ActivateNM Powered by ABQid and WESST
By Hanes Motsinger, ABQid | August 10, 2018
ActivateNM: Applications are now open for our new business accelerator-incubator program with ABQid. Click to Apply.
In spring 2018, we started exploring what would happen if we merged WESST’s expertise in business incubation with ABQid’s expertise in business acceleration. After weeks of deliberation and strategizing, we landed on an idea: create a hybrid accelerator-incubator model that brings together the best of both worlds and leverages our collective organizational strengths and capabilities.
ActivateNM–our new hybrid accelerator-incubator–is built on the pillars of “disrupt,” “build,” and “community” and promises to provide cohort companies with the wrap-around support they need to quickly achieve company milestones and become competitive pursuers of equity-based programs, angel investment, or other funding models. This new program design provides entrepreneurs with a ton of business value, mentorship and training, as well as extensive operational support. Our hope is that by providing companies with comprehensive business resources, they will be able to stay focused on answering questions essential to business growth: Who is my customer? What is my product and business model? How can I get to market efficiently and sustainably?
This year’s program is different from other accelerators and incubators in various ways. First of all, ActivateNM is no-equity, meaning that companies don’t need to give up a financial stake in their company to participate. Instead, we’re helping companies understand several funding mechanisms and make decisions about which options make the most sense. We’ll then help them prepare to engage with those sources.
Companies are also eligible to receive a stipend to help cover expenses, but they are also required to pay a small monthly fee to be in the program. Of course, scholarships are provided based on financial need, and we encourage applicants to reach out to us if they’d like to discuss their eligibility. Our thought behind developing a fee-based program is that by requiring participants to pay to participate, they will feel accountable to themselves, their team, and their fellow cohort members and make greater strides towards reaching their company milestones.
Lastly, ActivateNM provides cohort companies with office space, amenities and hands-on support from business experts–a cornerstone of incubator programs–but something that is often lacking in accelerator models. Instead of requiring companies to be responsible for contracting with accounting, marketing, or software consultants, we’re guaranteeing a certain amount of value to participants by providing access to extensive resources available through existing ABQid & WESST programming.
ActivateNM’s pilot cohort kicks off in October 2018 and is now accepting applications from early-stage software or software-enabled companies based in New Mexico. If your emerging idea or company falls into this category and you’re ready to start working towards key growth milestones in your company, we want to hear from you! If you have any questions, please contact us at firstname.lastname@example.org or email@example.com. We’re accepting application now through September 7, 2018!
About the Author
Hanes Motsinger, ABQid
Hanes Motsinger lives in Albuquerque, NM where she works as an executive administrator for ABQid, helping build entrepreneur-led economic development in New Mexico. Hanes has over a decade of experience in the non-profit industry, with interests ranging from defending migrant workers' rights to enhancing the conservation practices of private landowners in the middle Rio Grande region of New Mexico. In her free time, Hanes can be found knee deep in her garden, cooking, or visiting the farmlands of her hometown in North Carolina.