The New Mexico Angels and the first Startup Factory, are charged with taking startups from the state’s research universities and national labs and turning them into companies that can add jobs and contribute to the New Mexico economy. Like other tech transfer initiatives, the New Mexico Angels are hoping to see students that have come to New Mexico for school, stay in New Mexico for their careers and startups.
Since the facilities launch in 2012, the Startup Factory has launched seven companies. Six of them are still running today with no end in sight. One of their success stories is Lotis Leaf Coatings a company that makes high strength water repellant coatings. They recently inked a deal with Minnesota based Vision Ease Lens.
“We expect to fund at least four or five more companies through the second Startup Factory,” says NM Angels president John Chavez. “We’re looking at things that can be rapidly spun out with seed funding and little business incubation.” Tech Transfer Central Reported.
The New Mexico Angels are raising $150,000 and plan to launch the second Startup Factory next month.