridgewater Associates, an investment management firm in Westport, brought me on in 2013 as part of its senior management team, which is how I ended up in Connecticut. I started Cadenza because when you have ideas that go outside the norm, it’s really advantageous to be laser-focused on stress testing the idea, which you can do at a startup. By forming your own company, you have the ability to commit to that idea, finish that idea, and find out if it works.

CI: What is Cadenza’s team focused on today?

CLO: We’re providing battery storage, which is one of the building blocks of the future. We live in unprecedented times, and those of us who have experience [in energy and related industries] are hearing an innate call to action: “Let the data speak, lock hands, do good, and do well.”

Today, individual consumers can generate and store power, but there is room for improvement in battery technology. At the other end of the spectrum, utilities are getting better at managing peak shaving—batteries are a very cost-effective solution here—to improve efficiency, lower costs, and reduce their carbon footprint. More predicative behavior in batteries is a cornerstone of the future. We’re having a lot of discussions with federal agencies and others. [Everyone’s looking for] the cheapest, highest-performing, safest batteries. At Cadenza, we get credit for our tech innovation, but this is also about business innovation. There’s a mega trend of new energy coming on to global markets, a real-world win-win.

CI: You have experience building companies with impressive global reach. Can you share the strategies that enabled you to expand internationally?

CLO: I relied on my personal relationships. I’ve always been in an international environment solving global problems. Even early on, at MIT [doing post-doc work], I enjoyed a super international environment. I learned that people would bet on you if you have something real. I also learned that you can be nice and tough at the same time.

CI: You’re a successful entrepreneur and a sought-after speaker, yet you still make time for music. Do you have tips for balancing your personal life with the demands of running a company?

CLO: Well, I wanted to be an opera singer but my parents made the choice for me to pursue academics. I don’t have any tips, but I do have a great life. Along with running my company, I’m in Silk’n Sounds, an all-female a cappella group. The music really forces me to be present.

CI: Cadenza’s success is certainly impressive. Leading manufacturers in China and Australia license the company’s technology to power buses and cars; the U.S. Department of Energy awarded $4M to Cadenza through its ARPA-E program so it could further develop technology for the electric vehicle market, and the company already has 15 partners, among them ABB, Alcoa, and UConn. What’s next?

CLO:  We were recently awarded funding for a demonstration project to further New York State’s nation-leading clean energy goals and support Governor Andrew M. Cuomo’s energy storage target of 1,500 megawatts by 2025. The New York State Energy Research and Development Authority (NYSERDA) is funding the initiative, which will be located at the New York Power Authority’s (NYPA) headquarters in White Plains.

CI:  What do you like about Connecticut as a place to start and grow a business?

CLO: From the flowers to the weather to the ocean, Connecticut is just beautiful, plus, people are kind and helpful and it’s a great community. Aside from the stunning ecosystem, Connecticut Innovations is an amazing partner. Pauline Murphy [a senior managing director at CI] has been so supportive. We tell her we have an idea and she says, “Interesting,” and we go from there. Plus, she’s made invaluable connections for us. The Connecticut Angel tax credit program is great, too. [Through the program, angel investors who invest at least $25,000 in a Connecticut startup in approved sectors receive an income tax credit equaling 25 percent of their investment.] Connecticut is a great place to be.

CI:  It’s been really inspiring to hear about Cadenza Innovation. Thanks for your time, Christina.

CLO: My pleasure.

Disengaged Employees Are Holding You Back. Here’s How to Deal.

You’ve seen it before: A once promising employee stops taking initiative. Spends far too much time scrolling through Facebook. Constantly calls out sick, and is nowhere near reaching the goals you agreed on. As a manager, can you turn a disengaged employee around? Should you bother? Read on for advice.

First things first: What is employee engagement?

According to CustomInsight, a leading provider of online HR assessment and development tools, employee engagement is “the extent to which employees feel passionate about their jobs, are committed to the organization, and put discretionary effort into their work.” (Don’t confuse employee engagement with employee satisfaction, which merely indicates whether your employees are happy.)

So how does an employee become engaged—or not? “Studies show work engagement is influenced by three primary psychological states: meaningfulness, safety and availability,” says Zach Mercurio, Ph.D., a faculty member and researcher in the department of psychology at Colorado State University. “Psychological meaningfulness is characterized by an employee’s knowledge and belief that what they do is positive, purposeful and significant. Psychological safety manifests when employees perceive they can speak up about new ideas or concerns without fear of retaliation or [damaging their] reputation. Psychological availability means employees have access to the resources they need to do their job. When these three things occur, engagement usually follows. But there’s a catch. If the demands of the job (i.e., time and tasks) outweigh the resources one has to maintain energy for the job, burnout and disengagement can follow.”

Since engagement is not always easy to measure, you might want to rely on more than just observation—your own and others’—to assess a particular employee’s situation. “Employees have different personalities,” says Lilia Stoyanov, CEO of Transformify. “Some may be more enthusiastic and outspoken than others but not necessarily more engaged.” Stoyanov suggests measuring engagement via 360-degree peer reviews and surveys, met deadlines, and the employee’s voluntary enrollment in internal training and other activities that are encouraged by the company.

Addressing disengagement

If you’ve noticed a troubling pattern that lasts more than a few weeks, talk to the employee right away. “Too often we fall into a bad habit of talking about our employees with managers and coworkers when it would be just as easy (and a lot more useful) to talk to them,” says Jason David, CEO of Software Portal. There may be an easy way to remedy the disengagement and pull them back in.”

“It’s not uncommon for employees to have weeks that are just off, [so] discussing it with them is a good way to make sure it doesn’t become a trend.”
It’s not uncommon for employees to have weeks that are just off, [so] discussing it with them is a good way to make sure it doesn’t become a trend, adds Alexander Kehoe, co-founder and operations director at Caveni Digital Solutions. “It’s unhelpful to discipline an employee if they are in the middle of something in their personal life that could be hurting their performance. The ebb and flow of productivity are perfectly normal, and getting to the bottom of why an ebb is occurring should be your main concern.”

Chuck Mollor, an executive leadership coach, agile management expert, and founder and CEO of MCG Partners, agrees that talking to your employee is a good first step, but cautions managers not to assume the employee is disengaged. “Leaders who notice a change in an employee should start with a sit-down meeting, informally and privately with the employee, to ask how they are doing. If they respond that everything is fine, it’s your opportunity to offer specific observations describing how they may be showing up in meetings, responding to questions, their recent level of activity, team participation, energy level or performance. The purpose is to not accuse them or make them defensive; this should be a conversation of concern and empathy.”

Ellen Mullarkey, vice president of business development at Messina Staffing, stresses the need for a calm, relaxed environment for the discussion, one “where the employee feels comfortable speaking freely.” Like Kehoe, Mullarkey advises leaving performance out of the first conversation. That way, there won’t be tension, and the employee won’t feel reprimanded, she says.

If you’re unsure how to begin the conversation, Leesa Schipani, SHRM-SCP, a partner with KardasLarson, advises asking the following:

  • What motivates you to stay with the organization?
  • Why do you want to succeed in your role?
  • Which aspects of our culture work for you? Which do not?
  • If you were your own manager, how would you manage yourself?
  • How can I help you have a more rewarding experience each day?

During the conversation, “you need to be prepared to hear some negative things about the organization and your leadership style,” Schipani cautions.

Robert Moses, founder of The Corporate Con/noisseur, agrees. “When we measure engagement, we do so by asking our employees for their honest feedback. But this only works if you can create an environment of openness and one without fear of retribution. By being open and honest with our staff, we get the same courtesy back,” he says.

Once you’ve identified the root cause of the problem, you can begin to remedy it. “If a personal issue is distracting the employee, he or she should be referred to an HR support function for employees who are facing personal or family issues,” says Irv Goldfinger, managing director at Actualize Consulting. “If the root cause is job related, identify whether it’s the employee’s assignment, the clients that the individual must deal with on a daily basis, an issue with other team members, or challenges with colleagues or a supervisor. Once the cause is identified, a formal program for resolution should be drafted in conjunction with the employee and his or her supervisor.”

Performance improvement plan or termination?
If you discover that your employee is disengaged from the job and not just going through a temporary rough patch, you’ll have to determine whether a performance improvement plan is the logical next step, though the solution may be even simpler. “Depending on the factors driving the lack of engagement, the employee could be assigned to a new project, moved to a different team, etc.,” says Stoyanov.

“Determine whether [the employee] understands the work and finds it useful,” says Rich Franklin, founder and president of KBC Staffing. “Then, figure out if they have a good relationship with their manager and whether they are able to communicate with him or her. Once you have these answers, tailor your solution. Telling someone to become more engaged is probably not going to help. It’s equivalent to telling someone to feel better when they have the flu. You need to be clear that there is a problem and lay out a clear set of guidelines for improvement. It’s important that your employee knows what needs to change and by what date.”

“If the employee has quality characteristics and a decent attitude, and is coachable, it’s in everyone’s best interest to put a mutually agreeable plan [in place] for specific areas of growth,” says Tracy Washington, a Certified Leadership Engagement Consultant and author of Relationship Leadership: How to Strengthen Relationships to Build More Trusting and Effective Teams.

A performance improvement plan doesn’t always make sense, though. “You don’t want to put an employee on a performance improvement plan when they clearly don’t want to work for your organization,” says Schipani. “At that point, help them transition out.”

“There are times when termination is appropriate, in cases of sabotage, lack of team collaboration, or [an employee who] is toxic to the culture,” adds Washington.

“Actively disengaged people will sabotage your business and your team. They look for ways to undermine you and destroy the organization. Don’t try to fix these people. Terminate them immediately.”
“There’s a difference between being disengaged (apathetic) and actively disengaged (destructive),” adds Bryan Zawikowski, vice president and general manager at executive search firm Lucas Group. “Actively disengaged people will sabotage your business and your team. They look for ways to undermine you and destroy the organization. Don’t try to fix these people. Terminate them immediately. There is hope for disengaged associates, but don’t let it fester. Deal with it privately and directly. Explain that you have noticed the behavior change—be specific—and ask them why. Don’t let them get away with a simple apology. Once you find out what’s driving the disengagement, you can take appropriate action to get it turned around.”

“If you feel the employee has the potential to turn it around, have an open, honest and courageous dialogue,” says Mollor. “They need to understand the gap between where they are and where they need to be. If an employee does not demonstrate they can do their job effectively or improve performance after feedback, coaching and development, or they do not consistently demonstrate the appropriate values and behaviors of your organization and culture, then terminate them. The longer you procrastinate, the longer your morale and overall team performance may suffer.”

What about your A-players?
Speaking of morale, you need to consider how the actions of a disengaged employee and your reaction (or lack thereof) are affecting your top performers, who may be annoyed that they’re required to compensate for their teammate’s lack of effort. “Sometimes all it takes to smooth over ruffled feathers is to let them know that you aren’t oblivious,” says David.

You can keep your A-players motivated by giving them complicated assignments and sponsoring their continuing education, says Stoyanov. “By default, A-players are bright people eager to learn and develop.” Financial incentives are also key. “Performance bonuses are a great way to encourage good performance and differentiate the A-players from those who aren’t pulling their weight,” she says.

You can also stress to your top performers that not everyone is cut from the same cloth. “Remind your A-players that the world is not created equal and not everyone is on the same level as they are,” says Mollor.

“If [top performers] come to you with complaints, assure them that you’re addressing the problem,” says Mullarkey. “Talk to them, and use their input to steer your course of action. You shouldn’t share any information with them about their coworker’s improvement plan, as it’s not their business, but you should let them know that you take their input to heart and that you’re working on rectifying the issue.”

Zawikowski puts it a little more bluntly: “A-players who are fully engaged recognize those lower on the engagement ladder and need to see their leader doing something about it or they won’t stay around.”

Adds Washington, “A leader must demonstrate the ability to confront the under-performing employee in a timely manner or risk losing their credibility and the respect of the team.”

Create a culture of engagement

Perhaps the best way to combat disengagement is to try to prevent it in the first place. You can accomplish this by making sure your employees know what the company is working toward and how they contribute—and why it all matters. “The root cause of disengagement is misalignment between the individual’s values and the corporation’s core values,” says Sergei Brovkin, an executive coach and facilitator with Collectiver. “If the employee’s core values are misaligned with the company values, whether declared or implicit, make the person available to the job market. Letting go is not a bad thing if a person is a good specialist: he or she will find a more engaging job elsewhere. Keeping a toxic person (and that’s what disengaged people really are) in the company because of some special talents is usually a bad idea, especially if the company is small.”

Communication is critical, too. “Poor communication impacts employee engagement by making team members feel removed from decisions and devoid of any sense of ownership,” says Carlos Castelán, managing director of The Navio Group. “In many ways, poor communication, or a lack of communication, is worse than conflict because it signals to someone that they’re not valued enough to be included. Poor communication can lead to role ambiguity as well as heightened stress because of a lack of feedback, which ultimately leads to talent drain or other symptoms of low engagement.”

Create a culture of truth-telling, says Jim Haudan, co-founder and chairman of Root Inc., and Rich Berens, Root’s CEO. The co-authors of What Are Your Blind Spots? also caution managers not to assume people will share their real opinions. “Often, people don’t think it’s safe to share their thoughts with leaders, and so they whisper in the halls and commiserate during happy hours. This is an engagement killer. Welcome honesty, ask for real feedback and work together to make adjustments so everyone feels a part of the decision-making and is on board with the plan. That’s how you create true engagement.”

“It has become increasingly important for employers to find ways to engage and show appreciation for their team members, particularly against the backdrop of one of the hottest job markets in recent memory,” says Castelán. He says businesses can show appreciation through an empathetic approach in their culture and recognizing employees for a job well done. “Critical to being empathetic is updating work policies that reflect the changing nature of work such as flexible work schedules and, for example, allowing work from home. Building a work culture that reflects an understanding of the realities of the modern age is important to attracting the best talent.”

“On the recognition side, providing regular feedback to employees—particularly stars—and then showing gratitude via recognition is important,” Castelán says. “Recognition should be done in a way that’s memorable or unique versus a blanket approach like a generic plaque. Employees want to feel unique and valued, so thinking through recognition that is personalized is important.”

How do you create a culture of engagement at your company? Join the conversation on @CT_Innovate.


 A Five-Step Plan for Turning Around an Employee Who’s Disengaged

  1. Address the underlying issue. At the heart of disengagement is an underlying issue that is allowing the employee to feel this way. We look to have open, transparent conversations with all employees to address their satisfaction and engagement with what we do.
  2. Formulate a plan. The next step is to work directly with the employee to set up a plan of action. Find topics and projects that truly interest the employee. We push to have the disengaged employee become an active member in projects they are passionate about.
  3. Remove barriers to unhappiness. All disengaged employees are unhappy about something, so we look to see what external stressors are influencing the employee’s mood. Whether it’s their commute, their feelings of being overworked or a personal issue, we try to work with them to ease those external influences.
  4. Encourage happiness. It sounds cheesy, but we push our employees to engage in happy, relaxing activities. Whether it’s a 30-minute walk outside or a weekly lunch provided by the company, we try to give all our employees something to look forward to.
  5. Show direct impact. The last, but most important, step is to show impact. Disengaged employees may not [recognize] the impact of their work, so we show them how their work and actions influence the larger picture and provide value to our users.

—Robert Moses, founder of The Corporate Con/noisseur

How the Finance Industry Can Use Local SEO to Its Advantage

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Photo courtesy of Pixabay via Pexels.com

Do you work in the financial industry? It’s very competitive. In fact, 50 percent of financial analysts in a class drop out by the time they reach the associate level. Moreover, selling financial products is even harder due to the high targets, and with millennials preferring to save money rather than invest it, the market is quickly becoming scarce.

Don’t be discouraged! There are many ways you can gain an advantage over your competitors. One of the best ways to do so is through local search engine optimization (local SEO).

What is local SEO?

For many of you who work in financial institutions and markets, this could be the first time you have heard of local SEO. Let’s quickly discuss what it is to give you a better idea of how it can help you gain an advantage.

Local SEO optimizes the content of your website and/or social media platforms so they will rank better in search engines for a local audience. It’s a great way for financial advisers and other industry professionals to promote their products to people who are geographically near to them at the exact time they do a local search. According to Propelrr, the case study suggests that five out of 10 local ‘near me’ searches are in the financial industry. That’s a huge potential for the finance industry to penetrate the digital landscape.

tablet and keyboard

Photo courtesy of Pixabay via Pexels.com

What are the benefits of local SEO for your financial business?

Wondering how local SEO can help your financial business? Take a look at this list of benefits the financial industry can get from local SEO.

1. Better visibility in search engines – When you search online, have you noticed that you seldom go to the second page of the results? Do you know how many online users do? Only 0.78 percent!

Local SEO makes it easier for people to see your business online. The higher your site ranks in search results, the better the chance that your potential customers will see you.

2. Increased online and foot traffic – When people don’t see your business, they can’t come to you. Local SEO strategies will help put your business out in the open. Business owners can expect an increase in online and foot traffic if they execute their strategies correctly, especially if your business name, address and phone numbers (NAP) are up to date and consistent across all channels. Keeping your NAP updated will help build online consumers’ trust in your business.

3. Better brand authority – Did you know that businesses that get the number-one spot in a search engine get 32.58 percent of online search traffic? That’s because links/websites on the top spot of the search engine results page (SERP) are considered an authority on whatever it is a user is searching for. And because your business is seen as the authority, it will get a huge chunk of online visits.

4. Google My Business (GMB) page optimization increases map visibility – Want people to know where your bank’s branch is? A great way to inform people of your bank’s location or office is by optimizing your GMB page. The GMB page is usually shown at three locations online: (1) Google search page, (2) Google Maps and (3) most online listings, like Google, Bing or Yelp.

People will get to see your business name, address and phone number (NAP). The information is used by Google to display in searches and maps, making it easier for potential customers to visit you or send you a message. Just make sure that your details and business category are correct so that Google won’t penalize your business by losing organic search visibility, traffic and revenue.

5. Increases your website’s rank in search engines – Google assigns human evaluators to check if your site is to their standards. You must optimize your content locally for your website and GMB page. Your rank in search engines will go up if your local SEO strategy is executed correctly. What this means for a financial business like yours is that your website and business are easier to find and/or discover by first-time and returning customers.

6. Local SEO reaches customers who are in need of your service – Unlike paid ads that intrude on the user experience, local SEO organically reaches customers who are in need of your financial service. Your business can be presented first to a person who has done an online query searching for a service similar to yours. It’s an efficient and cost-effective method of getting more reliable conversions, as well as building an online reputation and domain authority.

7. Local SEO is 100 percent free – Unlike running paid ads on social media platforms, local SEO is basically free. Setting up your GMB page is free, optimizing your content is something you can do using the many free online tools, and keeping your NAP consistent across all platforms is free. Anyone working in a financial institution should realize that this is a good deal that can help you earn big.

stack of books

Photo courtesy of Pixabay via Pexels.com

8. It’s easy to learn – SEO, in general, is relatively easy to learn compared with the number-crunching a financial business does. Moreover, hundreds of blogs offer free resources to learn how to do SEO. If you’re worried about financial institution regulations, well, local SEO is the future of the digital world, and Google takes care of those who break their rules by imposing penalties to sites.

9. Social sharing – Local SEO provides possibilities to build partnerships with other businesses through backlinks and social sharing. Such partnerships help both your financial business and your partner. The more partners you get to cite your websites, the better it is for your business and for theirs.

10. Increase in repeat business – As mentioned, local SEO builds trust in Google and your customers. And if you provide great customer service and value to them, the trust you’ve earned will turn into repeat customers and, of course, more profit for your business.

Local SEO is clearly a great bargain (especially considering it’s free) for the many benefits you can get out of it for your business. These benefits should convince you to update your website and GMB page as soon as possible to reap the rewards of local SEO.

 

Guest article by:
Jason Garcia
Blogger and Business Manager
www.investmentdad.com

How to Write a Killer Survey

checklist illustration

How to Write a Killer Survey

 

Customer feedback is critical, and surveys are a great way to get it. But how do you craft a survey that will deliver the actionable results you’re after? Experts offer their best advice.

 

THE DIGITAL MARKETER SAYS…

“Make it accessible. We live in a survey-polluted world. Every time you visit a shop or receive a service, chances are you’ll receive a survey about it. It’s great that you have a voice, but with the high volume of surveys people receive, surveys have become more of a nuisance than a privilege. That’s why it is insanely important to make the survey extremely accessible to the consumer. Don’t make the consumer go to a bunch of sites, create an account and fill out a hefty survey. Try to cut down as many steps as possible.

“Make it short. I know you’re dying to find out every bit of information you can from a consumer, but chances are if a consumer opens a survey that’s pages long, he or she is going to exit right out of it. Make the survey as short as possible—five to seven questions tops! Also, see if you can make it multiple choice or selection based, because if consumers see a bunch of lengthy text boxes they’ll also exit out. Always give the option for a customized answer if the consumer feels passionate about your service/business.

“Make it polished. As silly as it seems, make sure your survey looks polished. A survey is an extension of your brand. Consumers should feel impressed no matter what stage of your marketing funnel they’re in.”

—Ciara Hautau, lead digital marketing strategist, Fueled

THE UX (User Experience) DESIGNER SAYS…

“The biggest reason people don’t complete surveys is that they’re too long. Unless you are reimbursing [respondents] for their time, you want to keep the survey short, with a maximum complete time of five minutes. Show them how much progress they have made so they can see how much is left. It’s frustrating going through the steps of a survey and never knowing how many [questions] are left.

“Consider offering an incentive, such as a prize draw for gift vouchers. You don’t have to offer huge sums of money. Fifty dollars can be enough to increase completed survey rates by 10 percent.”

“Be consistent in your rating scales. If you use ‘1 = terrible’ and ‘5 = amazing,’ stick with this in all of your ratings.”—Paul Manwaring, UX consultant, Outsprung

THE BUSINESS CONSULTANT (WITH A MASTER’S DEGREE IN PSYCHOLOGY) SAYS…

“Most businesses use Likert-type surveys—those that ask if you agree, disagree, somewhat agree, somewhat disagree, etc.—without knowing what these are or how to do them properly. Please stop doing this. [You] get bad data, and [the results] don’t say what people think they say.

“True Likert surveys need five to eight questions to answer one topic. If you aren’t going to ask that many questions, I recommend at least two, with only three options for answers: agree, disagree, undecided.

“Likert’s brilliance was that he realized most people avoid demonstrating strong opinions. These are socially unacceptable. So people tend to mark the middle, which is why Likert put ‘undecided’ in the middle. This answer removed people’s [response] since they had no opinion. Next, some people will fudge and just mark all the answers to the far right (strongly agree) or far left (strongly disagree). Having a positive and negative version of a question (‘I enjoy shopping at Wal-mart’ plus ‘I do not enjoy shopping at Wal-mart’) removes noise because they cancel each other out. That left Likert with real responses.

“If you only use two questions, you really only need agree/undecided/disagree. This is why Netflix only has a thumbs up and thumbs down. Thumbs up is positive (agree), and thumbs down is negative (disagree). When you don’t rate a film on Netflix, it counts as undecided. Netflix only factors in the movies you rate positively and negatively. That’s all you really need for a customer survey. Amazon’s five-star reviews are an example of Likert in action too. Amazon uses these to help decide what to sell you, so think about that the next time you write a review!

“Next, we get into what you want to survey for. If it’s for product development, that’s usually a bad idea. Customers don’t know what they want. Most people didn’t realize they needed a television or radio. After all, they had books. Apple took a chance on smartphones, and look at its market share now. Heck, look at the iPod and how it revolutionized the music industry.

“If you want to develop a product or service, solve a problem. And survey for problems. What bothers people? What do they hate doing? What are they doing now that your product will do cheaper?

“As for length, shoot for no more than 20–30 Likert-type questions. People will spend more time and do a better job on surveys if they are paid, due to a sense of fairness. You also get more honest responses if they put their name on the form versus doing it anonymously, unless the topic is embarrassing. Avoid open-ended questions, and if you have them, you need five or fewer.”

“Finally, listen to your customer support people. They know what people do and don’t like about your product. Customer service call center databases have some of the best open-ended discussions a company can get their hands on. The reasons people call will help optimize products and can create efficiencies elsewhere. Along those same lines, you get more valuable feedback from fan clubs than you get from focus groups. So start a fan club, don’t hire a focus group. Fan clubs love your product and want it to be better. They are more invested than focus groups.”

—Anthony Babbitt, MS, MCSE, business consultant

THE BUSINESS STRATEGIST SAYS…

“When it comes to creating customer surveys, the key is to learn what the customers’ pain point is. Ask, What problem are you trying to solve? Keep this question open ended. By allowing customers to use their own words, you not only gain insights into how they see the problem (as opposed to your assumption of the problem), you also get verbiage you can reuse in your marketing to create an emotional connection. Another key question (that should also be open ended) is what their dream solution to this problem is. This gives you an insight into what your customer is looking for.

“When writing the survey:

  1. Use qualifiers. Not everyone you are speaking to or who is willing to answer your survey is your ideal customer. Using conditional logic, the first few questions should ask information that confirms that you are speaking to your ideal customer.
  2. Think about UX design. This is often an overlooked piece and can contribute to how many responses you get. The survey doesn’t need to be a beautiful piece of art, but it should be easy to use.
  3. Unless you only have a handful of questions, don’t put all your questions on one page. This can be overwhelming to the user and may limit the number of people who are willing to fill out your survey.
  4. Only ask the critical questions. This is not the time to ask every question that you want an answer to. Ideally your survey should take less than four minutes to fill out. If it takes any longer, not only will the number of responses go down, but the quality will too.

“Software and tools don’t need to be complicated. A free tool such as Google Forms works just fine. To help the business later on, capture emails in this process.”
—Kat Rosati, business strategist, Apparel Booster

What We Learn From Kids That Makes Us Better At Work

boy in tree

On the fourth Thursday of each April, Americans take their kids to work. Not only is this a learning experience for our children, there are many professional takeaways for parents too.

Our CEO, Matt McCooe, recently wrote a piece for Chief Executive that explores ways professionals can utilize effective parenting strategies to improve workplace experiences. Fostering a positive workplace culture can be a challenge, and special occasions such as these can provide fresh insight into ways to make meaningful improvements. What will you bring away from take your child to work day?

Read article here.

Connecticut Entrepreneur Talks Marketing, Sales and Why Big-Company Experience Doesn’t Work at Startups

brainstorm sketch on wall

Dr. Steve Shwartz is co-founder and executive director of Device42, a Connecticut Innovations portfolio company that was named the fastest-growing tech company in Connecticut from 2015 to 2017. (Device42 was acquired in early 2019 by a private equity group.) He’s also a serial entrepreneur, investor, patent holder and author of a book on artificial intelligence, and has participated in multiple IPOs and exits over the course of his career. In other words, Steve is exactly the type of entrepreneur one can go to for insight and advice. We caught up with Steve recently to get his take on hiring, marketing and why Connecticut is a great place to grow a startup.


Connecticut Innovations: Thanks for agreeing to talk with us, Steve. You have an impressive background as both an entrepreneur and an investor. Do you think there is a certain personality type that chooses the startup life instead of, say, working for an established company?

Steve Shwartz: Over the years, I’ve discovered that when I hire someone with only large company experience into a startup, they nearly always fail. Here’s why: First, people in large companies make decisions slowly. Decision-making [there] tends to be a very bureaucratic process. Startups can only succeed against established companies if they are nimbler. As a result, decisions in startups have to be made quickly. Big companies create committees that take forever to reach a conclusion. In startups, decisions are often made on the spot by individuals or in impromptu meetings that might last a half hour.

Second, jobs in big companies tend to be narrowly focused. Tasks are well defined, and anything outside an individual’s focus area is done by someone else. To some degree, in a startup, everyone does everything.

Third, in a big company, no one sticks their neck out or takes risks, because a mistake can get you fired. In a startup, mistakes are—or should be—expected and tolerated. Learning from mistakes is one of the ways startups find their way.

Finally, every employee in a startup has a significant impact on the company’s success. Therefore, it’s very important for startup employees to be highly motivated by that success. In a big company, an individual employee has virtually no impact on the success of the company. Too, employees at large  companies are often motivated by political gain rather than company success. Politicians coming into startups discover that the other employees quickly start to ignore them.

CI: Why did you choose the startup route?

SS: I got into startups accidentally. I had moved to the New Haven area to be an AI—artificial intelligence—postdoc at Yale. Roger Schank, a well-known AI professor there, decided to start an AI company and convinced me to be the first employee rather than pursue an academic career. I’ll always be grateful to him for that advice and opportunity.

CI: Why did you found Device42? What was the problem you saw that needed solving?

SS: I didn’t start Device42. It was started by Raj Jalan, and I joined him shortly thereafter as a co-founder. Raj had been a data center consultant helping customers perform digital transformations. Back then, it meant helping customers move to server virtualization and/or new blade architectures. Raj would ask his customers how all their IT assets, such as servers, network components and applications, were interconnected, but no one ever knew, so he would spend 60 percent of his billable hours figuring it out. He felt there had to be a better way, and that was the genesis of Device42.

CI: You’ve been at the company more than seven years. How drastically has it changed since you founded it, and what has been the biggest challenge so far? (And how did you solve it?)

SS: Raj and I started out by renting a desk at The Grove coworking facility in New Haven. For two years, we were a two-person company with a few offshore resources. We wrote code and sold systems over the internet. By the end of 2014, we had 80 customers in 20 countries—and had never met any of them. That was when we raised our Series A funding round led by CI.

For the first couple of years, we spent nothing on marketing. It was all organic search engine optimization; customers would find us via Google Search. Following the Series A round, we started buying Google AdWords, and that was our primary marketing focus for this past four years. Most of our customers came in through this direct channel. However, we were mostly attracting individuals and small teams in the IT department, and our average subscription sale was relatively small.

In order to continue doubling revenues every year, we realized that we couldn’t continue to rely on small sales. So we developed a channel program in which large global system integrators use our product to service their large customers. 
We had to do a lot of trial and error to find the right formula, and we were fortunate to have two very capable channel sales vice presidents who established the relationships.

CI: You have an impressive blog, with frequent, informative posts. Does the blog drive new business? What goes into managing the channel?

SS: We don’t have a lot of hard data on the effectiveness of the blog posts. However, my suspicion is that the blog posts have a much bigger impact on existing customer satisfaction than on customer acquisition.

CI: How else do you market the company’s products and services?  

Steve ShwartzSS: Oddly enough, we’ve had a lot of success without doing any marketing other than inbound marketing through Google AdWords. We just hired a vice president of marketing whose job will be to develop new marketing channels such as trade shows and analyst relationships, so stay tuned.

CI: What do you like about Connecticut as a place to start and grow a business?

SS: I’ve started a lot of companies in Connecticut and think it’s a great place to start a company. There are fewer qualified people for hire, but there is also less competition. There are also a lot of people who commute into New York City who are very happy to stop commuting for the right job.

CI: Thanks for your time, Steve.

SS: My pleasure.

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