Tech is Our Answer to a Tough Business Climate

October 21, 2013 – In The News
Technically Philly

Michael Harrington was quoted in the Technically Philly article "Tech is Our Answer to a Tough Business Climate." While the full text can be found in the October 21, 2013, issue of Technically Philly, a synopsis is noted below.

Years since the height of the financial collapse, Michael Harrington says today may be the worst economic point yet.

“We’re facing the most difficult general business climate that we’ve ever faced,” said Harrington.

“Nationwide, we made it from 2008 to 2011. Everyone played bob and weave to keep their business alive, but now we’re facing higher taxes and healthcare issues and slow growth and hesitation in taking on what is new,” said Harrington. “Entrepreneurs have hunkered down, and that’s the challenge. The hunkering down has become the new normal.”

That’s just one of the reasons there is so much interest in early-stage tech companies like the ones that will be on display at the 2013 IMPACT Venture Summit, says Harrington, noting that “they’re fundamentally different.”

“I would love to see significantly more risk tolerance in the region, where we bet on a lot more companies to get a whole lot going,” said Harrington. “At the end of the day that spurs activity. That’s called a trickle up effect, to get people at bigger companies to see that fervor of innovation and want to best it.”

Click here to read the full article.