Arrowhead hosts event to help tech startups get funded
Article courtesy of the Las Cruces Bulletin
By Gabriel Vasquez
Entrepreneurs, prepare to meet your blind dates.
The Arrowhead Center at New Mexico State University will play matchmaker with technology entrepreneurs and venture capitalists in the state during its “speed dating” event, Networking at the Speed of Technology, Wednesday, Oct. 20, at The Game Sports Bar & Grill.
“Over the the past few years, venture capitalists have been wanting to (invest) in our area – they know there are some good technologies coming out of the university,” said Dawn Hommer, a business incubation specialist for the Arrowhead Center. “This is a fun idea, it’s something different and something that seems really appealing to people.
We’ve gotten a good response so far.”
Arrowhead is actively looking for technology companies and entrepreneurs to participate in the event, which will be organized much like a speed-dating event. Representatives from those companies will have three minutes to pitch their product or idea to each venture capitalist, after which the investors will have two minutes to ask questions. A bell will ring, and the process will start again with different participants.
“The venture capitalists that we have in the state will all be attending the event,” Hommer said. “Flywheel Ventures, Cottonwood, the New Mexico Angels and others.
“Most of these are doing work up north, but recently they have been interested in coming down here.”
Arrowhead is calling for applications from all over the state and the El Paso region as well, Hommer said.
The companies chosen to participate will be “vetted” by a group of technology startup experts at Arrowhead. The companies that are not selected – because their idea or plans are not yet developed enough – will be offered additional assistance from Arrowhead, Hommer said.
“Maybe some of these companies are not ready to pitch to a venture capitalist, but thereare other things we can help them on to get to that point later down the line,” she said. “We want companies to apply even if they’re not quite ready.”
Regardless if the companies get funding from a venture capitalist or angel investor as a result of their speed date, the results will be beneficial to all involved, especially new companies, said Chris Kientz, director of innovation for Arrowhead Center’s TECH-START program, which helps incubate technology companies.
“One thing companies will definitely walk away with is feedback, which is incredibly valuable,” he said. “Whether it’s a good or a bad idea, whether the idea could be restructured in a certain way, these companies will find out during their meeting with these venture capitalists.”
Hommer said the speed-dating concept was developed after Arrowhead Center hosted its first networking event, the Entrepreneurs’ Mixer, in April, which was well received and well attended, she said.
“This is really what got the ball rolling,” she said. “Although there were no venture capitalists at the (April) event, we realized the need to create more networking type of events – after-hours type of networking to allow local people to connect with each other.”
The deadline for companies who want to apply to participate in the entrepreneur’s event is Friday, Sept. 10.
Companies chosen to participate must attend two mandatory workshops from 8 to 10:30 a.m. Sept. 23 and Oct. 14 provided by the Dona Ana Community College Small Business Development Center (SBDC). The workshops are designed to help companies refine their pitches and build a stronger foundation for their business.
Companies can apply by visiting techstart.nmsu.edu or by calling Hommer at 646-5213.
The event will be co-hosted by the Mesilla Valley Economic Development Center and the SBDC.
