A "Collab" confab in 2017.
A Hartford-based nonprofit called reSET is acquiring New Haven entrepreneurship incubator Collab in a merger intended to expand their combined reach to help more small businesses in both cities grow.
That announcement came this week from both organizations as they integrate their programs, resources, and services offered to the state’s small business sector, while at the same time rebranding.
Collab was founded in 2017 by Caroline Tanbee Smith and Margaret Lee. Year after year, the nonprofit has provided local entrepreneurs with a host of business supports, from workshops to mentorship to seed funding to “pitch nights” for their new enterprises. They’ve long prioritized boosting the small business ventures of Black and brown New Haveners.
Since the beginning, Collab has worked with reSET Social Enterprise Trust, which was founded in 2007, to advance the small business sector on the north and south ends of the state by offering accelerator and mentoring programs.
The duo will join forces to “amplify impact on Connecticut’s entrepreneurial ecosystem,” a Tuesday press release states. The release further explains that reSET will acquire Collab, Inc., to continue jointly “supporting underrepresented entrepreneurs through heart-centered business services.”
The two entrepreneurial hubs will allow for expanded services throughout the state, reSET Executive Director Sarah Bodley said in a Tuesday phone call with the Independent.
“We have been longtime ecosystem partners in this mission-driven work, and I am thrilled to have the opportunity to expand our reach through this integration,” Bodley said. “Joining forces with Collab strengthens our ability to serve more entrepreneurs with impact and achieve our mission through integrated resources, expertise, and networks.”
She added that the team is working hard to make sure it doesn’t lose a New Haven-specific business focus as it takes over Collab. She said Collab reached out to reSET with the idea to explore merging.
“We’re more than committed to continuing to carry Collab’s legacy forward,” she said.
“When we co-founded Collab in New Haven back in 2017, reSET was a true thought partner and friend for us doing similar work in Hartford — with an aligned vision of building pathways to entrepreneurship and opportunity for every neighbor in Connecticut,” Smith, who is now an East Rock/Fair Haven Alder, is quoted as saying in Tuesday’s press release. “I am thrilled about this exciting next chapter, and eager to see the combined organization expand and deepen the support for entrepreneurs across the state.”
The goal, Bodley said, is to expand the organization’s impacts and strengths in both cities. The merge will be effective this month and both organizations will continue to operate until the rebranding process begins later this year.
Bodley explained that Collab’s two employees have already joined reSET’s team. She said Collab’s three-person board of directors has become an advisory board working alongside reSET’s current board.
She said she looks forward to a broader access to networks, funding sources, and educational resources for entrepreneurs served.
More than 630 entrepreneurs have participated in reSET’s and Collab’s programs since the former started offering small business support in 2013, and since Collab was founded in 2017.
“By combining our strengths, we’re creating a powerhouse of support for underrepresented and emerging entrepreneurs across Connecticut,” Ginny Kozlowski, Collab board member, is quoted as saying in the press release. “Our shared vision will drive innovation and positive change in our communities and will be a driving force in Connecticut’s efforts to enhance opportunities for new and expanding businesses across the state.”
The reSET-Collab organization is planning a celebratory launch event for April 3 in the New Haven area to introduce the combined organization and leadership team, with the initial spring program schedule to be announced shortly thereafter.
Read the full press release here.