ABQid Identifying, Developing Startups

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Everybody Has A Role To Play In Reinventing Our City

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ABQid News Release
Contact: Kathleen Gardenswartz (505) 681-6791, kat@abqid.com

Everybody Has A Role To Play In Reinventing Our City
ALBUQUERQUE, NEW MEXICO (Apr. 15, 2015) – The upcoming ‘Reinventing Our City 2.0: Growing Albuquerque’s Startup Economy’ event hosted by Albuquerque Business First on April 23rd will explore our city’s efforts to grow a vibrant entrepreneurial ecosystem. A handful of entrepreneurs are lined up to discuss the challenges and rewards of starting a business, including how their environment affects their
experience. While we all stand to benefit when our local companies achieve success, it is not always clear how each of us can help them.
Webb Johnson, Managing Director of ABQid, has witnessed the incredible impact of community members rallying around local startups and believes everyone has a role to play in helping them achieve success. “It
can be as simple as being willing to meet with an entrepreneur, making an introduction, or supporting them on social media” he explained. “We also have community members who share their expertise with local
entrepreneurs by leading a lecture or mentoring during our Office Hours program on Wednesday afternoons,” Johnson continued. He made it clear that you don’t have to fit any Silicon Valley stereotypes in order to make an impact on Albuquerque’s entrepreneurial ecosystem and highlighted a diverse group of ABQid volunteers who are leading the way.
Zach Lerner is one of these amazing volunteers. Zach may not look like your average lawyer, but he has quickly established himself as a local expert in venture law. Despite running a growing law practice, Mr. Lerner regularly makes himself available to local entrepreneurs for consultations during ABQid’s Office Hours program on Wednesday afternoons. Furthermore, he donates his time as prizes for events like
Startup Weekend Women’s Edition. “I truly enjoy helping entrepreneurs navigate legal issues associated with starting a business. From the first time I heard that a local accelerator would be launching in Albuquerque, I knew that I wanted to get involved in some manner,” said Lerner. Joanie Griffin is another community member stepping up to make a difference for local entrepreneurs. A marketing guru, Ms. Griffin was instrumental in the success of ABQid’s recent Ski Lift Pitch Contest in
Taos. The ABQid Ski Lift Pitch Contest provided unparalleled exposure for New Mexico entrepreneurs and was even featured on NPR’s national radio show ‘Marketplace.’ Like Zach, Joanie generously offers her
time to local entrepreneurs seeking guidance and her desire to see Albuquerque’s economy thrive is unmistakable. “Nothing would make me happier than seeing an explosion of successful small businesses in
Albuquerque,” stated Griffin. Valdamir “Vic” Berniklau has been an incredible ally for Albuquerque’s entrepreneurs for some time now.
Vic is a certified SCORE mentor, regular ABQid Office Hours mentor, and retired U.S. Department of Energy executive. He can be found all over town advising local entrepreneurs and he always has a smile
on his face. Inspired to make your own impact on our city’s growing entrepreneurial ecosystem? Join us for the Reinventing Our City 2.0 event on April 23rd from 7:30- 9:30am at the Albuquerque Convention Center to learn how. We can’t wait to meet you.
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For more information about ‘Reinventing Our City 2.0: Growing Albuquerque’s Startup Economy’ and to
purchase tickets, visit: http://www.bizjournals.com/albuquerque/event/115931#eventDetails

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RMVCA: PITCH UNPLUGGED ALBUQUERQUE

Rocky Mountain Venture Capital Association:
PITCH UNPLUGGED ALBUQUERQUE
Get a front row seat to learn about innovative companies from across New Mexico through creative and fast-paced ‘Shark Tank’ style presentations. Listen in as a group of visiting VCs provides candid feedback to the CEOs. The evening also includes ample networking time to maximize opportunities to visit with seasoned venture capitalists, angel investors, entrepreneurs and key service providers.

VC Firms include:
Access Venture Partners
Boulder Ventures
Grayhawk Capital
Irongate Capital
Liberty Global
Mercator Partners
Point B Capital
Signal Peak Ventures
Tango/High Country Ventures
TechStars

August 28, 2014
5:30PM – 7:30PM
Where: Marble Brewery
111 Marble Avenue NW
Albuquerque, NM

The event is free, but you must register:
http://www.regonline.com/pitchunpluggedaugust2014

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Smart Money

by Jeff Pfohl

One of the top reasons new companies fail is lack of sufficient funding.

Therefore, one of the constant themes in a new entrepreneurial venture is raising money.

It is very easy to simply accept any check/investment that comes in the door. After all landlords, electric companies, etc do not care where money comes from, they only care if the checks clear.

BUT as entrepreneurs should we accept any check from any source? That answer is no. Money is money, it all spends the same when we have bills to pay, but is there something else we can gain by picking and choosing? The answer is a resounding YES.

Expertise, contacts, and advice.

Finding smart money, not only money that can help keep the doors open, but that can also help our companies grow and thrive should be the ultimate goal. All entrepreneurial companies should ask:

1. if I have a question, can this investor help me?
2. if I need to make a new contact in my business space, does this investor have a Rolodex that opens up the doors I need?

If the answer is YES you have found “smart money”, someone who not only helps your company pay its bills, but also helps you solve problems and move forward quickly and smartly. They know your business space, have operated in it for years with success, have the necessary experience to help you avoid common mistakes, and have the necessary contacts to help your company move forward and eventually exit.

So if your company is a biotech company, look for investments from angels, and VCs, who have operated in biotech. If your company focuses on computer hardware, look for those investors who have had success (M&A, IPOs) in that space. Do not just take any money. Investors/VCs made their money, as a rule, in a very specific space, sometimes in a very specific company. They know all the ins and outs of that space, but most likely are not a “Jack of All Trades”. You want and need an investor who knows the common pitfalls of your industry and how to avoid them. You want and need an investor who can make the necessary contacts and open the doors you need on a moment’s notice. Expertise and contacts are infinitely more valuable than “simple money” which only pays the bills, but doesn’t provide your company the resources to grow and thrive.

Smart money is more than a check reflecting your balance sheet and valuation, it is everything your company needs to succeed.

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Big Day For NM VC / Start-Up Community

Lumidigm-HID-logo

Yesterday, HID Global announced its acquisition of Lumidigm, an Albuquerque-based biometrics company backed by vc investors including Sun Mountain Capital, based in Santa Fe, and Epic Ventures, headquartered in Salt Lake City with an office in Albuquerque. The Lumidigm team will remain in New Mexico. It’s a great day for New Mexico venture capital and the NM start-up community.

http://www.abqjournal.com/350800/biz/abqs-lumidigm-acquired-by-austinbased-hid-global.html

Let’s keep working hard to create an environment that fosters the creation and growth of successful companies and let’s generate more lucrative exits!

 

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