Two Additional Northern New Mexico Businesses Receive VAF Awards In Second Disbursement of 2016
Companies From Los Alamos, Mora, Rio Arriba, Santa Fe and Taos Awarded
Española, N.M., October 26, 2016—The Venture Acceleration Fund (VAF) awarded a second round of funding, resulting in two additional awards to Santa Fe-based companies:
- NTxBIO, Santa Fe: manufacturer of biologically significant molecules with pharmaceutical market potential in both private industries and government.
- Reverse Engineer Lab, Santa Fe: developer of reverse mortgage educational software with licensing capabilities that will help homeowners make informed decisions about using home equity in retirement.
The VAF was established in 2006 by Los Alamos National Security, LLC (LANS), the operations manager of Los Alamos National Laboratory (LANL), and is administered by the Regional Development Corporation (RDC), to stimulate the economy by supporting growth-oriented companies. 2016 partners who invested alongside LANS include the City of Santa Fe, Los Alamos County, New Mexico Manufacturing Extension Partnership, Santa Fe County and Century Bank.
Two workshops to address issues common to startups and improve VAF applications were held in July. The “Understanding Startup Finance” workshop addressed the complexities of financing a startup over its lifespan, and the “Market and Strategy Issues for Startups” workshop covered strategy, market validation, value proposition and how to communicate the plan.
“The two most recent VAF winners promise a lot of growth to our Northern New Mexico region,” said Val Alonzo, executive director of the RDC. “The seed capital that VAF provides will help boost these two companies in their early stages, and bring a potential 33 to 50 jobs to the area over the next two years.”
The VAF awards are a collaborative investment with a shared goal of adding jobs and revenue to northern New Mexico. Since 2006, the VAF program has assisted 59 New Mexico companies through marketing and technology development activities such as proof-of-concept, prototyping, developing market share, product launching or leveraging funding.
“The success of the region depends in large part on the strength of its small businesses,” said David Pesiri, director of the Richard P. Feynman Center for Innovation at Los Alamos National Laboratory, which is responsible for the Lab’s technology transfer initiatives. “The VAF plays a critical role in helping innovative companies grow and contribute to the broader economy.”
NTxBIO and Reverse Engineer Lab join the five companies previously awarded in 2016. Collaboratively, the awardees represent a diverse array of industries based in five of the seven counties that were invited to apply—Los Alamos, Santa Fe, Sandoval, Rio Arriba, Taos, San Miguel and Mora.
Kathy Keith, Los Alamos’ director of Community Partnerships, stated, “LANS has supported the VAF for 10 years now because of its commitment to the community and its strong belief that supporting local businesses helps not just the businesses themselves, but the region as a whole.”
About the Venture Acceleration Fund (VAF)
The VAF is a collaborative investment established by Los Alamos National Security, LLC (LANS) in 2006. This year LANS, along with City of Santa Fe, Los Alamos County, New Mexico Manufacturing Extension Partnership (MEP), Santa Fe County and Century Bank are investing in the economic health of New Mexico via their support of growth-oriented companies. The fund is administered by the Regional Development Corporation of Española, New Mexico (www.rdcnm.org).
About the Regional Development Corporation
The Regional Development Corporation (RDC) is a non-profit economic development organization based in Española, New Mexico with the mission of creating jobs and attracting additional revenue to the northern New Mexico region. Learn more at www.rdcnm.org.
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