New Mexico State University (NMSU) announced that the 2023 cohort of its Scale Up New Mexico program has effectively concluded the Venture Funding Sprint. Throughout this intensive experience, 15 startups from New Mexico engaged in mentorship, education, and networking within the program, according to a press release by NMSU.
The Scale Up New Mexico initiative, partially funded by the United States Economic Development Administration and operated by New Mexico State University's Arrowhead Center, hosted the Venture Funding Sprint. This allowed participants to connect with entrepreneurs, build valuable relationships with advisors, and cultivate ties with potential angel investors and venture capitalists. This dynamic environment expedited their progress in the tech industry, said NMSU.
“In New Mexico, the convergence of diverse investors, experts, and perspectives within accelerators is key to unlocking the full potential of our entrepreneurial community,” said Dana Catron, deputy director of Arrowhead Center. “It’s a catalyst that fuels innovation and paves the way for successful capital raises driving our state’s economic growth.”
In six weeks, startups received guidance from a diverse array of mentors and industry experts who provided hands-on support by sharing their expertise and insights assisting with various aspects of fundraising. The startups encompassed sectors such as climate change mitigation strategies, energy efficiency solutions development research into space exploration technologies biotech advancements health services improvement medical devices design telecommunication technologies agriculture innovations beauty product development artificial intelligence technology enhancement , according to NMSU.
“We are thrilled to see our participants now well-prepared and in a prime position to initiate meaningful conversations with potential investors increasing their odds for a successful fundraising journey,” said Carlos Murguia, Scale Up NM program manager. “Sharing fundraising best practices is crucial for empowering New Mexico's entrepreneurs.”
