Hula - Comprehensive Analysis Report

Summary

Hula, established in 2018, is a prominent innovation hub, coworking campus, and venture capital fund located on the shores of Lake Champlain in Burlington, Vermont. Its primary mission is to elevate Vermont entrepreneurs, foster meaningful community connections, and shape a brighter economic future for the state by reversing trends of graduate outflow and limited job opportunities. The 14-acre campus, formerly a Blodgett Oven factory, has been transformed into a 150,000 square-foot net-zero innovation district designed to support innovative businesses through premium office and coworking spaces, mentorship, and access to capital. Hula plays a critical role in Vermont's innovation economy by supporting startups, particularly in high-growth tech sectors.

1. Strategic Focus & Objectives

Core Objectives

Hula's core objectives are centered on strengthening Vermont's innovation economy and creating opportunities within the state. These objectives include:

Empower Entrepreneurs: Providing resources, mentorship, and opportunities to support startup founders.

Accelerate Growth: Creating an environment that removes barriers and adds momentum to business development.

Exchange Ideas & Build Community: Fostering collaboration through intentional programming and shared spaces.

Foster Talent: Attracting and developing the next generation of innovators.

Nurture Wellbeing & Balance: Promoting a healthy work-life balance for individuals and companies.

Reverse Graduate Outflow: Contributing to a stronger startup landscape to create more jobs and encourage young people to stay and thrive in Vermont.

Specialization Areas

Hula specializes in fostering startups, particularly in advanced technology sectors. Its areas of expertise and unique value propositions include:

Innovation Hub & Coworking Campus: Providing state-of-the-art collaborative workspaces, private offices, meeting rooms, and event spaces.

Venture Capital Funding: Operating "The Fund at Hula" and "Hula Community Partners Fund" to invest in high-growth, value-aligned startups.

Sector Focus: Strong interest in deeptech, greentech, medtech, artificial intelligence (AI) and machine learning (ML), electric propulsion, SaaS, and battery technology.

Sustainable Impact: A commitment to supporting businesses with long-term, net-positive potential and avoiding extractive business models.

Target Markets

Hula primarily targets early-stage technology startups rooted in Vermont and Northern New England regions. The overarching goal is to contribute to local economic development and job creation within the state.

2. Financial Overview

Funding History

Hula operates venture capital arms, "The Fund at Hula" and "Hula Community Partners Fund," to invest in high-growth, value-aligned startups in Vermont.

Total Funds Raised to Date: While specific total funds raised by Hula as a company are not explicitly stated, its venture capital activities include the VCF at Hula Fund, capped at $3 million.

Detailed Breakdown of Recent Funding Rounds (via The Fund at Hula):

The Fund at Hula: Invests in scalable, innovative companies that create jobs, strengthen the local economy, and deliver sustainable impact. It avoids extractive models.

VCF at Hula Fund: Established in partnership with the Vermont Community Foundation in August 2022. It supports early-stage Vermont-based tech startups and is capped at $3 million. The returns from these investments are channeled back into the charitable funds that participate, enhancing their future grantmaking capacity.

Hula Community Partners Fund: Established in partnership with the Vermont Economic Development Authority through the US Treasury's State Small Business Credit Initiative program. It backs scalable, mission-aligned Vermont companies with strong growth potential, investing in pre-seed, seed, and Series A companies.

Investments: As of July 2024, Hula has invested in 14 companies. PitchBook reports 26 investments, with the latest on October 15, 2024, in Benchmark Space Systems (Aerospace and Defense industry).

3. Product Pipeline

As an innovation hub and venture capital firm, Hula's "product pipeline" refers to the growth and maturation of its portfolio companies, spanning various tech sectors.

Key Products/Services (Portfolio Companies)

Hula invests in early-stage technology startups that develop a range of innovative products and services. Notable investments include:

BETA Technologies:

Description: Manufacturer of electric aircraft, charging systems, flight controls, and training. The company designs and produces electric vertical takeoff and landing aircraft, as well as conventional aircraft.

Development Stage: Public company.

Target Market/Condition: Electric aviation and sustainable transportation.

Key Features and Benefits: Develops electric vertical takeoff and landing (EVTOL) aircraft and associated charging infrastructure, aiming for sustainable air travel.

Ogee:

Description: Organic skincare brand.

Development Stage: Series A.

Target Market/Condition: Natural and organic beauty products.

Benchmark Space Systems:

Description: Propulsion systems for satellites.

Target Market/Condition: Aerospace and Defense industry, in-space mobility.

Key Features and Benefits: Develops propulsion systems for small satellites, offering mobility-as-a-service to reduce upfront costs for on-orbit servicing, assembly, and manufacturing.

CoreMap:

Description: Platform for atrial fibrillation detection.

Target Market/Condition: Medical technology, particularly cardiology.

Biocogniv:

Description: AI-based COVID-19 diagnosis software.

Target Market/Condition: Medical technology, AI in healthcare.

These portfolio companies collectively span diverse sectors including Retail, Transportation and Logistics Tech, Environment Tech, Aerospace and Defense, Human Capital Services, and Hardware.

4. Technology & Innovation

Hula's innovation strategy focuses on acting as a facilitator and investor within the tech ecosystem rather than developing proprietary technologies directly.

Technology Stack (Hula Campus & Portfolio Focus)

Core Platforms and Technologies (for Hula's campus):

Net-Zero Design: The campus itself is a model of sustainable innovation, utilizing geothermal heating and cooling, electric vehicle charging stations, and rooftop solar panels. It operates on 100% renewable energy, achieving net-zero status.

Collaborative Workspace Infrastructure: Designed to foster innovation and connection through deliberately arranged collaborative workspaces, private offices, meeting rooms, and event spaces.

Proprietary Developments (via investments): Hula's venture capital funds actively invest in startups that are developing cutting-edge technologies.

Scientific Methodologies (via investments): Portfolio companies leverage advanced methodologies in areas such as:

Artificial Intelligence (AI) and Machine Learning (ML): Used in health tech for diagnosis and other applications.

Electric Propulsion: For advanced air mobility.

Green Technology: Sustainable solutions for various industries.

Medical Technology: Innovations in diagnostics and treatments.

SaaS (Software-as-a-Service): Various software solutions for diverse business needs.

Battery Technology: Advancements in energy storage.

Technical Capabilities: Hula's contribution lies in enabling these technical advancements by providing capital, mentorship, and a supportive environment for its tech-focused portfolio companies.

5. Leadership & Management

Executive Team

Russ Scully:

Position: Founder.

Professional Background: Envisioned Hula as a collaborative environment for innovators and entrepreneurs. Also launched The Fund at Hula. He previously founded Scully Interactive and two surf-themed restaurants in Burlington.

Notable Achievements: Spearheaded the transformation of the former Blodgett Oven Factory into the Hula campus and established its venture capital arm.

Lucia Campriello:

Position: Chief Executive Officer.

Professional Background: Promoted from Chief Growth Officer to President and CEO in March 2025. Joined Hula in September 2023 to develop and drive strategic initiatives. Previously served as Chief Engagement Officer at Let's Grow Kids, where she led a fundraising campaign and helped pass a childcare bill. Holds a master's degree in public affairs.

Notable Achievements: Emphasizes the power of community and connection in supporting entrepreneurs.

Key Contributions to the Company: Focuses on community engagement and organizational talent to drive Hula's next chapter.

Rob Lair:

Position: Managing Director, The Fund at Hula.

Professional Background: Previously served as Hula's CEO.

Key Contributions to the Company: Manages The Fund at Hula, focuses on building a community of founders, and emphasizes the importance of collaboration.

Tim Wall:

Position: Managing Director, The Fund at Hula.

Key Contributions to the Company: Co-manages The Fund at Hula.

Jeff Henderson:

Position: Creative Director.

Professional Background: Involved in the redesign of Hula's campus buildings.

Recent Leadership Changes

Lucia Campriello was promoted to President and CEO of Hula in March 2025, succeeding Rob Lair, who continues as Managing Director of The Fund at Hula. Founder Russ Scully remains a key part of the leadership team.

6. Talent and Growth Indicators

Current Hiring Patterns and Open Positions: Hula fosters job creation within its portfolio companies and the broader Vermont community, though specific current hiring patterns for Hula itself are not detailed. Partnership with Champlain College helps match student talent with Hula companies' needs, facilitating internships and job recruiting.

Company Growth Trajectory Indicators:

Hula accommodates 1,200 members annually, including employees from over 100 startups headquartered on its campus.

High demand for space: Hula has a four-year waiting list for private offices and 500 "air desk" (coworking) members.

Its venture fund has invested in 30 companies, creating hundreds of jobs to date.

Employee Sentiment and Culture Insights: "Community first" is a top value for Hula members, ranking higher than physical workspace. The campus is designed for "workplay balance" with amenities like a surf club, saunas, and meditation spaces, aimed at attracting and retaining talent.

Company Size and Expansion Metrics: Hula has approximately 101-200 employees as per one source, and 39 employees across 10 departments as per another. However, the impact of the entire Hula ecosystem, including its portfolio companies and members, is significantly larger. The campus spans 14 acres with 150,000 square feet of collaboratively redesigned space.

7. Social Media Presence and Engagement

Digital Footprint

Hula maintains an active online presence through its website (hulalakeside.com) and an Instagram profile (@hulalakeside).

Social Media Activity Across Platforms: Regularly shares updates on events, community stories, and opportunities.

Brand Messaging and Positioning: Content emphasizes campus life, events, and the achievements of community members and portfolio companies. The messaging highlights its role as a space where "dreamers become doers" and values community, collaboration, and wellbeing.

Community Engagement Strategies: Promotes workshops, networking events, and story-sharing from community members. Offers insights and blog posts about Hula's community and impact.

Notable Campaigns or Content: Features community spotlights on companies and individuals, and promotes events like the Vermont Tech Jam.

8. Recognition and Awards

Industry Recognition

American Institute of Architects (AIA) Vermont Chapter Award: Hula's campus received an award for the best historic/adaptive reuse of a building for its transformation from the former Blodgett Oven factory.

9. Competitive Analysis

Major Competitors

Hula operates in two primary competitive arenas: coworking and innovation hubs, and venture capital funding.

In Coworking and Innovation Hubs:

Other coworking facilities and business incubators: Across Vermont, these often offer similar shared office spaces and resources.

Generator Makerspace: A combination of artist studios, classroom, and business incubator providing tools, expertise, and education for creation and collaboration.

VCET (Vermont Center for Emerging Technologies): A startup incubator, coworking space, and investment fund in Burlington, offering "actionable advantages to Vermont's entrepreneurs through people, places, and capital."

In Venture Capital Funding (primarily in Vermont and Northern New England):

Dudley Fund: Focuses on early and mid-stage Vermont companies.

FreshTracks Capital: Has launched growth funds to invest in area businesses.

Green Mountain Accelerator Fund: An investment entity.

MVP Ventures: Focuses on helping founders accelerate go-to-market, hire talent, and unlock future growth capital.

Red Clover Venture Partners: An early-stage firm focused on Vermont's next generation of founders.

Helios: A Vermont-based firm focused on technology and impact-driven ventures.

These entities are part of a broader investor ecosystem in Vermont, with Hula actively seeking to strengthen collaboration among them through initiatives like the Venture Roundtable.

10. Market Analysis

Market Overview

Hula operates within Vermont's evolving innovation economy, a market characterized by both challenges and significant opportunities.

Total Addressable Market Size: Vermont's startup ecosystem and the broader Northern New England region for early-stage tech investments.

Growth Potential: High potential for growth driven by Hula's mission to retain graduates, create jobs, and foster entrepreneurship, especially in tech-driven sectors.

Key Market Trends:

Focus on Sustainable Solutions: Strong emphasis on green technology and companies with a net-positive environmental footprint.

Tech-Driven Growth: Investment in advanced tech sectors like AI/ML, electric propulsion, medtech, and SaaS.

Community and Collaboration: Increasing demand for collaborative environments that offer more than just physical workspace, prioritizing community and well-being.

Addressing Talent Retention: Initiatives aimed at keeping college graduates within the state and creating attractive job opportunities.

Market Challenges and Opportunities:

Challenge: Vermont struggles with graduate outflow and limited job opportunities. A low vacancy rate in Burlington poses an issue for workforce housing.

Opportunity: By supporting local tech companies and providing a vibrant, collaborative environment, Hula can attract and retain talent, enhancing Vermont's economic resilience. The state is recognized for its high number of inventors per capita, indicating an inherent innovative spirit.

11. Strategic Partnerships

Hula actively engages in strategic collaborations to enhance its ecosystem and impact:

University of Vermont (UVM):

Nature of Partnership: Partnered with the Leahy Institute for Rural Partnerships to integrate student talent, build connections among Vermont's innovation hubs, and explore resource sharing and program development.