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City Council Unanimously Approves Funding for ABQid Business Accelerator

Today the City Council of Albuquerque took another major step in transforming the local economy

ALBUQUERQUE – Today the City Council of Albuquerque took another major step in transforming the local economy. The City Council voted to approve a contract in support of Albuquerque's new business accelerator, ABQid.

Entrepreneurship development programs have become increasingly important components of successful economic development initiatives. Accelerator programs such as the one established by ABQid have consistently shown a much higher success rate in the development of new entrepreneurial ventures and successful companies than any other support program method.

The contract is for $1,830,000 over three years. In addition to all of the programmatic performance measures, ABQid is also leveraging at least $2 Million in private sector funding to support the growing entrepreneurs in the Accelerator program. City funding will come from the recently created Economic Development Action Fund. The Economic Development Action (EDAct) Council reviewed the project on April 14, 2014, and recommended approval.

"I appreciate City Council's endorsement of an aligned vision for the changing trajectory of Albuquerque's economy," Mayor Richard J. Berry said. "We're doing everything we can to cultivate an entrepreneurial mindset in our community and bring innovation to the forefront, all while trying to improve the business environment of our city. City Council's vote of this important project illustrates strong, widespread support for these new ideas."

"This is great news for Albuquerque because this program supports existing entrepreneurs, businesses and ideas," said Economic Development Director Gary Oppedahl. "Council's vote today shows that the City is firmly behind its entrepreneurs and shows our focus on becoming the most entrepreneurial city in America."

"It's a huge day for entrepreneurship in Albuquerque. ABQid is a perfect example of what a community can accomplish when you connect highly invested stakeholders and a city that is so strongly committed to economic reinvention," ABQid Chairman Bill Bice stated. "It is a major change to business-as-usual attitudes and shows a commitment to innovative new ideas."

ABQid is a New Mexico non-profit designed to develop, implement, and promote a series of support activities to grow Albuquerque's entrepreneurial systems and businesses. It operates in collaboration with Albuquerque's existing resources, connecting individuals and small companies with the array of community assets; it also provides intensive mentorship and a customer-driven business development strategy.