These Innovators Won Big at the 2017 PACT Enterprise Awards

Nearly 900 people filled the Pennsylvania Convention Center Thursday night to honor leaders in Philadelphia’s booming tech and health care space.

Written by Haley Weiss, Philadelphia Magazine (BizPhilly)

On Thursday night, the Philadelphia Alliance for Capital and Technologies (PACT), held their 24th Annual Enterprise Awards. The event, sponsored by Fairmount Partners, honored eleven local businesses and individuals that have made exceptional contributions to technology, healthcare and related fields. With a record number of over 400 submissions, this year’s Enterprise Awards were the most competitive yet, with a list of winners spanning every branch of Philly’s hotbed of innovation.

In addition to honorees in nine competitive categories, PACT also selected honorees for two special awards. Gabriel Investments managing partner Richard Vague received the PACT Legend Award in recognition of his career supporting technology and sciences in the region. Independence Blue Cross was honored with the Digital Innovation Award for the launch of their community health and wellness center, Independence LIVE.

Click here to read the full article.

Marketing wizard Richard Vague, others, honored by entrepreneurship alliance

Written by Joseph N. DiStefano, Philadelphia Inquirer

At last night’s 24th annual Enterprise Awards, the Philadelphia Alliance for Capital and Technologies (PACT) gave affinity-marketing guru Richard Vague its lifetime-achievement award. Vague is in a second act of his career: In the 1990s, he ran credit card giant First USA Bank down in Wilmington (now part of JPMorgan Chase & Co.), and other credit card operations, before moving north, founding EnergyPlus in University City, and selling it to NRG for $190 million in 2011.

Philadelphians know Vague in his current varied career — as a tech angel (Gabriel Investments), philanthropist (hands-on at Penn Medicine, and through his own Governor’s Woods Foundation), blogger, and public-affairs patron (DelanceyPlace.com, and his economic and foreign-policy writings, research and events sponsorship), and political kingmaker (most recently, he headed the finance committee for Rebecca Rhynhart’s successful campaign for the Democratic City Controller nomination.)

Click here to read the full article.

Here’s who took home Enterprise Awards last night

ROAR For Good took home the coveted Technology Startup Award.

Written by Roberto Torres, Technical.ly Philly

What if everyone took the time to share one Philly success story?

During last night’s Enterprise Awards, that was the main prompt from Philadelphia Alliance for Capital and Technologies (PACT) CEO Dean Miller, who emceed the 24th edition of the ceremony last night at the Pennsylvania Convention Center before a crowd of 900. Miller listed, in his opening speech, Philly tech successes like that of Sidecar (which just raised $11 million) and the up and coming LIA Diagnostics as signs of growth in the ecosystem.

Though this year the ceremony skewed a bit towards large, B2B tech companies in the suburbs, smaller companies from the Center City/University City corridor like ROAR for Good and Blackfynn also landed trophies.

Click here to read the full article.

PACT T.E.R. & Customer Connect

DOWNLOAD CUSTOMER CONNECT APPLICATION – Deadline: June 2, 2017

If your company has what it takes to be an innovative technology supplier to regional enterprises (e.g. Pfizer, SEI, Vanguard, AMETEK, Comcast, Independence Blue Cross, Shire, Liberty Property, Lockheed Martin, etc.), apply now to participate in PACT’s Technology Customer Connect initiative, which offers a structure for enterprise CIOs and technology buyers to meet innovators from start-up, growth-stage and established companies to pursue strategic relationships and business development.

Technology Targets

Please apply if your company offers innovative technology in the following fields:

  • Clinical Cloud
  • Clinical Trail Optimization
  • Artificial Intelligence
  • Blockchain
  • Cloud Security
  • Internet of Things
  • Machine Learning
  • Predictive Analytics
  • Cognitive Computing

How to Participate

To be considered for a presentation slot, please submit a slide deck and the application below.  Please email your completed application to Kim Tuski at ktuski@philadelphiapact.com by June 2, 2017.   If approved, you’ll have 5 minutes to present your technology, service or product and another 5 minutes for Q&A.

Event Details:

Thursday, June 22, 2017

10:00 a.m.

Pfizer, Inc.
Collegeville Conference Center (Barn)
500 Arcola Road
Collegeville, PA 19426

GPS: 40.161746, -75.465297

Parking – in front of the Barn and across the street.

Learn more about the event.

DOWNLOAD CUSTOMER CONNECT APPLICATION

Please fill out the PACT Customer Connect Application and submit to Kim Tuski. If you have any questions, contact Kim Tuski or Dianne Strunk.

PACT MedTech Event

QUORUM AT THE UNIVERSITY CITY SCIENCE CENTER
3711 Market Street, 8th Floor, Philadelphia, PA 19104

WEDNESDAY, MAY 31 2017
8:30 AM — 10:30 AM

Sponsored by: Duane Morris, SAP

Join PACT as we explore the state of MedTech in Greater Philadelphia through the SWOT paradigm: assessing the strengths, weaknesses, opportunities, and threats facing the industry.

Come together with fellow members of the community for this practical self-assessment, and leave with an eye towards the future of MedTech in the region.

AGENDA 
8:30am – 9:00am: Registration, Networking and Company Showcase
9:00am – 9:20am: Opening Remarks
9:20am – 10:00am: Panel Discussion
10:00am – 10:30am: Networking and Company Showcase

FEATURED SPEAKERS to be determind.

For more information about the event, please contact Kim Tuski at ktuski@philadelphiapact.com

Why Your B2B Customer Now Expects a B2C Experience

A Look at How Digital Sales Technologies are Changing the Game

Written by Bill Butler, CEO, Journey Sales

When you purchase something from, say, Amazon, every step of the buying experience—from search results to pricing to confirmation email to package arrival—is meticulously designed and orchestrated. Executed properly, this experience brings you not only satisfaction, but also delight. And it keeps you coming back for more, again and again, sometimes with alarming frequency.

Included in that collective “you” are folks who spend their workday making B2B purchase-related decisions. What’s interesting about this audience segment is that their Amazon experience has created a level of expectation in their professional role: they have come to expect a B2C buying experience in their B2B purchasing world. That expectation, however, is not being met. The B2B sales reps that sell to them aren’t always delivering satisfaction (let alone delight) throughout the sales cycle. They’re relying on the same old static, analog tools that are, in fact, increasingly reviled by their prospects and customers. “Did you get my voicemail?” emails annoy the customer. “I just sent you a follow-up email” voicemails only increase the frustration.

And this is why the next wave of B2B sales is rooted in digital a customer experience which is relevant and personalized.

Before we get to that though, let’s address what this next wave is not. Sales going digital isn’t the end of the sales rep. The human elements of relationship and trust will always be an important part of B2B sales and digital will strengthen those relationships —at least until the robots fully take over. (Further reading: “Relationships Aren’t Going Anywhere”)

Digital selling is about creating an experience that aligns with how the customer buys—and how they buy has changed. There is no single decision-maker anymore. Deal’s don’t get done with just a few phone calls or in-person meetings. B2B buying today is about internal consensus. It’s about an average of 6.8 decision-makers sitting at the table, arriving at different times in the process.

So how do sales professionals gel with that? They take advantage of the digital tools at their disposal that are designed to make it easier for your customer to buy. When you can make it delightfully simple for a customer to invite a fellow decision-making colleague into a digital environment, quickly get up to speed and sign off on a requirement, the deal moves faster. But perhaps more importantly, the next generation of sales technologies allow sales pros to engage with more people within more companies. Land-and-expand just got a whole lot easier.

The next wave is also going to help sales pros get smarter. They’ll actually be able to see and gain insight on those hundreds of micro-moments that can knock a deal off the rails. Excuses like “Oh his boss must’ve never seen the spec sheet” or “He didn’t run this by legal with enough advanced notice” will no longer be valid because those of us on the sales side will have the data and insights we need to mitigate those micro-moments, often before they even happen.

And all of these aligns customer experience expectations. Will the B2B sales process ever feel just like checking out on Amazon? Probably not. B2B decisions take more people, time, content, and analysis.  But the more sales tech can complement the rep’s skillset and shape a customer experience that feels in step with what we, as digital citizens, expect in the consumer realm, the faster opportunities will convert and the deeper and more numerous the relationships will be.

 

Bill Butler is the CEO of Journey Sales. He spends every waking moment (starting at 4:30 a.m. every morning) helping sales reps exceed quota and companies grow revenue. Chat him up at bbutler@journeysales.com.

The New York State Department of Financial Services (“NYS DFS”) Cybersecurity Regulations: We are all connected.

Written by Steve Fiergang, Esq., General Counsel, Layer 8 Security

Welcome to the future of cybersecurity: not only in the financial services, banking, and insurance sectors but for all of their third-party service providers (read: You); cyber regulations are in effect.

By now, most of you in the worlds of finance and insurance have been introduced to the recent NYS DFS Regulations. As you will see, these regulations extend far beyond state boundaries and lines of business.   Rather than proffering a construct for another “voluntary” framework to accurately gauge cybersecurity risk, New York boldly puts forth a set of minimum standards by which to judge the thoroughness of each entity’s information security program.  While there are potentially high costs associated with adhering to these regulations that will be imposed upon companies both locally and nation-wide, we believe this is a significant advancement for our country from the perspective of both cyber and financial security.

With the rollout of these regulations scheduled to occur in less than 180 days, here are the five questions (and answers) that should be on the minds of all businesses in the Philadelphia region regardless of whether you work in banking, financial industry or insurance:

Q:  How does this regulation affect my business?

A.:  Every company operates within an ecosphere of interrelated technology dependence and connection.  A significant component of the regulations appear in Section 500.11 Third Party Service Provider Security Policy.  More and more, looking up and down the supply chain, all companies’ IT systems and architecture are connected.  A breach anywhere within the chain can immediately corrupt a third-party provider, supplier or customer.  True resilience can only be achieved when every company, large and small, implements and maintains a personally tailored cybersecurity program.

  1. How do the recent NYS DFS regulations impact companies that have clients in New York?
  2. This question arises as a crossover from individual State Breach Notification Laws, which often require companies to notify those who have been breached whenever any customer of a company resides in its State.  In this case, the regulations speak specifically to covered entities, not customers.

Q:  How do these regulations affect an entity that is domiciled out of NY State but has a satellite office within?

A:  The Regulations apply to “any Person operating or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the banking law, the insurance law or the financial services law”.  The definition of a covered entity is responsive; if the satellite office is currently required to operate under the authorization of the NYS DFS, then the regulations apply.

Q.:  Are related companies required to develop and implement separate cybersecurity programs?

A.:  Regarding affiliated or sister companies, the regulations make clear that any affiliate may adopt a cybersecurity program maintained by its related covered entity, so long as the cybersecurity program covers the affiliate’s information systems and nonpublic information and meets the requirements of the regulations.

Q: Will other states echo these regulations and if so, what are the implications associated with such a trend?

A:  New York is the country’s financial center, and as such, it is logical that they take the lead.  While the future has yet to be written, this is an excellent jumping off point for Federal review.  The most logical and coordinated approach would require Federal regulation.  In its absence, our hope is that NYS DFS Regulations become a model that other states replicate.  The worst-case scenario is one where a patchwork of poorly matched regulations and guidance from state-to-state leave companies in the lurch as to how best to move forward.

 

Changes in Revenue Recognition requirements – What’s happening and why does it matter now?

Co-authors:
Michele Juliana, Principal, Technology and Management Consulting
Michael Romano, Partner, Finance and Accounting and Outsourcing

If you are a technology or life sciences company, there’s a high likelihood you will be significantly impacted by new standards on revenue recognition recently adopted by the Financial Accounting Standards Board (FASB), commonly referred to as ASC 606.  Mid-sized and growing businesses are particularly impacted as most don’t have the dedicated resources and systems in place to easily support these changes.

Although the issues are somewhat complex and vary by industry, this article aims to provide an overview of the key concepts and some critical elements you should be thinking about now before the changes take effect (see timing outlined below).  More detail is available through the link below and should be discussed in depth with your accounting firm and technology providers to ensure that you understand the implications and have a strong transition plan in place as soon as possible.

Revenue recognition: Overview of ASC 606

Timelines

  • Public entities: No later than year beginning January 1, 2018
  • All other entities with a calendar year end: No later than year ending December 31, 2019

Core Principle

The core principle of the guidance in ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

A new five-step process has been identified to support this core principle, along with extensive guidance on how these steps should be applied to your particular business model.

Key issues being affected by the changes

Below is a quick summary of just some of the areas which must be addressed in this evaluation, and are likely to change.  More detail on the impact of all of these is provided in this white paper – Changes to revenue recognition in the technology industry.

  • Determining whether a contract exists
  • Evaluating collectability and price concessions
  • Accounting for contract modifications
  • Identifying the units of account
  • Accounting for variable consideration
  • Accounting for a significant financing component
  • Allocating the arrangement consideration or transaction price to the units of account
  • Determining whether revenue should be recognized over time or at a point in time
  • Accounting for licenses and rights to use intellectual property (IP)
  • Accounting for certain nonrefundable upfront fees
  • Accounting for customer acquisition and setup costs

What to be thinking about today

The bottom line is that you need to be thinking about this now, working through each of the items below and ensuring that your company is allocating the time and resources to support this important transition.  As always – people, process, and technology all need to be aligned to ensure success.  Consider the following five key items as next steps to ready yourself for this important transition:

  • Develop a clear transition plan now – don’t delay any longer
  • Assess the impact on your financial statements and business
  • Develop your new methodology
  • Provide thorough education for internal personnel on both transition and implementation
  • Ensure internal systems can support these changes, including:
    • Flexible revenue management engine, including the ability to identify all elements of your contracts and manage them independently
    • Granular reporting capabilities
    • Ability to recognize revenue simultaneously under both standards during transition period (optionally, depending on transition method)

To learn more, please visit rsmus.com.