Albuquerque welcomes its sixth business accelerator
“We have a lot of ideas in Albuquerque, but many die on the vine for lack of support. The emergence of now six business accelerators in Albuquerque signals growth in our collective efforts to get the right support to entrepreneurs at the right time.”Gary Oppedahl, Director of the Economic Development Department, City of Albuquerque
Two years ago in Albuquerque the word “accelerator” probably conjured images of fast cars and open roads. But those days are numbered as Albuquerque welcomes its sixth business accelerator into a growing entrepreneurship ecosystem. Soon the word “accelerator” will be synonymous with the quickened pace of growing start-ups.
The most recent addition to the business accelerator cohort in Albuquerque is the New Mexico Start-Up Factory II, which focuses on cultivating valuable intellectual property from “behind the fence” and transforming it into consumer-ready products and high-growth companies (à la tech transfer). After a unanimous vote from the Albuquerque City Council early this January, the New Mexico Start-Up Factory II was allocated $200,000 in Economic Development Action Account (EDAct) funds. Start-Up Factory II is expected to churn out twice as many companies twice as fast as its predecessor, The Start-Up Factory, which successfully launched six new tech-focused companies to date.
Gary Oppedahl, Director of the Economic Development Department at City of Albuquerque, shared some staggering facts about the economic potential in tech transfer. He stated, “Research in New Mexico is a multi-billion dollar industry, but much of the intellectual property created in the process stays behind the fence or in our research laboratories.” With all this talk of potential I’ve taken to imagining our labs and research institutions as big economic engines that just need a jump-start to gather speed. Gary said, “We need to keep working until we find the mix that gets that research out into the private sector to create meaningful jobs.” Start-Up Factory II is part of this mix. Alongside other supports for entrepreneurs and resources to inspire meaningful tech transfer opportunities, Start-Up Factory II is well positioned to speed up the process and help ensure the business model and the team behind it are smart, informed and well-positioned to create viable, consumer-ready products and high-growth businesses. Sounds like we’re ready, set, go!
CONNECT THE DOTS
COMMONALITIES with the Albuquerque Integration Initiative:
Focus on start-up success, local business development and job creation
OPPORTUNITY: “We know the more we connect, communicate and collaborate, the more good things are going to happen.” -Gary O
