The program puts a ton of business value into the hands of entrepreneurs who stand to benefit the most. We’re eliminating the question of accelerator vs incubator for these founders and instead providing operational support so that they can stay focused on the essential questions: Who is my customer? What is my product and business model? How can I get to market efficiently and sustainably?
“It will boost our efforts to continue building the accelerator and create a more robust pipeline of startup deal flow,” said Kyle Lee, executive director for CNM Ingenuity, a nonprofit that manages all of the college’s commercial activities. “It will also help expand our seed fund by getting the word out to more folks about our efforts to raise money to invest in companies.”
Perhaps most important, the merger strengthens both entities’ ability to provide educational services and resources to support local entrepreneurs and economic development, said CNM President Kathie Winograd.
“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,” Winograd said in a prepared statement. “We can’t wait to help build on that momentum by providing ABQid with the substantial support, expertise and resources that exists within CNM ingenuity.”
“We help the entrepreneurs understand the language of business, financing, working with numbers and building capacity,” said Julianna Silva, managing director of the WESST incubator. “The combination of ABQid’s lean startup methodology with our capacity training provides a robust wrap-around system for companies as they explore business opportunities.”