Peter Bilfield, an attorney resident in our Stamford office, was recently quoted in the Connecticut Law Tribune's article entitled "Firms Fuel Jobs Effort."
Article authored by MARIE P. GRADY
Some of the state’s largest law firms have been quietly working behind the scenes to boost a major Stamford project that is expected to provide a shot in the arm to Connecticut’s quest to create new jobs.
When the Stamford Innovation Center opens in a matter of weeks, it will not only connect entrepreneurs to investors and resources, it will connect them to needed pro bono legal assistance. At least four major firms are supporting the effort, putting them at ground zero of Connecticut’s job creation efforts.
Eric Dale, chair of the emerging companies, private equity and venture capital practice group at Robinson & Cole, is about to see a dream years in the making become a reality.
“We got involved very early in the process as a firm,” Dale said. “There were a lot of stars aligning and we at Robinson & Cole helped connect those dots.”
Both Robinson & Cole and Wiggin and Dana serve on the effort’s advisory board. Also lending crucial support is Shipman & Goodwin. Edwards, Wildman & Palmer LLP also is in talks with the center’s developers and plans to play a key role.
The innovation effort is on the radar screen of state officials, who have earmarked up to $125 million to spark innovation and jolt an economy that otherwise appears to be flat-lining. The unemployment rate in Connecticut stands at 8.7 percent.
Patty Meagher, president of the Stamford Innovation Center Foundation, said the legal help is a crucial part of a program aimed at accelerating the growth of new businesses before they ultimately set up shop in the community. The center will help connect them to investors, customers, expertise, talent and service providers, she said. “We’re creating a center of gravity for the entrepreneurial community,” she said. “It’s all about accelerating the entrepreneur’s voyage. Community and relationships are the keys.”
The center will provide space and services at reasonable rates for start-ups on the first floor while the second floor will have designated office space for companies vetted through an advisory board that includes venture capitalists, investors, lawyers and accountants. The center, to be located in the historic old town hall building, will also host educational programs on a variety of topics, including legal matters.
In addition to anticipated state funding, a corporate investor has committed considerable funding to help sustain the center for up to five years and support up to 15 entrepreneurs it will recruit via a contest nationwide, Meagher said.
The effort may help Fairfield County capitalize on its status as fourth in the nation for venture capital investments. “We are No. 4 in venture capital funds under management, behind the Silicon Valley, New York and Boston, but a lot of the money is invested out of the state,” Meagher said. “We aim to change that equation.”
The venture also appears tailor made for the “Reinventing Connecticut,” initiative, part of a recently approved jobs bill that earmarks $25 million a year for five years to invest in start-up companies. Catherine Smith, commissioner of the state Department of Economic and Community Development, has met with center officials but has not yet officially announced any state funding commitment.
Evolving Over Time
Peter Bilfield, a partner in Shipman & Goodwin’s business and institutions practice group in Stamford, is enthusiastic about the center’s future.
“We’re very excited about the prospect of having this come to life in the city of Stamford and of it becoming a hub in Fairfield County for the venture capital community and emerging technologies,” Bilfield said. “I’m excited about seeing companies evolve over time, going from start-up to viable going concerns, contributing to the growth of Stamford and the economy in Connecticut in general.”
Bilfield, who has worked with clients on fund formation as well, says it’s inspiring to see a business evolve. “You’re typically the shoulder they’re leaning on to help realize their dream.”
His firm is involved in a similar innovation effort in New Haven.
To read the article in full, click here.
Source: Nov. 28, 2011 issue of the Connecticut Law Tribune