All Entries in the "Cover Stories" Category

Read to Succeed to Host “The Illusionists” Reception at PPAC with Support from BankRI

PROVIDENCE, RI. – On Saturday, January 17, Read to Succeed—the only literacy program for Providence low-income students that addresses summer learning loss with the incentive of college scholarships—will host a Marquee Room Reception to be followed by the performance of The Illusionists at Providence Performing Arts Center to raise funds for the youth it serves. This Read to Succeed reception is sponsored in part by Bank Rhode Island (BankRI).

Direct from Broadway, The Illusionists are the world’s best-selling magic show, showcasing the jaw dropping talents of seven of magic’s most accomplished illusionists. Having shattered box office records across the globe with the most astonishing acts ever to be seen on stage, their performance is sure to dazzle audiences of all ages with its sophisticated magic of unprecedented proportions.

Launched in 2008, and having already awarded $228,000 in scholarships to Providence students, Read to Succeed has embarked on a 5-year plan to increase enrollment each year by a new grade of students at its partner schools until 400 students have access to its summer reading and college scholarship program annually. In 2015, 235 students are expected to participate. Understanding that nearly all students lose as much as two months of literacy comprehension during the summer by not reading, Read to Succeed works to reverse this trend by giving students free books and a powerful incentive to read during summer break.

For students who participate in Read to Succeed and complete six books during the summer months, they’re eligible to earn a $1,000 scholarship deposit in their name into the Rhode Island CollegeBoundfundfor up to five consecutive summers. The program is offered for free to students, parents, and schools.

“Read to Succeed not only encourages students to remain engaged in learning when school is out of session, they provide an avenue that helps youth follow their dream of continuing their education in college,” said Will Tsonos, BankRI’s Senior Vice President, Director of Commercial Banking and a member of the Read to Succeed Board of Directors.

In addition helping sponsor the performance of The Illusionists, BankRI has awarded Read to Succeed a $2,500 grant in support of its Summer Reading and College Scholarship Program, ensuring the organization has the additional resources needed to award scholarships to more students.

For more information about Read to Succeed, or to sponsor one for more scholarships for Read to Succeed students, visit http://www.readtosucceedri.org/.

About Bank Rhode Island

Bank Rhode Island, a wholly owned subsidiary of Brookline Bancorp, Inc. (NASDAQ:BRKL), is a full-service, FDIC-insured financial institution headquartered in Providence, Rhode Island.  The bank operates 19 branches and more than 60 ATMs throughout Providence, Kent and Washington Counties. For more information, visit www.BANKRHODEISLAND.com.

Statement from the Central Falls Board of Trustees on the Retirement of Superintendent Dr. Frances Gallo

CENTRAL FALLS, RI – Tonight at the regularly scheduled Central Falls School Board of Trustees meeting, the Board officially accepted a letter of resignation from Superintendent Dr. Frances Gallo. After a long and admired career in education, Dr. Gallo will be retiring from traditional public education on June 30, 2015.

The Board accepted Dr. Gallo’s decision with deep regret and equally deep appreciation for her eight years of service to the children and families of Central Falls.

“For the past eight years, I have marveled at the leadership and care with which Dr. Gallo approached her work in our Central Falls district,” said Anna Cano-Morales, Chair, Central Falls Board of Trustees. “She will definitely be leaving this district in a much better place than when she found it. There are no words to truly express how grateful we are for her unwavering commitment to put children, their community, and progress in education front and center of her work.”

Under the leadership of Dr. Gallo, the Central Falls School District has grown into one that is recognized and admired by leaders and communities throughout Rhode Island and beyond, and has proven to be a catalyst for sustainable and replicable reform. With an outstanding list of district successes over the past eight years, several recent highlights under Dr. Gallo’s leadership include:

• The launch of the “Innovation Lab,” a transformative partnership with Rhode Island College designed to provide mutually beneficial educational, cultural and social service programs to members of both the Central Falls and RIC communities.

• Significant progress has been made to transform 115 Illinois Avenue into a Teaching, Learning, and Research Center – a mecca for education research that will serve as an inspiring model for other urban districts.

• Mass Insight Education’s College Success Program is operational and growing in Central Fall’s secondary schools, promising to open new and brilliant horizons for graduates as cohorts of teachers embrace new, more challenging instructional strategies with higher expectations for students.

• The renewed Central Falls District/Charter Compact is fostering high expectations across the traditional/charter public school boundaries through the establishment of intimate professional learning communities and shared best practices.

While these are just a few of the recent successes under her leadership as superintendent, the Central Falls Board of Trustees commends Dr. Gallo for the tremendous progress the school district has made over her tenure.

“As a former student turned Trustee, I have never witnessed such an incredible champion for Central Falls schools as Dr. Gallo. Through her leadership, we’ve been able to transform culture in our schools, increase graduation rates, and build a parental engagement movement,” said Stephanie Gonzalez, board member, Central Falls Board of Trustees. “It is difficult to see her go, but I look forward to continue supporting the vision she leaves behind. I could not be more grateful for the way she loved and respected my community as if it were her own – in fact, it is.”

“Dr. Gallo’s love for and belief in the children of Central Falls – our children – drove every action she took as superintendent,” said Sonia Rodrigues Grace, Vice Chair, Central Falls Board of Trustees. “Her grace and unflinching commitment to world-class public education inspired me and, I’m sure, many others in our city and beyond. We will miss her deeply.”

The Central Falls Board of Trustees will be working collaboratively and planning with the Rhode Island Department of Education in the coming months, and will engage the Central Falls community to ensure continued progress and transformation in Central Falls schools.

Fuel Belt

[uds-billboard name=”fuel-belt” ]

For some, running, cycling and swimming are ways to enjoy a warm sunny day. For Vinu Malik, they are a way of life. As a 36 time Ironman triathlete, Malik turned his passion into a thriving business.

Malik saw a need to solve the dehydration problems he faced during races and wanted a better way to carry his drinks. The existing products on the market were belts that were uncomfortable and didn’t have any flexibility. Malik came up with a concept of a belt that had comfort in mind, giving it flex and focusing on ergonomics. He started by making it for himself out of necessity. Malik recalls a time when a friend came into his apartment, took one look at the belt and said “Don’t quit your day job.”

With continued determination, Malik started off with 50 belts and gave them to high profile triathletes and just months later the winner of the Ironman World Championships came across the finish line with a FuelBelt on. The exposure from the win, along with the extended media covered helped FuelBelt go from an idea in Malik’s apartment to a recognizable brand overnight. To this day, Malik continues to credit much of his growth to the media, which he maintains very close relationships with. This has resulted in continued widespread coverage which has helped to build brand awareness.

FuelBelt initially sold their products exclusively online but as sales grew, the company built a global distribution channel that now includes over 5,000 stores in 40 countries.  From a revenue standpoint, FuelBelt continues to be one of the fastest growing companies in the endurance sports channel and is the only company in the sporting goods category to make the Inc 5000 list 6 years in a row. “Making  the  Inc.  5000  for  a  sixth  year  in  a  row  is  the  result  of  having  long-­range  goals,  an  exceptional  team,  and  incredible  customers.  It’s  also  a  privilege  to share  this  acknowledgement  with  such  notable  alumni  as  Zappos,  Under  Armour,  and  Patagonia…”  said  Malik.

As a product that started with very little real competition, FuelBelt  has created competitors based on their success. There are now close to 10 direct competitors that are creating similar products, however Fuelbelt is the clear industry leader with over 70% of the overall market share. Now with over 200 products, FuelBelt continues to expand their product line which includes reflective gear, race gear, run gear and other active lifestyle gear.

As FuelBelt continues to expand into new markets, their Rhode Island roots remain strong. Malik chose to start his company in Rhode Island because the FuelBelt brand is lifestyle based. Rhode Island is unique in that it provides access to the beaches for swimming, bike paths for cycling and good roads for running. The other strength to building the brand in Rhode Island is the tight knit community needed to support a startup such as FuelBelt.

When asked about some of the challenges that Rhode Islander’s often hear about when starting a business, Malik said “There are so many surprising companies here in the state and they work hard to get where they are. It’s hard work from day one and you have to be on top of it every day. No hand outs, no gifts. Nothing is really given to you. No matter where you start your business, you really have to work at it.”

As for future growth plans, FuelBelt continues to pursue several opportunities. From further expansion into European markets, to the addition of several new products, FuelBelt looks to continue revolutionizing the industry. In the U.S. market, FuelBelt is looking to big box retailers like Dick’s Sporting Goods and Target as major distribution channels in 2013 to help further increase company exposure and revenue.

FuelBelt continues  to  grow and evolve, serving the needs of athletes, from runners to cyclists, to competitive  triathletes.  FuelBelts have been used to break world records, personal bests, and have even been used at the Olympic world stage,  where   every  effort and every second counts.

Andera: Helping Small Banks Against Big Competition

Founded in 2000 by first-time entrepreneur and Brown University student Charlie Kroll, Andera was started with the original intent of building and designing websites. As the turn of the century saw the burst of the dot com bubble, Kroll quickly realized that the timing just wasn’t right to launch a web development company. Instead of giving up and pursuing other opportunities, Kroll stayed true to his entrepreneurial spirit. “Being a first-time entrepreneur, the stakes seemed really high. A serial entrepreneur on his fifth company might have thrown in the towel. It was my first company, my first time with employees and benefits to pay for.”

So Kroll and his team worked on building Andera as a web development firm until an opportunity came along. “We bounced along the bottom for a couple years,” Kroll says. “But we ended up building a software product for one of our clients that ended up becoming a product to allow us to get out.”

Kroll and his team developed an online platform to open up a checking account without having to fill out traditional paperwork. The service was originally intended for Bank Rhode Island, which wanted an easier way for students to open checking accounts.

Andera recognized that applying for a deposit account or a loan is one of the most important interactions a customer and members will have with their financial institution, however the experience was often filled with complications that make applicants frustrated, employees inefficient, and cross-selling difficult.

The product was so popular that Andera started adapting the online platform for other small banks looking to gain a technological edge. “We thought there was a problem we could fix,” Kroll explains. “So we transitioned out of the web design business into the software business.”

By 2004, Andera found its niche as a Software as a Service (SAAS) company servicing banks and credit unions nationwide. They believed that good design and the right technology can improve peoples’ lives and fundamentally change the way financial institutions interact with their customers and members.

With the development of their proprietary software oFlows, consumers can originate accounts and loans online, in branches, over the phone, and out in the field with a single platform that’s optimized for Macs/PCs, smartphones, and iPad®/tablet devices. oFlows supports the application, identity verification, decisioning, and funding processes with the most integrations with core process providers and third-party data services on the market today. Currently, hundreds of banks and credit unions across the country are using Andera’s technology to originate deposit accounts and loans online, in the branch, over the phone, and in the field.

“IPads and tablets are transforming the branch experience and driving delivery in a multichannel environment. They use native mobile capabilities to capture signatures and image documents. This is bringing about the consolidation of a previously fragmented ecosystem of niche systems and peripherals. We think that trend is going to accelerate in 2013, and Andera is gearing up to be there,” said Kroll.

“This year will be all about our users. We will shortly be releasing our Branch 2.0 platform, which is currently in beta and going very well. It will bring a number of important new capabilities to our clients’ frontline staffs and will have a variety of user-experience enhancements like upgrades to document upload and to the electronic signature,” continued Kroll.

Now servicing over 560 banks and credit unions, Andera saw a 63% increase in sales bookings in 2012, and signed five times as many oFlows customers than in 2011. Andera has grown to over 100 employees and will be seeking to hire about 24 more over the coming year.

As Andera continues to grow, Rhode Island will continue to benefit. Originally from New York, Kroll committed early in his career to Providence. He always felt as though it was the perfect place to start a business which is why he never returned to his hometown after graduating from Brown University. Its close proximity to world-class institutions helps growing companies like Andera recruit top talent and its strong network of entrepreneurial companies and leaders allows start-ups to learn from and support each other.

Kroll helps to strengthen this community by staying actively involved in the entrepreneurial scene in Providence as a board member for Venture for America, a mentor at Betaspring, and a presenter and regular attendee at the Providence Geeks events.

As for 2013, Andera is ramping up its marketing efforts. The company will be exhibiting at 18 industry conferences this year. First-time appearances are slated for national shows including the Credit Union National Association’s America’s Credit Union Conference, June 30-July 3 in New York and Bank Administration Institute’s Retail Delivery, November 5-7 in Denver. The company will also expand its menu of webinars on topics such as servicing the under-banked client and best practices in online marketing.

Kroll added, “Consumers are demanding that their banking and credit union relationships have the same ease and convenience that they experience when buying goods and services in stores and on line. Technology bridges the gap between these consumer expectations and financial institutions’ ability to meet those expectations. We’re projecting that 2013 will be a year when hundreds of institutions decide to build those bridges, and Andera is poised to help them make that happen.”

Click below to view this article in the printed version of RISBJ, Volume 2 Issue 1