Development | Capital Analytics Associates

Philly’s venture funds capitalize on momentum

By: Sara Warden

2 min read March 2020 — According to a recent report by the Philadelphia Alliance for Capital and Technologies (PACT) and Pitchbook, Philadelphia’s 2019 venture investment of $2.5 billion puts the city in seventh place nationally as a VC giant. And as more and more funding flows into Philadelphia, venture capital investment shows no sign of slowing down.

In 2019, 225 deals were recorded in Philadelphia, totaling just over $2.5 billion, up just slightly in number of deals since 2018, but notably, deal value has skyrocketed. In 2018, Philly’s VC deals were worth just under $1.5 billion. Across all stages, median deal values have increased, with angel and seed investment in 2019 coming in at a median $1.2 million compared with $600,000 in 2018, early VC doubling to $3.8 million from $1.9 million in 2018 and late VC reaching $7.5 million from $4.2 million in 2018.

The most active investor is Ben Franklin Technology Partners of southeastern Pennsylvania, according to the report, having funded 356 deals. It is a leader in seed capital investments with over $200 million invested over 35 years, launching over 2,000 companies. It is not just volume that counts, but also value. In a record for a Philly-based company, the largest funding round in 2019 was for food delivery service goPuff, which raised $750 million.

But despite this momentum, Philadelphia still has a way to go before it can catch up to VC hubs such as San Francisco, the report says. “Deal size inflation for Philly—though broadly consistent with the YoY persistence of rising valuations across the US—has yet to push median deal sizes to levels reached elsewhere,” the report said. “For example, the median for an early-stage deal in Philadelphia was $3.8 million—roughly half the US median.”

So what are Philadelphia investors doing about it? One lawyer, Ajay Raju, is setting up three new VC funds in the city to capitalize on its success. “There is no shortage of talented founders with great ideas and road maps who are designing the future,” he told the Philadelphia Inquirer. The three companies – 215 Capital, Backswing Ventures and Togo Ventures – will target different investors and aim funds at different sectors.

215 Capital will be an exclusive, subscription-only Series A pledge fund with just 100 investors and a focus on technology, whether in software as a service or real estate technology. Togo Ventures will focus on the pharma industry, from digital health to clinical trials. And Backswing will be “sector agnostic” to bridge the gap for anything in between.

“We are geography-agnostic and return-devout,” Raju told the Inquirer in an interview, but admitted that Philadelphia has plenty of opportunities ripe for investment and entrepreneurs hungry for capital to realize their ideas. “Philly’s innovation ecosystem needs capital and plenty of it,” he said.

To learn more about our interviewees, visit:

https://www.sep.benfranklin.org/

https://gopuff.com/home

https://www.215capital.com/

https://www.backswingventures.com/

https://philadelphiapact.com/

https://pitchbook.com/

Logistics Expo MODEX Going Ahead Despite Coronavirus Concerns

By: Sara Warden

2 min read March 2020 — Despite Coronavirus concerns, this year’s MODEX conference is going ahead as scheduled on March 9-12 at the Georgia World Congress Center in Atlanta. The conference attracts 900 exhibitors and, as logistics companies, all have a stake in the developments currently fragmenting the supply chain.

The Covid-19 outbreak that began in China at the end of January has already shut down national and international borders, but this is one reason why expos such as MODEX are so important. The companies present in Atlanta will be supply chain and logistics optimization companies whose goal is to optimize operations by reducing or even eliminating human involvement.

One of the technologies to be launched at the expo is the Puck 32MR, a joint venture between California’s Velodyne Lidar and South Korea’s Seoul Robotics. The technology is a lidar sensor that can detect obstacles in a warehouse setting, allowing for safe automated navigation. “Supply chain systems need to continue to become smarter and safer, more efficient and further automated. To address these requirements, companies are turning to lidar to play a key role in enabling the next generation of manufacturing and supply chain solutions,” said Jon Barad, Velodyne’s vice president of business development, in a press release.

Another company presenting its portfolio will be industrial vehicle automation company Elokon, which has a global presence and U.S. operations headquartered in Atlanta. One notable product that will be presented at the expo is MHI Innovation Award-winning solution ELOshield, which is a sensor that detects proximity and provides collision warning with specific warning and protection zones.

And Atlanta-based Elemica provides a cloud-based supply network that provides tracking transparency and optimizes product shipment. “These enhancements improve use of inventory, streamline onboarding for inter-business connectivity, improve search, including hazardous material (Hazmat) criteria, and allow for more in-depth visualization for track and trace of product safety and knowing where orders and shipments are at all times,” said Arun Samuga, Elemica’s Chief Technology Officer in a press release.

The transportation management system (TMS) market in North America is poised to grow by $1.62 billion during 2020-2024 and Atlanta is at the forefront. American Software, an Atlanta-based supply chain software solutions provider, was recently upgraded to a Strong Buy rating by Zacks. The company’s president, Allan Dow, said in the company’s most recent earnings call that the software will allow customers to be “better positioned to overcome the growing supply chain talent shortage that may impact their profitable growth and ability to respond to rapidly changing market conditions or unanticipated supply chain disruptions.”

And with there being no signs of the Coronavirus slowing down and quarantine numbers growing by the day, more integrated, automated supply chains and logistics systems could be just what the economy needs to boost trade activity.

To learn more, visit:

https://www.gwcca.org/georgia-world-congress-center/

https://velodynelidar.com/

https://www.seoulrobotics.org/

https://www.elokon.com/en-EN/

https://elemica.com/

https://www.amsoftware.com/

Tech and funding create GFL’s perfect innovation storm

By: Sara Warden

2 min read March 2020 — The convenience economy means reality is increasingly becoming virtual, cloud-based and autonomous. Essentially, anything that can make life less complicated is likely to be a hit. From online banking to ride-sharing, the possibilities of technology are endless. Not only is Greater Fort Lauderdale developing the software, but it is also providing the venture capital funding.

Greater Fort Lauderdale is among the Top 50 U.S. tech talent hubs. No wonder, then, that so many tech startups are choosing the city as their home. Everything from semiconductors to security analytics, to telehealth and connected cars – you name it, Greater Fort Lauderdale has it.

Last month, GFL-based bookkeeping and accounting app Xendoo was chosen as one of 10 companies in South Florida that would receive $75,000 to scale their business via the Finance Forward US accelerator program, which is backed by the MetLife Foundation, PayPal and Village Capital. Previously, Xendoo had secured $3.5 million in funding.

Greater Fort Lauderdale’s technology chops are clear to see. Since 1994, Fort Lauderdale has been the headquarters of Microsoft Latin America. Motorola Solutions’ Plantation facility developed an advanced two-way portable radio for use by police, fire rescue and other first responders. Southeast Florida was home to the first IBM PC and the first smartphone.

GFL also knows how to foster talent. Citrix was established in Fort Lauderdale in 1989 as an IT company with market-leading cloud, collaboration, networking and virtualization technologies and now boasts $2.97 billion in annual revenue. And Plantation-based construction project management company e-Builder was acquired by Trimble for $500 million in 2018.

The region is not only bringing the technology and innovation, but also the funding. Fort Lauderdale-based AutoNation recently announced it would invest $50 million in Alphabet’s Waymo self-driving technology. “Waymo is the proven leader in self-driving technology, is the only autonomous vehicle company with a public ride-hailing service, and is successfully scaling its fully driverless experience,” Waymo operating board member Egon Durban told Silicon Valley Business Journal.

Another factor behind the marriage of tech and venture capital is the concerted effort of associations to continue to bring both sectors together. TechLauderdale promotes involvement in Broward County’s tech ecosystem by hosting events that bring together technology companies and funding. The association also promotes education and retraining for those who want to get involved in startup activity.

“Our startups were having problems scaling up,” Richard Berkowitz, chair to the Broward Workshop’s technology committee, told South Florida Business Journal. “Our hope is that the rest of the business community and technology community in Broward County joins in creating this very strong platform to enhance our tech ecosystem.”

To learn more, visit:

TechLauderdale: https://techlauderdale.org

Xendoo: https://www.xendoo.com/

Citrix: https://www.citrix.com/

AutoNation: https://www.autonation.com/

Waymo: https://waymo.com/

Broward Workshop: https://www.browardworkshop.com/

South Jersey’s higher-ed sector at the forefront of workforce readiness

By: Yolanda Rivas

2 min read March 2020 — Education affordability, talent retention and the demographic change of fewer students going onto college are some of the challenges facing the industry. Educational institutions in South Jersey and the state government are placing a particular focus on affordability and workforce readiness.

Many universities and colleges now see that workforce development and curriculum updates are necessary to meet the demands and needs of employers and the jobs of tomorrow. That is the case of the Rowan University/Rutgers-Camden Board of Governors. Part of its mandate is to facilitate collaboration between Rutgers-Camden and Rowan University in the development of curricula and programs related to health sciences.

“Presently, we are working together to respond to projected employment growth in healthcare professions,” said Dana Redd, CEO of the Rowan University/Rutgers-Camden Board of Governors, in an interview with Invest:. “Some of the initiatives that we have launched include a Medical Assistant workforce development and training program for graduating high-school students from Camden’s traditional public schools.”

Another projected demand is the increased need for healthcare providers to assist individuals diagnosed with Alzheimer’s and dementia-related disorders. In anticipation, the board launched the Alzheimer’s Navigator Program in 2017. “The curriculum is taught by Camden County College. Inspired by the Patient Navigation model in oncology, Alzheimer’s Journey Coordinators aim to improve access to care and treatment for people with Alzheimer’s,” Redd said.

A challenge not only affecting South Jersey but the whole country is declining enrollment rates. Data from the State of New Jersey’s Office of the Secretary of Higher Education shows that the overall number of people attending higher education institutions in the state slightly declined over the last decade.

Unlike some universities that are struggling with declining enrollment, Rowan University doubled enrollment in the past 10 years to 19,600. During that time, the university transformed from a well-regarded regional university to a nationally ranked, Carnegie-classified R2 research university. According to Ali A. Houshmand, President of Rowan University, the STEM fields and businesses are the areas seeing the greatest growth. “We built new facilities for our colleges of engineering and business three years ago and doubled enrollment in their programs,” he said.

“Another growth area is our medical schools. We are one of only three institutions in the nation to offer both M.D. and D.O. medical degrees. Our commitment to medical education is important given the nation’s growing physician shortage,” Houshmand stated in an interview with Invest:.

Community colleges also play a key role in the workforce development of any community. In the southern New Jersey region, Camden County College (CCC) offers the most certification programs. According to CCC’s President Donald Borden there is great demand for machinists in the region. “Companies come to hire them as soon as they become proficient,” Borden told the Invest: team.

“Students trained in robotics, automobile tech and optometry all find work after graduating. We offer some of those programs that are not traditionally seen as higher ed, but they have been in very high demand,” Borden said. Business and education and criminal justice are also in-demand programs at CCC.

To fulfill the needs of the employers and provide access to education for all students, it is imperative that colleges, universities and government provide initiatives for education affordability. In February 2020, Gov. Phil Murphy announced the “Garden State Guarantee,” which is a $50 million investment in four-year senior public colleges and universities through his proposed FY2021 budget that would allow all eligible New Jersey undergraduate students to attend any public college or university in the state tuition-free for two years.

“We know students drop out of college — or worse, rule it out as an option for them — because they believe the price tag is unaffordable. After more than a decade of decreased state investments in higher education, our administration’s innovative plan creates a path for broader college affordability,” Gov. Murphy said in a written statement. “This complementary program underscores New Jersey’s continued commitment to tuition-free community college. We remain laser-focused on retaining in-state talent through our Jobs NJ initiative and expanding opportunities for low-income communities and communities of color.”

The program complements similar existing efforts at William Paterson University, Rutgers-Camden, Rutgers-Newark, and New Jersey City University. According to the “Garden State Guarantee” official press release, the guarantee builds on existing state programs to make college affordable, including financial aid provided to students through the Community College Opportunity Grant, Tuition Aid Grants and New Jersey Student Tuition Assistance Reward Scholarships.

To learn more about our interviewees, visit:

Rowan University/Rutgers-Camden Board of Governors: https://rurcbog.com/

Camden County College: https://www.camdencc.edu/

Rowan University: https://www.rowan.edu/

State of New Jersey: https://nj.gov/governor/index.shtml

A look at American Airlines’ Charlotte operations: 700 daily departures and counting

By: Felipe Rivas

2 min read Feb 2020 — From its strong headquarter relocation culture to its growing population and access to both capital and high-skilled talent, the Queen City has been flying high for several years. Undoubtedly, much of the region’s success can be directly attributed to the Charlotte Douglas International Airport (CLT) and the American Airlines hub that now serves more than 700 daily departures.

The airport is undergoing a $3 billion makeover, modernizing and expanding its infrastructure with American at the center of the renovation efforts. In this process, the airport and American are helping recruit companies to Charlotte and training the next generation of the aviation workforce.

This past holiday season, the airport renovation projects began to materialize as American added four gates on Concourse A to its Charlotte operations. “Charlotte 700” refers to American’s growth strategy in the Queen City and aims to serve more than 700 daily flight departures, a figure which Vice President of Operations Dec Lee said the airline surpassed. “Charlotte 700 refers to our original plan to have 700 flight departures a day, but we are actually over 700 departures a day now,” Lee told Invest: Charlotte. “Every time you want to add options for customers, you have to make sure that you can handle that and still have a great operation. We have a great collaboration with our network team and with the airport to build the right flight schedule,” he said.

The airport and American have been a vital part of the region’s economic diversification success and thriving headquarter relocation culture. “When you listen to some of the corporate announcements explaining why companies have moved here, you often hear about the ability to fly out of the hub. It is a great experience, particularly for business travelers, to be able to fly out in the morning and come back in the afternoon,” Lee said. Charlotte Mayor Vi Lyles echoed Lee’s sentiments. “We have invested heavily to make our airport a transport hub for the region with access to global businesses,” Lyles told Invest: Charlotte.

Charlotte government officials and business leaders have been working in tandem to promote the Queen City as a business destination to local and international companies. One major target sits across the Atlantic. “This year, we will make a concerted effort to reach out to companies in Europe to let them know that Charlotte, thanks to its strong travel infrastructure, is a viable destination for their U.S. expansion,” Lyles said.

For those interested in aviation, mechanics and engineering, American could be a potential job destination. The airline is coming to the end of a labor cycle, meaning opportunities will open for young workers. “We have a population of mechanics and pilots who are beginning to reach retirement age. That is unfortunate for us, but it is a fantastic opportunity to bring new folks into an industry that is doing so well compared to the early 2000s,” Lee said. Overall, the future looks bright for the next generation of pilots, mechanics, and flight attendants. “You are bringing people into an industry that is growing and vibrant, and these jobs are exciting jobs.”

To learn more about our interviewees, visit:

https://www.aa.com/homePage.do https://www.cltairport.com/

https://charlottenc.gov/Pages/Home.aspx

Spotlight On: Tom Mitchell, Managing Partner, Moore & Van Allen

By: Felipe Rivas

2 min read February 2020 — Diversity encapsulates the evolution of Charlotte’s legal sector. Diversity in legal practices and attorneys are a direct result of the growth the region is experiencing. Large, national firms like Moore & Van Allen have benefited from the diversification of the local economy and talent coming to the Charlotte region. From a revenue standpoint, 2019 was a record year for the firm, Managing Partner Tom Mitchell told Invest: Charlotte. The firm encourages pro bono practice as a way to give back to the Charlotte community and provide young lawyers valuable experience, he said.

What were some highlights for the firm in 2019?

2019 was another record-setting year from a revenue standpoint for Moore & Van Allen. We are an AmLaw 150 law firm, which means we are one of the Top 150 law firms in the country based on revenue. Our business expanded in many of our core areas, such as finance, mergers and acquisitions, private equity, intellectual property and regulatory and investigations. As the business grows, we continue to hire attorneys to help us service our clients efficiently. We have approximately 325 lawyers, most of them based in Charlotte. We also offer strong contributions in the public service and pro bono arena. For example, we worked on the merger of the Men’s Shelter of Charlotte and Urban Ministry Center last year. We are very proud of this work and can already see the benefits the merger brings to our community.

How have the legal needs of businesses evolved in the last few years?

Charlotte has always been a strong banking center. At Moore & Van Allen, our finance group has been one of our largest practice groups for many years. Recently, with the amount of large companies moving their headquarters to Charlotte, corporate and transactional legal practices in the region have become more diverse. For example, with more technology companies in Charlotte creating jobs in the region, legal practices such as intellectual property, data security and privacy continue to expand. The relocation of large companies to Charlotte has had a significant impact on the legal sector here.

How is Moore & Van Allen shaping the next generation of legal talent?

Charlotte offers a competitive and unique quality of life. The sophistication of our legal practices allows us to recruit top talent locally and nationally. We showcase Charlotte as a great place to live and work. With our depth and sophistication in over 20 practice areas, we can provide opportunities early on to our newer attorneys, allowing them to develop their practice and skills more quickly than they might in other cities.

Also, we have been intentional in our efforts to emphasize diversity at Moore & Van Allen. For example, we host a diversity conference each year for first-year law students where we expose them to the practice of law. We also have a strong mentoring program, which contributes greatly to sustaining the pipeline of talent necessary to maintain a diverse workforce and client base for our firm.

How can law firms be more involved in their communities?

At Moore & Van Allen, we are committed to charitable, bar, civic and pro bono service and encourage our attorneys to give back to the community. We have a very active public service committee that identifies, coordinates and facilities public service opportunities for our attorneys, including in such areas as housing rights, assistance with estate planning, and human trafficking prevention, among others. These opportunities also provide great training for our young lawyers. As a result, not only are our lawyers helping someone in need, they are gaining valuable experience as a litigator or transactional lawyer whether in the courtroom or otherwise. Most importantly, our attorneys and staff uphold the legacy of service and corporate social responsibility that Moore & Van Allen is incredibly proud of.

To learn more about our interviewees, visit: http://www.mvalaw.com/

Face Off: How local chambers of commerce are responding to the region’s population growth

By: Yolanda Rivas

2 min read February 2020 — Both the number of visitors to Orlando and its population are on the rise. The Invest: team spoke with Betsy Gardner Eckbert, president and CEO of the Winter Park Chamber of Commerce, and Andrew Cole, president and CEO of the East Orlando Chamber of Commerce, about their latest efforts to respond to the local growth and the challenges their chambers face.

Andrew Cole

How is the community responding to the region’s visitor growth?

Betsy Gardner Eckbert: The Winter Park Chamber of Commerce started several efforts to target and reach international guests. The second-biggest group of visitors that we receive in Winter Park is international. Half of the international visitors we received two years ago were coming from the United Kingdom. To respond to that demand we put together our Tourism Task Force, which created a business plan through destination marketing efforts, and as a result we had a 560 percent increase in traffic to our website from people from the U.K. We increased by 86 percent the traffic of people from the U.K. through the door of our Welcome Center. We will continue to expand our reach to international guests from different countries as well, including Canada and Brazil.

Andrew Cole: We’re anticipating having almost 2 million people in Orange County by 2030. I think that speaks volumes, and we’re preparing for that population growth. Our transportation infrastructure is being enhanced, Virgin Trains is making its way into Orlando, the Orlando International Airport is building a new terminal, and our local governments are looking at additional transportation solutions and housing affordability issues. Businesses are expanding, creating new jobs, such as Universal Studio’s new Epic Universe theme park, Disney’s continued growth of their parks, and the Creative Village in Downtown Orlando is an innovation district for high-tech, digital media and creative companies providing new opportunities. Tourists and visitor numbers continue to increase providing plenty of opportunities for businesses to thrive. It’s exciting to know that businesses that are here and those relocating here have opportunities to grow and expand their footprint in Orlando.

Betsy Gardner Eckbert

What are some challenges for your chamber?

Eckbert: One of the challenges for our members is attracting and retaining the appropriate talent. To support them, we launched a pilot program to identify talented professionals — mostly women with impressive degrees who have stayed home to raise a family. Our program helps them get back into the workplace. Through this pilot return-to-work program we placed 83 percent of the participating women within six months in local and global companies. We are very excited to have the ability to furnish our members with a talent base of people who are reliable and have the skills and talents they are looking for.

Cole: One of our biggest challenges is making sure that we have smart growth in that we’re looking at all aspects of the impact any new development will have on the area. We also have the battle between people who want to stay rural and those who want to see development. As long as we can plan smart growth, continue to address our challenges and remain forward thinking, I know Orlando will continue to be the place to be.

To learn more about our interviewees, visit:

Winter Park Chamber of Commerce: https://winterpark.org/

East Orlando Chamber of Commerce: https://www.eocc.org/

Face Off: Bringing More Energy to the Bay

By: Max Crampton Thomas

4 min read February 2020 — As the Tampa Bay region continues to grow both in population size and new developments, the need for access to more energy and cleaner energy solutions grows with it. Invest: spoke with the leaders of two of the main sources of energy for the region and their innovative approach to creating cleaner energy solutions. T.J. Szelistowski serves as the president for Peoples Gas, which has provided Florida residents and businesses with reliable, environmentally-friendly, economical natural gas products and service since 1895. Nancy Tower leads Tampa Electric as its president and CEO. The utility has served the Tampa Bay area for 120 years, with more than 5,000MW of generating capacity.

How is your company innovating in terms of technology?

T.J. Szelistowski: The last time we spoke, we discussed implementing gas-fired heat pumps that use natural gas instead of electricity for air conditioning. We are working with several customers on installations of this technology. Additionally, we have installed the technology in three of our facilities and have been pleased with the performance.

In terms of other technologies, we are targeting farming and waste facilities that release methane into the air. Our environmental solution is to capture that methane and clean it up to reinject it into the system. This not only provides a cleaner form of natural gas but also reduces methane emissions. We look forward to announcing some significant projects with this technology in the near future.

Nancy Tower: We believe battery storage is a part of our energy future. The technology is new, and we’re not ready to deploy that on a large scale until we figure out the true impact it will have on our system. We have put in place a battery storage project this year near our Big Bend solar project, which will give us really good information on how solar and battery storage interacts with our system. We’re really looking at how we can integrate battery storage into the complexity of the renewable energy ecosystem.

In other technologies, we are also in the middle of a large-scale installation of smart meters, which provide a lot more information and allow us to provide customers with superior service.

T.J. Szelistowski

Why has investment in cleaner, more renewable energy and environmental sustainability been such a focus for your company?

Szelistowski: Natural gas is the perfect partner to renewable solar energy to provide capacity when the sun is not shining and to ensure energy is available to customers around the clock. Additionally, natural gas can provide great environmental benefits by replacing diesel fuel usage in large vehicles, such as buses and waste-management trucks.

A variety of ships are starting to convert to natural gas because of changing environmental regulations, specifically IMO 2020, which slashes permissible levels of sulfur permitted in fuel for seaborne vessels to minimal levels and opens the door for liquefied natural gas (LNG) as an alternative.

Tower: The biggest factor is that customers want it. When thinking back over the last few years, the number of people focused on a cleaner environment has increased exponentially. This is symbolic of the focus citizens and our customers have on environmental stewardship, and that is not going away. We are very happy with our progress.

I think it’s our obligation on behalf of customers to demonstrate that clean energy is not only our responsibility in terms of an environmental perspective, but also from a cost perspective. We are focused on both of those things simultaneously. As the entity generating electricity, we have the responsibility of doing that in the most responsible way.

Nancy Tower

How would you respond to the argument that clean energy is not yet cost-effective or readily available?

Szelistowski: Natural gas interstate transmission pipelines are relatively new to Florida compared with the Northeast, having been introduced only in the 1950s. In addition, natural gas is a primary source of space heating in many parts of the country. With limited space heating in Florida, natural gas is primarily used for cooking, water heating and clothes drying in addition to industrial uses. We see a great desire for natural gas by people who have moved from other parts of the country and have enjoyed using natural gas in the past.

In terms of misconceptions, people do not realize the widespread availability of natural gas in Florida. Additionally, they may not realize the affordable nature of home and business use of natural gas. With low and steady gas prices, natural gas provides a great alternative to both business and homes.

Tower: It is our job to ensure that our generation portfolio is the most cost-effective for customers. Over the long term, we have carried out extensive cost modeling to ensure we can meet these expectations. In the next number of years, we will add more solar capacity and our generation will include more small-scale methods combined with battery storage. This doesn’t come without hard work and we need to find the right ways to keep costs low. This involves finding the right land close to our transmission infrastructure, ensuring suppliers are providing competitive prices and efficient cost management. Costs have come down, but we need to ensure we tightly manage this.

To learn more about our interviewees, visit:

https://www.tampaelectric.com/

https://www.peoplesgas.com/

Pharmacies Going the Extra Mile in Philadelphia

By: Sara Warden

2 min read February 2020 — According to research from the University of Texas, 13-27% of ER visits in the United States could be managed in physician offices, clinics, and urgent care centers, generating $4.4 billion in annual savings for the health system. As the population grows and hospitals become saturated, Philadelphia’s private sector innovation is helping to lift the burden.

Last month, pharmacy giant CVS launched 13 HealthHUBs across Philadelphia and South Jersey, with the goal of offering patients a broader range of health services than are normally available in pharmacies. “The purpose of this model is to put patients at the center of their care,” said Anthony Riccardo, regional director for CVS Pharmacy, at the launch of the Folsom HealthHUB in the Delaware County branch. “Customers tell us they want local access to convenient, personalized and integrated healthcare. Our HealthHUB locations do just that — helping to elevate the store into a community-based healthcare destination.”

CVS leverages its impressive countrywide coverage on the front lines to bring additional services to the community, decreasing the probability that symptoms will worsen and lessening the burden on secondary healthcare providers. The services provided range from counseling patients with chronic conditions, to smoking cessation plans and health screenings, with a focus on addressing potential problems before they arise.

The company is not the only business in the private sector that sees the potential pharmacies can contribute to the healthcare sector. Last month, Philadelphia also welcomed Medly Pharmacy, a company that is tackling inefficiencies in pharmacy operations through an app and service platform that simplifies the process of filling a prescription.

Although the main draw of the store is its online platform, the company’s co-founder, Chirag Kulkarni, recognizes the need to also have a physical store established in the city. “I can say 99% of our customers have never walked into our pharmacy,” he said in an interview with Philadelphia Business Journal. “But it’s critical from a brand perspective to have a pharmacy a person can go into if they wanted. There is a level of trust in medicine, and with a pharmacy having that brick and mortar location brings legitimacy.”

So why are these companies attracted to Philadelphia? For Medly, the city has proximity to its key markets in New York and New Jersey and a similar level of population density, making it a logical choice for expansion. The median age in Philadelphia is also 34.3, and with a younger population also comes the desire for new technological advances to make everyday life more convenient. “Our research found that from a geographic viewpoint, Philadelphia is very similar to where we operate now in that it has high concentrations of population in certain areas,” he said. “We also saw a strong need for something like what we offer.”

To learn more, visit:

https://www.utexas.edu/

https://www.cvs.com.html

https://www.medlypharmacy.com/

Philly’s venture funds capitalize on momentum

Logistics Expo MODEX Going Ahead Despite Coronavirus Concerns

Tech and funding create GFL’s perfect innovation storm

South Jersey’s higher-ed sector at the forefront of workforce readiness

A look at American Airlines’ Charlotte operations: 700 daily departures and counting

Spotlight On: Tom Mitchell, Managing Partner, Moore & Van Allen

Face Off: How local chambers of commerce are responding to the region’s population growth

Face Off: Bringing More Energy to the Bay

Pharmacies Going the Extra Mile in Philadelphia

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