innovation | Capital Analytics Associates

Face Off: The Sunshine City’s Future Shines Bright

By: Max Crampton-Thomas

4 min read January 2020 — Deliberate, calculated and fast-moving are just a few of the ways to describe the economic growth happening in the city of St. Petersburg. Long known as the “Sunshine City,” St. Pete has developed into an economic and arts and culture powerhouse within the Tampa Bay Region. This is in large part thanks to efforts by a motivated business community and community leaders. Invest: spoke with two of the prominent figures in the St. Pete community about their organization’s efforts to maximize the potential of their city. J.P. DuBuque, the president of the St. Petersburg Area Economic Development Corporation, and Alison Barlow, the executive director of the St. Pete Innovation District, also discussed their view of the future and the challenges that await.

How are you working to promote economic expansion in St. Petersburg?

J.P. DuBuque: As an EDC, our primary role is to help grow jobs in the St. Petersburg area. One way we can contribute to that is by attracting new companies into our community. The most effective means of doing this is by telling our story, and to tell the story we have to know what the story is. This means we have to understand what our local community looks like. We are spending a good bit of time focusing on our local community to really understand the targeted industries that we want to enhance and grow. We are working with groups like the data analytics community and marine science community to best understand their needs. This in turn relays to us where the opportunities lie to attract new businesses to the region. Apart from this, we spend a lot of time out of the market, meeting with individual companies and other markets to tell them the great story of doing business in St. Petersburg. Sometimes this is through coordinated business development missions, while other times it is by leveraging non- economic-development-related conferences like South by Southwest or through focused sales development efforts.

Alison Barlow: The entrepreneurial ecosystem and talent development are two big areas of focus for us. We are doing a program called Innovation Scholars, which provides unique job shadowing opportunities for first-year students at USF St. Petersburg. We have already paired 39 students with companies in the Innovation District and around Downtown. We are also exploring ways to incubate more marine technologies, such as sensors, drones and ROVs, as well as encouraging the link between marine and life sciences.

As part of our efforts to attract businesses and talent to the district, we offer a variety of office space types. We are also focusing on connecting people who are located near the St. Pete Innovation District and making them part of the district. We are supporting the creation of social spaces by encouraging restaurants and retailers to come to the area. We are also supporting the full range of housing, from fully-assisted affordable housing to workforce, multifamily and luxury condos.

From your perspective, what is one of the most significant challenges for economic growth in St. Petersburg?

DuBuque: The biggest challenge for us is perception versus reality, and I believe this is a statewide challenge. When you look at what people think regarding some of the things that are necessary to build a successful business, and a successful quality of life, there are some perception challenges for Florida. The perception that Florida is not a good business environment, and that our school systems are not up to par are a real challenge. The perception, and reality, of Florida’s lack of mass transit is a real issue that needs to be overcome. When we have an opportunity to show folks what the reality is, they are typically pleasantly surprised.

Barlow: We are leading conversations with local health institutions about how changes in our oceans have an impact on our people. Human and ocean health are becoming much more related. For example, last year we had a significant red tide, and while the marine scientists were looking at the causes that were making it worse and the impact on marine life, the physicians in our area were seeing an uptick in asthma issues due to the airborne aspect of red tide.

We have some of the best sea level rise experts in St. Petersburg. It is encouraging to see the progress of their research looking at temperature fluctuation, the infiltration of bacteria and nutrients in the water that is contributing to algae blooms such as blue-green algae and red tide. They are turning this deep research into practical knowledge for the community.

What has you excited for the future economic growth in St. Petersburg?

DuBuque: It is important to remember that growth is necessary for us to move forward as a society. If we are not growing as individuals and as a community, then we are actually moving backward. That said, the level of proactivity from the Economic Development Corporation allows us to select the types of businesses that we want to really bring here. That in and of itself will help move us forward. We also have a full community commitment to the Grow Smarter Strategy, which gives us a common road map for every person in the economic development game. Those things allow us to maintain the culture and character of St. Petersburg while still moving forward. The worst thing that we could do is to kill the golden goose, which for us is the vibrancy, authenticity, arts, creativity, innovation and “funk” of St. Pete.

Barlow: We are excited about our progress on our smart city project. The St. Pete Innovation District is partnering with Spectrum and US Ignite to test concepts around smart city technology to improve the lives of the people in our community. It is also a chance for us to try sensor technology and think about what it would mean for educational and workforce opportunities. We are getting closer to installing four smart light poles on the University of South Florida St. Petersburg campus that will have power, internet and the ability to host environmental and traffic sensors.

To learn more about our interviewees, visit:

https://stpeteinnovationdistrict.com/the-district/

https://stpeteedc.com/

Healthcare in Philadelphia Going from Strength to Strength

By: Sara Warden

2 min read January 2020 — Innovation in Philadelphia’s healthcare industry has long been recognized as exemplary, and it served as a focal point of Philly’s B.PHL Innovation Fest held in September. Recent developments show that healthcare pioneers were right to bet on Philadelphia.

It’s only a week in and already 2020 has been a big year for healthcare in Philadelphia. Healthcare software company Repisodic announced this week it has raised $1.75 million from a private stock sale led by VC company American Enterprise Ventures. Repisodic was nominated among just 17 early-stage companies that received a total of $3 million in pre-seed funding from Ben Franklin Technology Partners of Southeastern Pennsylvania in 2018.

The technology produced by the company is based on patient discharge care and was catalyzed by the “discharge planning rule” enacted by the Centers for Medicare and Medicaid Services (CMS) in November, which mandated that patients “be in the driver’s seat, playing an active role in their care transitions to ensure seamless coordination of care,” according to CMS Administrator Seema Verma.

Repisodic allows patients to access a list of post-acute care providers in a seamless and easy way, with search functions tailored to the patient’s specific medical records and requirements. “The sheet of paper (given to post-acute care patients by hospitals on discharge) may have names and addresses and phone numbers, but not a whole lot of other information,” Mike Cwalinski, the company’s co-founder and CEO, said to Philadelphia Business Journal. “We help patients make better and faster decisions at the time of discharge.”

Elsewhere, Philly-based gene therapy company Spirovant Sciences was last week acquired by Japanese pharma company Sumitomo Dainippon Pharma in a $3 billion transaction. “(Sumitomo) is incredibly committed to Spirovant and to gene therapy, particularly the work going on here in the Philadelphia area,” said Joan Lau, Spirovant’s CEO, in an interview with Philadelphia Business Journal. “They will be spending time here to get to know the area more intimately.”

Spirovant’s gene therapies aim to repair mutations that come as a side-effect from cystic fibrosis and cause difficulties with breathing. Earlier in the year Spirovant had been acquired by New York-based Roivant, which sold its ownership stake in five companies – one of which was Spirovant – to Sumitomo. “I think it’s a testament to our underlying technology from the University of Iowa and CHOP,” said Lau when asked about being acquired twice in one year. “We’ve been able to show strong preclinical data.”

To learn more, visit:

https://www.repisodic.com/

https://benfranklin.org/

https://www.cms.gov/

https://spirovant.com/

https://www.ds-pharma.com/

https://bphlfest.com/

https://www.americanenterprise.com/aeventures

Spotlight On: Daniel J. Hilferty, CEO, Independence Health Group

By: Yolanda Rivas

2 min read December 2019 — The business community is responsible in a great way for the environment and success of any city. That is the case of leading health insurance company in the Philadelphia region Independence Blue Cross, which for decades has provided families with health security and stability. Under CEO Daniel Hilferty’s leadership, the company has tripled in size, serving about 8 million people nationwide. Hilferty shared with the Invest: team the company’s recent efforts toward innovation, while also addressing community challenges like the opioid crisis and healthcare affordability.

How is innovation transforming the way healthcare is designed, delivered and experienced?

At Independence, innovation is in our DNA. Our members expect us to keep pace with the latest technologies and innovations. We also want to drive new ways of thinking throughout the region, which ultimately make this a better place to live, work, and play. We are very proud of our role in creating an innovative environment in the Philadelphia area.

Here’s an example: We foster the innovation process by leading organizations, including our customers, through design thinking sessions, innovation events, and projects that promote out-of-the-box solutions. Now, all this work will take place in the new, state-of-the-art Center for Innovation located at our Center City headquarters on the West Market Street corridor, where our campus is located. The Center for Innovation is a phenomenal two-story space connected by an open staircase that has a very modern feel to it. This amazing physical space matches the strategic focus that we have always put on innovation.

Independence also develops partnerships to create solutions to some of the toughest healthcare challenges. For instance, the technology developed by Quil, our joint venture with Comcast, will change the way that people use technology in their journey to good health. Think about how confusing it can be to go through a medical procedure. What do you do before you go to the hospital? Or when you’re home recovering? Quil is going to lead you through those types of journeys and create a better, and healthier, experience.

Independence also uses technology, research, and data analytics to help our members get and stay healthy. Take our work with Relay Network, also a national company based in the Philadelphia region. Together, we developed a personalized, HIPAA-compliant mobile communication program called IBXWire. It’s a great way to connect with our members. We send reminders about care gaps and flu shots and the type of information that is important but maybe isn’t at the front of your mind. By using this platform, Independence has created an effective way of communicating that helps members retain control and make better decisions about their healthcare.

Finally, we celebrate and foster the spirit of innovation in our region. The most recent example is our support of the first ever B. PHL Innovation Festival that took place in October 2019. The festival was designed to build Philadelphia’s reputation as the most innovative city on the East Coast – a true place of choice for people looking to inspire new ideas, make connections, and ignite new ways of doing things.

How is Independence continuing to address crises, such as opioids, and how is it impacting the way that insurance companies do business?

Opioid abuse is the worst drug crisis in American history. At Independence, we are keenly focused on doing whatever we can to reverse this tragedy. Independence was one of the first insurers in the country to restrict first-time, low-dose opioid prescriptions to a five-day limit, except for patients with cancer or on hospice care. We also require prior authorization on all long-acting opioids. And it’s having an impact. We have seen an almost 60 percent decrease in the strength and quantity of opioids used by members with noncancer pain in four years.

We’ve also partnered with other experts to raise awareness and remove barriers, like the stigma of addiction. The Independence Blue Cross Foundation launched an effective public awareness campaign called Someone You Know that features people impacted by the opioid crisis telling their stories. We’re in our second year. Our Independence Foundation has also worked on a regional study to evaluate the effectiveness of “warm hand-off” programs that connect overdose survivors immediately with recovery programs.

We’ve also worked closely with local, state and national leaders to elevate the importance of this epidemic. We have a moral imperative to end this crisis. People who are suffering are not faceless. They are our family, friends, business colleagues, neighbors. It’s personal.

What are some of the unique challenges and opportunities provided by the Philadelphia healthcare landscape?

People in the Philadelphia area are extremely fortunate to have access to some of the best hospitals and health systems in the country. At Independence, we have a long history of effectively working with area hospitals, doctors, and other healthcare providers, and that collaboration is only getting stronger.

But we have a lot of work to do. A study by the Kaiser Family Foundation found that Pennsylvanians were more likely to report skipping or delaying healthcare, including skipping dental care or check-ups, not filling a prescription, or relying on home remedies and over the counter drugs instead of visiting the doctor, due to cost, compared to other states. The Blue Cross Blue Shield Association identified 10 common health conditions, including hypertension, major depression and high cholesterol, that have the greatest impact on Americans’ quality of life. We need to work to address these fundamental and chronic health problems.

We can also do better when it comes to containing costs. According to the Pennsylvania Department of Health, our state faces higher healthcare costs without demonstrating higher quality of care than the rest of the United States.

Healthcare must be affordable. We have to lower the overall cost of care, especially when it comes to prescription drugs. More than 23 percent of every healthcare premium dollar is spent on prescription drugs. To keep prices in check we need increased transparency, competition and consumer choice, and affordable access to generic and biosimilar drugs in a timely and cost-conscious manner. Drug costs are the fastest-growing costs in healthcare, led by injectable drugs.

To learn more about our interviewee, visit:

IBX: https://www.ibx.com/

Philly Zoo Embraces the Festive Spirit with LumiNature

By: Sara Warden

2 min read December 2019 — During the Christmas season, electricity usage skyrockets as homes, businesses and local authorities light up the streets with Christmas displays and twinkling lights sure to make even the coldest hearts feel festive. This year, Philadelphia Zoo is getting in on the action with its inaugural LumiNature festival.

After two years of planning and a $3.5 million investment, LumiNature will take place from Nov. 20 to Jan. 5, featuring 12 immersive displays containing over 600,000 lights inside the zoo’s boundaries. “LumiNature will transform the Zoo from its daytime magic into a winter wonderland, immersing guests in a joyous multimedia light and music spectacular,” said Philadelphia Zoo’s Chief Marketing Officer Amy Shearer in a press release. “We will shine a light on the world’s elusive big cats and flamboyant peacocks, …all through the artistry of lights, media, sound and nature itself.”

Tickets start from a very affordable $19 for the night tour of the zoo while the animals slumber, where guests can see, among other displays, “lit flamingos … on their own 25-foot tree, a 35-foot polar bear made out of 23,000 pounds of recycled car doors … and all four seasons,” according to Shearer. The event, presented by JP Morgan Chase, promises 200 festively lit penguins, 45 completely custom LED light structures and a 21-foot snake. “LumiNature is set to be the most unique and memorable holiday-season light extravaganza in the entire Philadelphia and tri-state region,” added Shearer.

The intention is for LumiNature to be an unmissable family experience each year at Christmas. The event is also expected to attract visitors from out-of-town, just to see the fantastical light and sound show. Hilton hotels partnered with the event to offer Hilton Honours Members a special gift when attending LumiNature.

Hot chocolate and mulled wine will be on offer to guests as they stroll through the zoo, admiring the 12 difference displays. Here’s what the event organizers say guests should expect:

Wonder of Slumber: A beautiful and dreamy setting of lit orbs and giant illuminated flowers.
The Dreamery: A wishing well of sorts with a wave of the hand, bubbles, lights, and steam.
Snake Awake: Slither through brilliant purples, blues and greens as a giant snake slithers along beside you…
Frog Fantastical: Color washes throughout the trees and water-like images appear on the path before you.
Color me Chameleon: A kaleidoscope of color fills this festive plaza inviting guests to shop for their favorite light up items at the Zoo’s very first glow bar.
Big Cat Stalk: As you meander through this path of tall illuminated ‘grass’, the stalking eyes of these frisky felines will appear and disappear making you wonder if you are what they are dreaming of.
Evergreen Dreams: Situated in this lovely outdoor hang out are some surprising trees that come to life as they sing and welcome you to LumiNature.
Seasonbration: Spring, Summer, Winter and Fall all have a point of view that comes to life via lights, music, and special effects.
Northern Lights: A 35-foot polar bear named Polaris made entirely from white recycled car doors transforms into a gigantic screen that shares the magnificence and diversity of our planet.
Flamingo Fancy: Guests will be surprised as they walk along brilliantly lit 8-foot pink “flamingos” when they encounter the most whimsical tree within LumiNature: a 25-foot beauty made entirely of lit flamingo lawn ornaments!
Peacock Spectacular: Standing before giant, lit peacock feathers, people can get the most unique holiday picture of the season.
Penguin Peace on Earth: Hundreds of illuminated penguins will fill the zoo’s lawn to bid guests farewell and wish them a very special holiday season in true zoo fashion.

To find out more, visit:

https://philadelphiazoo.org/luminature/

Spotlight On: John McDonald, Charlotte Office Managing Partner, McGuireWoods

By: Felipe Rivas

2 min read December 2019 — The economy and legal services go hand in hand. As a result, Charlotte, well-known for its banking and financial services industry, is attracting top legal talent. With the rise of the region’s healthcare and technology sectors, the legal needs of the business community are evolving with the diversification of the economy. In an interview with Invest: Charlotte, McGuireWoods Charlotte Office Managing Partner John McDonald talks about the factors that influence the region’s legal market, the large talent pool available, and outlooks for the legal market heading into 2020.

How have the legal needs of the business community evolved with the growth of the region?

The majority of the lawyers in our Charlotte office are involved in the financial services sector in some fashion, whether that is through securities, debt finance, or litigation practices. Charlotte’s large banking community influences the work we do. We also have one of the largest healthcare practices in Charlotte. We are nationally known for our healthcare practice and Charlotte is our second-largest hub for that practice. We also have a very strong energy practice and work with a number of energy clients in the region, as well as nationally. The legal needs of the Charlotte community are very sophisticated. Major national and global companies, such as Bank of America, Wells Fargo and Duke Energy, bring sophistication to the business world, which translates to the legal market. Firms in the Charlotte market have to provide high-end legal services because of the sophistication of the work that is demanded by our clients.

What do law firms need to do differently in today’s technological era to attract and retain clients?

Generally, lawyers by nature are behind the curve because we are cautious and skeptical, especially when it comes to new technologies. Part of McGuireWoods’ strategic plan is to identify and embrace technology that will help us better serve our clients. Whether through artificial intelligence or data analytics, we are always looking for ways to leverage technology to help us drive the results our clients are looking for. Technology can help us identify legal factors and anticipate issues to accomplish the desired results in the most cost-effective way. If firms do not embrace the use of technology, they will fall behind.

What is the state of the region’s legal talent pool?

We recruit from the regional law schools. Charlotte draws lawyers from across the country. In a dynamic market like this, it can be challenging to both attract and retain qualified talent. There is a lot of competition. In addition, the in-house market for lawyers is really impressive in Charlotte. Between the banks and other major corporations in the area, there are a lot of sophisticated in-house legal teams that are an attractive option for some of our lawyers. We acknowledge this, and frankly, it can be a great opportunity for us. When our lawyers leave, they almost always end up going to an in-house team. That is a great way for us to build relationships with clients. At McGuireWoods, our lawyers are always looking for ways to help their community, which they do through pro-bono work or by serving on nonprofit boards. Over 90 percent of our lawyers provide pro-bono services on an annual basis. We take great pride in this and are always looking for ways to do more. I find that law students today have a great sense of wanting to give back.

What is the outlook for Charlotte’s legal sector heading into 2020?

The national and international economies impact the work in the financial services sector. There are signs that some sectors of the national economy might be slowing. That is a concern and we need to prepare for that. At the same time, in the legal market, there is always work to do regardless of the economy. We have to be able to adjust and recognize our clients’ needs and how they are impacted by the broader economy. Overall, we are excited about what 2020 has in store. I know our clients are trying to put together some amazing deals and there is a lot of optimism that it will be a great 2020.

To learn more about our interviewee, visit: https://www.mcguirewoods.com/people/m/john-g-mcdonald

Can Demand Meet Supply?

By: Max Crampton-Thomas

2 min read November 2019 — 4,500. That is the number of new hotel rooms expected to come online between now and 2024. This additional inventory will be on top of the 34,000 existing rooms already available in Broward County. New hotel developments and renovations like the opening of the Conrad Fort Lauderdale Beach, the $1.5 billion expansion of the Seminole Hard Rock Hotel and Casino and the upcoming addition of the Omni Hotel & Resorts as part of the massive expansion happening at the Greater Fort Lauderdale/Broward County Convention Center, are all contributing factors to this significant increase in hotel room supply. The question now is whether demand in Broward County will match this increase in supply?

To begin to answer this question, it is important to understand how the hospitality sector in Broward has evolved over the years. Invest: spoke with Heiko Dobrikow, the general manager for one of the oldest and most successful hotels in the county: the Riverside Hotel located on Las Olas Boulevard. He discussed how the transformation of the sector was the result of deliberate action from past leaders. “Going back to the 1980s, we were the spring break capital of the world. The leadership then, the mayor and the business community, got together to make the city a little bit more upscale. Suddenly, the mom-and-pop hotels that we had on the beach became the Ritz Carlton, the Marriott, the Atlantic, and now we have a Four Seasons coming. Those are monumental changes. It speaks much to the change in the business environment that has transpired in Fort Lauderdale,” said Dobrikow.

Year after year the tourism sector in Broward County has hit record highs, which is a direct reflection of the over $3 billion dollars spent in capital improvements to the Fort Lauderdale-Hollywood International Airport in an effort to increase passenger traffic. All of this has had the biggest impact on investment and development within the hospitality sector. Dobrikow discussed the direct correlation between the growth of the airport and the hospitality industry. “We see growth mainly via the airport. In the last 12 months, the airport received 36.6 million customers, a growth of 5.6%. Of that traffic, 27.7 million were domestic customers. International passenger growth was almost 9%. It has been a tremendous driver for us. It gives investors looking to build hotels in Fort Lauderdale comfort knowing that there is more growth coming. We have a pipeline of about 45 new hotels in Broward County.”

The growing influx of tourists into the county, and the expected arrival of fans to world-renowned events like the Fort Lauderdale International Boat Show and the coming Super Bowl LIV, indicate that demand will in fact meet the new supply of hotels rooms. But increased supply also means increased competition for the already established hotels that could ultimately lead to a significant decrease in rates across the board. Although this bodes well for consumers, it does not for hotels in the county. A potential economic downturn is another cloud on the horizon. The key for hotels is having the ability to adapt to a changing landscape within hospitality. “In the next year, I think our occupancy levels will remain flat, and the hotels will be very competitive in terms of rates in Broward County. Some of the hurricanes affected us, but we have recovered. Demand growth could be about 8-8.5%. We see an economic slowdown in the near future, and I am convinced that 2021 will be a slower year for us, with a dip in occupancy. We are planning a room renovation for that year, knowing that it is going to be a slower time,” Dobrikow told Invest:.

While all indicators point to enough demand in the current market for an increased supply of hotel rooms, it will be something to keep a close eye on as we enter 2020 and beyond.

To learn more about our interviewee, visit:

https://www.riversidehotel.com/

Charlotte Rising to Tech Challenge Related to Emerging Workforce

By Felipe Rivas

2 min read October 2019 – The business world was abuzz earlier in October when American conglomerate Honeywell broke ground on its new global headquarters at Legacy Union in Uptown Charlotte. Honeywell, a diversified engineering and technology giant, is the latest example of a large company flocking to the Queen City looking to expand and grow, and local leaders are doing their part to ensure success. As the economy in the Charlotte Metro Area continues to diversify, educational and economic development leaders are working to equip the workforce to thrive in the tech-based jobs coming to the area.

Historically, Charlotte has been the second-largest banking capital of the United States, but that is broadening, said Queens University of Charlotte President Daniel Lugo. “The most exciting part is the growth of the technology sector. Charlotte is a hotbed for technology right now,” Lugo told Invest: Charlotte. “Those with strong technical skills, with an understanding of how to use data in powerful ways, how to visualize data, and how to use data to predict outcomes are going to have huge advantages,” he said.

The university is placing a keen emphasis on producing talent that has a robust understanding of coding and data analytics. “The city and area is creating tech jobs at double the national rate and we want to be at the forefront of working with those businesses,” Lugo said.

That means taking a community-first approach in its efforts to empower talent with tech-based skills. Its program, Digital Charlotte, aims to reduce the area’s digital divide by connecting community members to the internet and increasing their web literacy. “We are perfectly positioned to be the preeminent private university of the city and of this region, building a talent pipeline to meet the needs of a growing city’s changing economy,” Lugo said.

In Gaston County, 30 minutes away from Charlotte, economic development leaders are already experiencing spillover from Charlotte’s growth and preparing its workforce for incoming manufacturing and tech-based jobs. “For Gaston, it’s all about the Charlotte market, tapping into it and knowing what their needs are,” said Gaston Regional Chamber CEO Steve D’Avria.

“The biggest set of industries coming in are the advanced manufacturing sectors because our labor is more affordable,” D’Avria told Invest: Charlotte.

The chamber is focusing on education by supporting accelerated college programs for Gaston County’s high-school students, as well as programs at Gaston College centered on business and information technology career tracks and certificates. “Education has been one of our focuses,” D’Avria said.

Connecting students and workers to jobs to practice their tech skills while they are in school is another chamber priority. “Around 60% of our members are small businesses, so we’re a connector of resources in the community,” D’ Avria said. “We’re also expanding into the co-working space in Gastonia. In Belmont, we have a program called Gaston Tech Works, and it’s all technology-focused.”

To learn more about our interviewees, visit:

https://www.queens.edu

http://www.gastonchamber.com

Spotlight On: HBK CPAs & Consultants, James Bartolomei, Principal

Writer: Yolanda Rivas

2 min read SEPTEMBER 2019 — Technology is disrupting every industry in the world. From healthcare to banking and finance, numerous companies are reinventing themselves to be at the forefront of technology and innovation. In the accounting and finance segments, these innovative tools are rapidly transforming customer experience and data management. The Invest: Philadelphia team recently sat down with HBK CPAs & Consultants Principal James Bartolomei to get his insights about the performance of Philadelphia’s financial sector.

In what ways is technology disrupting the accounting and finance industry?

Technology is disrupting every industry. Innovation and technology allow companies to get creative and find ways to improve processes and, more importantly, customer experience. The biggest challenge faced by the financial industry is to improve customer experience while protecting sensitive data. To assist our clients in this area we recently developed a cybersecurity offering, which has been well-received.

With the rapid and dynamic change in technology, businesses can be eliminated and displaced very quickly today. This represents a big challenge as the value one thought was built up in their business could vanish. This is why it is vitally important for business owners to build wealth both inside and outside their businesses. Our firm combines tax and accounting services with our wealth management services to help deliver on this objective and minimize risk for our clients.

What are the services and industries where you’re seeing the most demand?

We have seen increased demand from clients looking for our advice about the effects of the federal tax reform, especially because of the substantial changes in the privately-held business area. Clients are concerned that their accountants and tax advisers fully understand the new tax law and how it impacts them. There are significant changes to the way small businesses are taxed under this new law.

Philadelphia’s real estate and biotech sectors are growing. We have numerous clients in the real estate sector and we have seen a substantial uptick in activity and development, especially in rental properties. In the biotech sector, we have seen a high amount of activity in the medical technology segment.

What is your outlook for Philadelphia’s accounting and finance sectors?

We are continuing to see growth in the Philadelphia market. We are relatively new to the market and we are expanding our client base and attracting good, young talent. We have hired a number of recent college grads over the last two years with great results. Philly is one of the strongest and youngest markets in the United States and the outlook is great for HBK and the local financial services sector.

To learn more about our interviewees, visit:

HBK CPAs & Consultants: https://www.hbkcpa.com/

Spotlight On: Bret Perkins, Vice President, External & Government Affairs, Comcast Corporation

Writer: Yolanda Rivas

2 min read SEPTEMBER 2019 — The Comcast Technology Center just received one of the development industry’s biggest awards: the 2019 Urban Land Institute’s annual Global Awards for Excellence. The Philadelphia building won the recognition along with 11 other projects from around the world. The $1.5 billion development was designed for namesake tenant Comcast, which has 4,000 employees in the tower. The American telecoms company has had an enormous impact on Philadelphia’s economy and the Invest: Philadelphia team sat down with Comcast Corporation Vice President of External & Government Affairs Bret Perkins to explore the company’s impact and future plans for the Philadelphia region.

What impact will the Comcast Technology Center have on Philadelphia’s economy over the long term?

Comcast has had an unwavering commitment to the city of Philadelphia for over 55 years, and the addition of the Comcast Technology Center to our campus is the latest example. We have approximately 4,000 engineers, software developers, and technologists developing next-gen products in the Comcast Technology Center, and we are recruiting and trying to retain world-class technology talent here in Philadelphia. The fact that we have invested and built this campus in Philadelphia is a statement unto itself and gives a sense of what we think about this city, which is our home. This is a space where we can recruit, retain and grow a talent base to build world-class products.

The Comcast Technology Center is also the new home of NBC10 and Telemundo62, providing them a state-of-the-art studio to deliver the best news to the Philadelphia community. The top floors are occupied by Four Seasons Hotel Philadelphia, which will offer five-star accommodations with magnificent views, fantastic restaurants, and will deliver an unparalleled experience…all contributing to and supporting the success of Philadelphia.

How does Comcast support the local startup community?

LIFT Labs and our team that does entrepreneurial engagement is our front door to the startup community around the country. LIFT Labs in Philadelphia is particularly unique because we have a space that is really intended to be a convening spot for the startup and entrepreneurial community. It’s about us working with the startup community and entrepreneurs to help them build their businesses, but also for us to learn from them. We also have the Comcast NBCUniversal LIFT Labs Accelerator, powered by Techstars, which is designed to support connectivity, media and entertainment startups. Our inaugural Comcast NBCUniversal LIFT Labs Accelerator took place in summer 2018, and eight out of the 10 companies that participated ended up with some sort of proof of concept partnership with Comcast NBCUniversal. The participants get to meet with mentors and coaches who are world-class in everything they do. This a way for us to help build this ecosystem and partner with startups.

What impact will the 3,500-seat esports arena have on the city?

Comcast Spectacor and The Cordish Companies recently announced they will build the first purpose-built facility of its kind in the country dedicated to esports. It will also be the home of the Philadelphia Fusion, our Overwatch League esports team. This is a great development for the city. It will bring additional energy and become a hub for esports. There are a number of businesses that have built up around esports, such as N3rd Street Gamers, an amateur and semi-pro esports network. Our dedicated esports arena is part of a huge investment we are making in the Philadelphia Sports Complex, which includes the $250 million renovation of the Wells Fargo Center; the creation of Pattison Place, an $80 million, Class-A office tower; and Fusion Arena, which is a $50 million investment. That is a significant amount of investment in Philadelphia and another vote of confidence in our home city.

To learn more about our interviewee, visit:

Comcast Corporation: https://corporate.comcast.com/

LIFT Labs: https://lift.comcast.com/

Comcast Spectacor: http://www.comcastspectacor.com/

Fusion Arena: https://fusionarenaphilly.com/