Economy becoming ripe for new businesses?

By Patricia Daddona
Contributing Writer
Kevin B. Murphy of Warwick has not only been busy setting up new incubator startup and title insurance companies; he has resurrected his dormant law firm – all in the past two months, to catch what he believes may be a wave of economic rebounding. More

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ENTREPRENEURSHIP

Economy becoming ripe for new businesses?

By Patricia Daddona
Contributing Writer
Posted 7/15/13

Kevin B. Murphy of Warwick has not only been busy setting up new incubator startup and title insurance companies; he has resurrected his dormant law firm – all in the past two months, to catch what he believes may be a wave of economic rebounding.

Last month, Murphy and his three brothers formed Hatch Entrepreneurial Center LLC in Providence to try and retain startups and prevent the “brain-drain” of talented college grads leaving Rhode Island. Murphy also launched Triton National Title Agency LLC, based in Providence, an unrelated venture that involves writing title insurance for first and second mortgages.

At about the same time, Murphy brought back the law offices of Kevin B. Murphy & Associates LLC, with offices in Providence and Warwick, which he had formed under a different name in 2008, “when the economy tanked.” He started working as principal on July 1, leaving Adler, Pollock & Sheehan in order to do so. Steadier home prices and declining unemployment suggested the economy was “starting to turn the corner,” he explained.

According to Secretary of State A. Ralph Mollis, a slight uptick in new-business formation in the second quarter, which ended June 30, may bode well for future growth, in part because it comes close to the level recorded when the economic downturn began five years ago.

In the second quarter, Mollis reported, a total of 1,909 new businesses registered with the state. The count is 34 shy of the 1,943 that registered in the second quarter of 2008, he said. However, the total is 36 more than the 1,873 recorded in the second quarter of 2012.

Urging “cautious optimism,” Mollis pointed out that this year’s second-quarter figures reflect three straight periods of second-quarter growth for the first time since his office began keeping these statistics in 2005.

“We’re very careful about reading too much into the numbers, especially in an economy that is giving mixed signals, but it’s always good to see modest growth,” Mollis said. “It’s great to see some positive numbers, especially when it comes to consecutive years and where we are compared to when this downturn started.”

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