To celebrate International Women’s Day in March, nearly 100 members of TiE New Jersey gathered at Cherry Valley Country Club in Skillman.They heard from Kathleen Coviello, Chief Economic Transformation Officer, New Jersey Economic Development Authority (NJEDA); He has spent much of his career in technology entrepreneurship.
Her current duties at NJEDA include overseeing the agency’s Strategic Division, Economic Transformation Products (Corporate Tax Credit Program, Clean Energy and Offshore Wind Products, Innovation and Venture Products, and Strategic Innovation Center), and Product Operations Division. It will be.
A career shaped by mentorship
Coviello’s career was shaped by great advice from both male and female mentors. “I went into banking right out of college. I worked for a great mentor who became a very close friend. And he said to me, ‘Banking The best thing you can do in the industry is become a lender.” And if you go that route, you will have great opportunities. However, you must first go through the credit underwriting process. ‘It seemed like a terrible job to me that I didn’t want to do. And I was right. I hated every second of it. But I got over it. And it was also an essential career skill for me. ”
She advised listeners to think about where they want to go. “Listen to the wise, for they will guide you.”
Find creative solutions for technology entrepreneurs
Another turning point for Coviello came early in his career when he heard a funding pitch from a team of start-up entrepreneurs who were struggling to raise money. “They told me how they were executives in a company called Eagle’s Eye. They emptied their 401K and mortgaged their house.” I spent all the money I had. No one wanted to take their call because startups in the fashion sector are risky. “Then they started telling me about their business model and why they thought the company would work.”
Mr. Coviello believed in the company’s story and decided to go the extra mile for the company. “I went to the Bank Credit Committee for the first time. And I said, ‘I run a startup apparel manufacturer.’ And the credit officer said, “Sorry, we don’t do startups.” And we are not an apparel manufacturer. And I said, “But I really believe in this team.”
Thanks to her presentation, she had the opportunity to appear before the Credit Committee. “We built a unique loan structure that no bank had ever done before. And it was really, really fun. It was tough. And it was fun. And I had a great team to work with. And the credit committee bought it. They said, ‘Okay, we’re going to support this company because we’ve built this in a very unique way to protect against downside risk.’ ‘ It’s like that.
I found my passion while working with these amazing entrepreneurs.
Kathleen Coviello
Coviello pointed out that the company did very well under the Lilly Pulitzer name and that was the beginning of her career, which began with fundraising work with startup companies. Other startups heard about her skills and sought her help. When the founder and CEO came to her and told her that she didn’t have the skills to lead the company to the next level of incredible growth, she went from building the company to succession planning. I talked about leading other startups to. He eventually sold the company, and it was the right decision.
“So after working with these amazing entrepreneurs, I found my passion there,” she told the assembled group.
This led him to work at several banks in the area and eventually to a bank in California that “no one in New Jersey had ever heard of.” It was the Silicon Valley bank that collaborated with technology companies and was involved in a high-profile blowout last year. She flew all over the United States and had her three young children at her home in New Jersey.
Coviello went out of his way to comment on Silicon Valley Bank’s failure in the market, noting that it was not the fault of the entrepreneurs he worked with, but the poor decisions of its management. “Their business model worked, but it was a basic model. They funded venture-backed companies from VCs they knew. “We thought it was going to be exciting. But basically you can choose between chocolate or vanilla. And that’s all they have. I like mint chocolate chip, but they don’t have that.”
Entrepreneur support at NJEDA
She began looking for more creative ways to support entrepreneurs while staying close to home to raise her young children. As a side note, she said that when she earned her MBA, no one talked to her about work-life balance or how a woman with three small children at home should manage her career. Ta. And her children have become increasingly vocal about her constant travel.
She met Caren Franzini at the New Jersey Technology Council (now TechUnited:NJ). Franzini was the CEO of NJEDA. Coviello believed that the state was not working with entrepreneurs in the right way. “We needed to support entrepreneurs who have a vision and a dream.” [it should be] Share the benefits of these companies. ” She said she will be with NJEDA for just a short time. Instead, she will turn 19 in August.
“I started out as a technology advocate: ‘We have to work with technology, we have to do things with technology,'” she said. “Additionally, we have a governor who is totally committed to technology. I have the privilege of working for an amazing CEO who gives me many avenues, and most importantly, an incredible It’s a team.”
She also praised NJEDA’s creativity in creating a program that is not just a copy of what is happening in other states. “We’re listening to the business challenges” and trying to create programs that address those challenges within the guardrails of being a national bank, she said.
The program also included a panel discussion featuring New Jersey’s female entrepreneurs that delved into the challenges and opportunities facing women. We will discuss this panel in a future article.
TiE was founded in Silicon Valley in 1992 by a group of successful entrepreneurs, business executives, and senior professionals. Currently, he has over 12,000 members and over 1,800 charter members in his 61 chapters in 12 countries. The New Jersey chapter is particularly active, with many programs in place to support New Jersey entrepreneurs throughout the year.
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