{"id":182167,"date":"2022-03-09T07:01:17","date_gmt":"2022-03-09T12:01:17","guid":{"rendered":"https:\/\/today.uconn.edu\/?p=182167"},"modified":"2023-05-25T09:21:06","modified_gmt":"2023-05-25T13:21:06","slug":"the-heart-of-uconns-tip-digital-its-entrepreneurs-in-residence","status":"publish","type":"post","link":"https:\/\/today.uconn.edu\/2022\/03\/the-heart-of-uconns-tip-digital-its-entrepreneurs-in-residence\/","title":{"rendered":"The Heart of UConn\u2019s TIP Digital: Its Entrepreneurs-in-Residence"},"content":{"rendered":"

While UConn\u2019s TIP Digital in Stamford<\/a> supports its start-ups in myriad ways \u2013 providing them office space, access to research, opportunities to collaborate with UConn staff and each other, and training in critical skills like customer discovery, product development, marketing and fundraising \u2013 its \u201csecret sauce\u201d is its entrepreneurs-in-residence (EIR), industry experts who serve the startups as mentors.<\/p>\n

\u201cThe number one value the incubator provides my company is its mentorship and advisors,\u201d said Christopher Ricciuti, CEO of TIP Digital startup Noteworthy AI<\/a>. \u201cThey\u2019ve been helping us navigate items related to scaling our company, getting in front of customers, and fundraising.\u201d (Through artificial intelligence, Noteworthy is helping electric utilities increase grid reliability, resiliency and safety.)<\/p>\n

Wendy Ward, founder and CEO of FuturesTHRIVE<\/a>, a TIP Digital startup that\u2019s creating a mental health screening tool for youth, added: \u201cTIP paired me with a mentor who has significant experience in the world of assessment and mental health technology. We meet every two weeks and he\u2019s been wonderful. Everything that he has challenged me with doing has been important to our overall business. He has also made a number of key introductions for us \u2014 and from an entrepreneur\u2019s perspective, introductions are everything.\u201d<\/p>\n

\"Travis
Travis Millman (contributed photo)<\/figcaption><\/figure>\n

TIP Digital opened in February 2021 and supports data science startups. It is the latest addition to UConn\u2019s Technology Commercialization Services (TCS)<\/a> program that manages incubators in Storrs and Farmington that mainly focus on life sciences. Nine EIRs serve TIP Digital\u2019s 20 startups:\u00a0 Kevin Gardiner<\/a>, Richard Guha<\/a>, Howard Krain<\/a>, Travis Millman<\/a>, Roger Neal<\/a>, Aleks Tropp<\/a>, Tom Gerson<\/a>, Eric Knight<\/a> and Nicole Ward<\/a>. An additional 14 EIRs from TCS<\/a> assist them as well. All UConn EIRs are born out of the need for support of UConn startups and companies incubated in TIP. In addition to supporting UConn innovators and entrepreneurs, the EIRs contribute to various programs and initiatives across UConn.<\/p>\n

Travis Millman, one of TIP Digital\u2019s first EIRs (and FuturesTHRIVE\u2019s mentor), is a serial entrepreneur with experience across multiple industries \u2013 from consumer-facing digital media (he was the founding VP of business development at Audible.com, now part of Amazon) to ed tech (he launched or worked on several ventures in the literacy and language learning spaces) to healthcare (he led new business and innovation for Pearson\u2019s renowned Clinical Assessment business and helped architect a new venture for Philips Healthcare). Currently, Millman serves as COO for Neuvotion Inc.<\/a>, an early-stage medical device company developing products for the rehabilitation and physical therapy markets. He attributes the popularity of UConn\u2019s EIR program to two key factors, customization and fluidity, and its aim to help the startups become \u201cas successful as they can possibly be.\u201d<\/p>\n

Customization<\/strong><\/p>\n

When startups join TIP Digital, they vary considerably in terms of growth stage and industry focus. \u201cWe have to be attentive to their specific needs, challenges and opportunities,\u201d Millman said. With respect to growth, some startups are just beyond the \u201cidea stage\u201d while others are more advanced with products in development and initial customer bases established. As for industry differences, he said health tech companies, for example, often have a stronger desire to interface and collaborate with UConn experts compared with fin tech startups.<\/p>\n

As the EIRs possess varying skill sets and experience as well, they are assigned to the startups in a customized manner to best meet each company\u2019s needs. The startups are each matched with a \u201clead EIR\u201d who meets with them regularly and, as needed, connects them to the other EIRs and to additional resources inside and outside of UConn such as experts in strategy, finance, product development, regulatory, marketing and sales, etc.<\/p>\n

Fluidity<\/strong><\/p>\n

\u201cA hallmark of our program is that we\u2019re fairly decentralized,\u201d Millman said. \u201cThere\u2019s no mandatory structure or approach to how each EIR works with the companies. Some EIRs adopt a responsive posture as in, \u2018I\u2019m here when you need me, just reach out any time,\u2019 which is very helpful \u2013 and generous \u2013 to be available on demand. My most productive coaching has been when I push the startups to meet with me regularly, and hold them accountable for working on the issues we\u2019ve discussed. Both approaches are effective.\u201d<\/p>\n

Millman says the EIRs assist an average of six startups each and spend up to eight hours per week doing so. In addition, they present educational seminars to the startups and meet regularly with each other to share ideas and resources.<\/p>\n

The EIR Role<\/strong><\/p>\n

While it\u2019s tempting to roll up his sleeves and work hands-on with the companies, Millman says he holds himself back and remembers the role of a coach and mentor. \u201cIt is not serving as a core team member and doing the day-to-day heavy lifting,\u201d he said. \u201cIt\u2019s about helping them discover their own answers.\u201d<\/p>\n

He cites three core modalities of EIR support:<\/p>\n