Anthony Grosso, an eight-year veteran of US-based insurer Hartford Financial Services Group, moved to its venture unit last year as director of partnerships.
Before joining Hartford Ventures, Grosso helped Hartford launch innovative internal projects, and before that he was an entrepreneur responsible for founding two companies – CIS Services and Verify Systems.
He said: “I was doing that for a good part of five or six years. I launched a bunch of products and businesses without having to take personal risk, while supporting my family, which was a nice balance.”
Hartford has been refocusing its business following activist pressure from hedge fund Paulson.
Grosso said: “Hopefully with a rebound in 2013, the company will have more capital and more time to go into corporate venturing. We are all hands on deck to right the ship and are hoping to ramp up to four [deals] a year, not necessarily next year, but this is ultimately our goal.”
He said his entrepreneurial background taught him much, adding: “I have an MBA [master of business administration], yet I learned more doing a start-up than I learned in three years of business school. Hartford was one of the companies I consulted for in the 1990s. When I decided to go into the corporate world I chose to go to Hartford.”
He added: “Many people in the industry know more about structuring deals than I do. Where I do have unique expertise is in helping entrepreneurs take advantage of the insurance market and helping them build a business around these markets. We have massive distribution channels and customer markets.”
Lessons from the top: Grosso said: “You really need somebody to bridge the gap between the corporate world and the entrepreneur. It continues to amaze me how differently a corporation and an entrepreneur look at an opportunity.
“Not many people understand both sides. Those people are absolutely critical. They can take turn a good corporate venture programme into a strategic juggernaut. I have learned that it is probably also very wise to have small pool of budget dollars – accompanying your investment – to seed internal project work and exploration activity.
“This will create early-stage momentum so that the business line starts to truly see value and become engaged. With a jointly developed product this is obviously a huge win, not only for the entrepreneur but also for the corporation.”