The Scale Up New Mexico program, funded in part by the United States Economic Development Administration and housed at New Mexico State University's Arrowhead Center, recently saw its first 2024 cohort complete a Business Model Sprint business acceleration program.
The accelerator initiative, aimed at equipping founders of tech startups in New Mexico with the essential knowledge and skills to establish a robust business framework, accomplished notable achievements. It enabled promising startups to advance significantly in comprehending their customer base, attaining product-market fit and formulating efficient sales tactics.
The Business Model Sprint is one of the several projects included in Scale Up New Mexico, an integrated collection of initiatives aimed at fostering the development of startups in their early stages. Following a thorough selection phase, 13 startups from New Mexico forming the 2024 cohort embarked on a rigorous path filled with mentorship, educational opportunities and networking.
Throughout the six-week period, the startups significantly profited from the wisdom and support of an eclectic mix of mentors and industry specialists. These knowledgeable experts delivered practical help by divulging their understanding and perspectives, aiding the startups in various elements of developing their business models and market intelligence. Assistance included deepening their knowledge in customer discovery, achieving product-market fit, crafting sales approaches, keeping abreast of new trends and research tools, articulating an enticing value proposition, and formulating monetization tactics.
"We are incredibly thrilled with the remarkable progress our startups have made throughout the Business Model Sprint.," said Carlos Murguia, Scale Up NM program manager. "This cohort's ability to embrace mentorship, apply new knowledge and pivot towards success showcases the vibrant potential within New Mexico's tech startup ecosystem.".
The startups within the cohort spanned a diverse range of industries, such as healthcare, photonics, aerospace, energy, life sciences, agriculture and cloud computing. Their innovative concepts and technological advancements hold the promise of transforming their specific fields.
"We look forward to seeing how these promising ventures continue to evolve and make impactful strides in their respective industries," said Dana Catron, deputy director of Arrowhead Center. "Witnessing their journey, from conceptualizing compelling value propositions to effectively navigating market demands, has been truly inspiring."
The Business Model Sprint created a vibrant setting where participants could interact with seasoned entrepreneurs, mentors, and advisors, building valuable connections. This lively environment hastened their path to the successful market introduction of their innovations.
"Business Model Sprint helps entrepreneurs to dive more deeply into evaluating their company and potential impact, and then apply proven methods to help in the startup process," said Adam White, co-founder of TruFit.
"I looked forward to each Scale Up NM Business Model Sprint session because I knew that I'd take something valuable from each. The format allowed enough time for a depth of discussion with experienced, communicative mentors on the selected topics important to my startup journey," said TD Raymond, chief scientific officer at Scintellite.
For more information about Scale Up NM, contact Murguia atÂ
The full article can be seen at https://newsroom.nmsu.edu/news/cohort-completes-scale-up-nm-s-business-model-sprint-for-tech-startups/s/b8eff160-467c-445c-a62b-4ae927324f19
