Successful Albuquerque Business Accelerator, New Mexico Community College Join Forces to Increase Economic Impact
1 March 2019
ALBUQUERQUE, N.M., Feb. 28, 2019 /PRNewswire/ -- Albuquerque's highly successful business accelerator, ABQid, has merged into CNM Ingenuity, the 501(c)3 enterprise arm of Central New Mexico Community College (CNM). CNM Ingenuity operates a variety of programs and ventures that support entrepreneurship, economic development and accelerated skills training in central New Mexico. ABQid, founded in 2014 with backing by the City of Albuquerque, has trained over 2,000 aspiring entrepreneurs and its investment fund has provided capital to 31 New Mexico startups.
"This isn't just good news for ABQid and CNM Ingenuity, this is great news for our community and our local economy," CNM President Kathie Winograd said. "ABQid is a successful, established and respected brand in our community that has been a key player in advancing the resurgent entrepreneurial movement in the Albuquerque area. We can't wait to help build on that momentum by providing ABQid with the substantial support, expertise and resources that exist within CNM Ingenuity."
In 2017, ABQid was awarded matching funds of up to $2 million by the New Mexico Catalyst Fund, which is part of the New Mexico State Investment Council's efforts to support the growth of innovative startups around the state. CNM Ingenuity will be the General Partner for the ABQid Catalyst Fund, leveraging its resources and infrastructure to increase ABQid's impact on business creation and economic development in New Mexico.
"ABQid's creative programming, such as the recent Ski Lift Pitch Contest® at Taos Ski Valley, inspire and attract New Mexican entrepreneurs who are making a difference in our economy," said Kyle Lee, Chief Executive Officer of CNM Ingenuity. "Together, CNM Ingenuity and the ABQid fund create an accessible pool of resources and capital to stimulate economic activity and job growth for great companies."
In addition to its assets and investments, ABQid's multi-year agreement with the New Mexico Institute of Mining and Technology in support of the Air Force Research Lab will also transfer to CNM Ingenuity.
"We're excited to continue our many initiatives like our Hyperspace Challenge with the Air Force Research Labs," said T.J. Cook, executive director of ABQid. "Joining up with CNM Ingenuity's infrastructure and programs will multiply the value to startups in our community."
CNM Ingenuity, created in 2014 through the New Mexico Research Park Act, provides various programs and support for entrepreneurs and pursues cooperative ventures that foster economic development and job creation in central New Mexico. Ingenuity also advances new approaches to education that provide accelerated educational and training opportunities in key workforce areas.
Ingenuity operates the IGNITE Community Accelerator, a business development program for concepts through very early-stage businesses. Ingenuity also consults and invests in local businesses through other economic development activities, and operates the highly popular Deep Dive Coding bootcamps and FUSE Makerspace that have spawned numerous small businesses and have filled key workforce needs in the region.
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SOURCE Central New Mexico Community College (CNM)