Eric Witt, former Deputy Chief of Staff and Film Advisor for Gov. Richardson, 2003 - 2010

Elliott Location Equipment of Albuquerque is one of many New Mexico businesses that expanded dramatically after 2001, when the state initiated a successful program of tax incentives to attract film and television production here.

Owner Wayne Elliott had one water truck in 1988 when he hauled water to locations for The Milagro Beanfield War. A look at his website in 2011 (http://elliottlocationequipment.com) shows a full-service provider of trucks, trailers, drivers and special-effects equipment for productions throughout the western and Gulf Coast states. The film incentives program made that expansion possible, said Elliott, who added to his fleet of water trucks and other portable services over the years as he attracted five times the work — and five times the revenue — as he had before the state launched a program that offered 25 percent rebates for in-state film-related expenses.

The state’s total rebate payouts varied between $20 million and $70 million per year, depending on the level of production, while bringing in over $1.5 billion in direct new spending and generating over $4 billion in economic activity in the state. In 2011, the Legislature made changes to the program. While still allowing unlimited earning of credits in any given year, it limited annual payout to $50 million, with any earned excess being paid in subsequent fiscal years. “We haven’t really seen the effects yet,” Elliott said of the incentive adjustments, which took effect in July. “We expect it to be slower,” he said about production levels.

On the positive side, Keith Gardner, chief of staff to Gov. Susana Martinez, indicated that the administration firmly supports the film industry and wants production executives to know the state is open and friendly to film business. Speaking to an industry gathering at Albuquerque Studios on Nov. 17, Gardner said the governor would veto any new legislation that seeks to further limit incentives.

Birth of an Industry

Before the incentives program, about 65 New Mexicans made their living in film and TV production — and most had to travel to Los Angeles to work. Sponsors of the incentives, such as zero percent interest production loans to companies that hired a majority of New Mexicans, hoped a homegrown industry would be built so professionals could develop their skills, and work without having to migrate to other parts of the country.

These actions were richly rewarded, as over the course of five years New Mexico became home to the largest base of skilled film crew outside of Los Angeles and New York. In the process, the boom yielded over 150 feature movies as well as several highly successful TV series, world-class soundstage and studio facilities, pre- and postproduction facilities, and special programs at state colleges and universities teaching industry-related trade and creative talents. Today, more than 3,000 New Mexicans are directly employed as film crew workers, cinematographers, writers, actors, directors and independent producers and workers. Thousands of local businesses across the spectrum — from hotels and restaurants to fuel suppliers, delivery services and childcare providers — have directly benefited from the film industry.

“It all goes to show what can be created when the state backs an industry,” said Paul Goblet, investment adviser to the New Mexico Small Business Investment Corporation and an early proponent of incentives.

Adjusting to Less

While industry insiders and supporters warn that collaring the incentives may make production companies turn to states with more favorable offerings, Elliott is optimistic that New Mexicans will continue to find opportunities to work in the film, TV and commercial production industry, even if it sometimes means traveling to other locations.

Elliott has a dozen trailers in Shreveport, Louisiana, which he described as “a boom state” because of its generous incentives. “All our stuff has wheels,” he said, and that allows his business to follow the work.  Similarly, many New Mexican crew members are finding work on out-of-state productions due to their fine reputation in the industry.

Still, it is highly preferable that the work remains here, injecting new money and jobs into the local economy.  To that end Nick Maniatis, director of the state Film Office, has been meeting with studio executives and is optimistic about the future of film in New Mexico, and his office recently announced several new productions. For information about how to get involved in the film industry, visit www.nmfilm.com or contact the New Mexico Film Office at 800-545-9871.

Download 201_NM Film Industry Changing but Still Good PDF

Paul F. Goblet, Financial Advisor, NM SBIC

As financial markets gyrate, legislators argue about the national debt ceiling, and people lose homes to foreclosure, it’s hard to believe the economy is improving. Few words can convince those unlucky enough to remain jobless; but numbers are beginning to tell a slightly better story, at least in New Mexico. The Bureau of Labor Statistics reports that New Mexico made strides in improving its July jobless rate over the same month last year – second only to Nevada, a state with one of the highest unemployment rates in the country.  New Mexico’s July, 2011, unemployment rate was about two and a half points lower than the national average, as it has been throughout the recession.

One reason New Mexico has done better than other states is because job-creation measures were put in place long before the current recession. Set up as capital delivery systems that invested in and made loans to businesses, the measures were designed to build businesses that would create jobs and hire people. The original film bill was one such measure. It allowed the State Investment Council to make no-interest loans to film companies that met certain requirements, including hiring local people. Because capital was available and committed, talented people created a local industry and New Mexico became the destination of choice for filmmakers. In ten years, the number of skilled film workers went from about 60 to more than 3000 working on over 150 films.

In the same fashion, alternative lending has been a growing source of support to small-business owners with dreams. When the New Mexico Small Business Investment Corporation was formed in 2001 to get capital to businesses, the state had a budget surplus; but creating jobs, particularly in rural areas, was just as critical then as it is today. Then, securing a loan from a bank was difficult for startups or those with little in the way of profitable operating history or collateral. Economic problems and changes in lending regulations in the past few years have made the situation more difficult, and even mature businesses have seen their lines of credit slip away.

Alternative lenders fill the gap

In 2004, the NMSBIC partnered with three alternative lending organizations to create an efficient conduit for delivering a small portion of the state’s Severance Tax Fund to businesses in need of loans that couldn’t be obtained through traditional sources. These three organizations – ACCION, The Loan Fund and WESST – manage designated pools of lending capital and target specific business sectors, including non-profits.  Their ability to make loans, sometimes as small as $1,000, has eased the challenge for small-business owners or those with dreams of becoming one.

Since 2004, over 2,200 loans totaling more than $33 million have been made to New Mexico businesses, many of which would not exist today had they not obtained a loan. When the loans were granted, these businesses generated over $250 million in annual revenue and employed more than 3,800 people, whose jobs were retained. Better still, businesses have been able to add employees and increase sales as a result of the loans made to them.

For more information about the NMSBIC, visit www.nmsbic.org. For sources of capital and other resources, visit www.financenewmexico.org.

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Paul F. Goblet, Investment Advisor, NMSBIC

One job may not be all that important in New Mexico, and one small business may not solve the economic challenges facing the state. But the collective power of multiple jobs and businesses saved and created by investment through the New Mexico Small Business Investment Corp. — especially when nationwide unemployment hovers at 9.7 percent – makes a significant difference in the lives of people and the strength of communities.

NMSBIC has been helping businesses add and retain jobs in New Mexico by investing capital in the state’s small businesses since 2004. State legislators created the entity in 2001 and began setting aside a portion of the state Severance Tax Permanent Fund to fund the program.

In 2004, NMSBIC developed lending agreements with alternative lenders and micro-lenders like The Loan Fund, ACCION New Mexico Arizona Colorado and WESST to invest the state money in the form of loans to small businesses. Since then, NMSBIC’s partners have made nearly 2,000 loans. As loans are repaid, the interest and principal from NMSBIC-supported loans is reinvested in additional loans, resulting in the commitment of nearly $30 million in the form of loans over the past six years.

Small Loans, Big Impact

The NMSBIC Board of Directors, whose members are appointed by the governor and confirmed by the state senate, have helped strengthen the capital-delivery systems that work directly with small businesses statewide. The organization’s lending partners work with community and national banks to lend capital provided by the NMSBIC to businesses that might not qualify for traditional bank lending.

The lenders also work closely with federal resources like the Small Business Administration’s Small Business Development Centers, which are located in 20 communities around the state and work closely with local business owners and entrepreneurs. The loans are often small — ranging between $500 and $75,000, — but they can be critical for a company’s economic viability. Larger loans, often for equipment or working capital, often lead to the expansion of the business and new employment opportunities.

Jobs Beget Jobs

Small businesses are the foundation of New Mexico’s economy, generating jobs and tax revenue that helps support state and local government. While a small business is generally defined as one that employs fewer than 25 employees, many operate with fewer than 10 – some with just two to three people.

The 2,000 loans made possible by NMSBIC and its partners have gone to businesses that collectively employ more than 4,500 people. Many generate only $5,000 or $10,000 in monthly revenues. It’s not much by Wall Street standards, but when those monthly revenues are multiplied by 12 months and multiplied again by 2,000 businesses, it’s a number that exceeds $350 million per year. And that’s not chump change, by any calculation.

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Leslie Hoffman, V.P. of Lending and Client Service, ACCIÓN New Mexico ∙ Arizona ∙ Colorado

ACCION New Mexico · Arizona · Colorado reached a major milestone in its 16-year history this fall by surpassing the $30 million mark in loans disbursed to small businesses in the three-state area. The event was a milestone as well in the life of borrower Jammie Ross, who is using an ACCION loan to open Caked, a dessert and cupcake bakery, in northwest Albuquerque in early 2011 with her husband, Shane. It was Ross’s loan that pushed ACCION’s lending history past the $30 million milestone.

Jammie says people need treats, especially when times are hard. “We feel strongly about our concept and its value, and I’m excited about using my skills and talents both in management and in baking and cake decorating to create a family-owned business,” she said.

The loan funded equipment, signage, web design and architect fees. 

Evolution of an Ambition

When she’s not working with contractors and suppliers to meet her business’s target startup date, Jammie works as the office manager for Albuquerque Foot & Ankle Inc. She has managed restaurants and medical offices for years and 16 years ago started decorating cakes for fun. “I began getting really serious about six years ago,” she said. “I started a party business specializing in children’s parties in 2007 — which I was doing part time right up until the time we decided to open the cupcake bakery.”

Shane Ross has worked in restaurant management since he graduated from college and currently manages Pei Wei Asian Diner. “He won’t be involved in the day-to-day operations of Caked but will lend his expertise in a host of important ways behind the scenes,” said Jammie.

Generating Jobs One Business at a Time

Since 1994, ACCION has financed the startup or expansion of nearly 3,000 small businesses through more than 4,600 loans. ACCION’s client businesses have created or sustained an estimated 4,741 jobs.

The lender offers small business loans between $200 and $150,000. Many of ACCION’s clients come to the organization because they may not yet be able to get the capital they need from traditional financial sources due to modest credit needs, lack of business or credit history or limited collateral. By providing support to its borrowers to help them succeed, including one-on-one education, workshops, mentorship and marketing assistance, ACCION specializes in serving entrepreneurs who would like more than a check when accessing credit.

Through its partnerships with local banks and organizations, ACCION has supported the local economies of 244 urban and rural communities in New Mexico, Arizona and Colorado.

“Every day, we are in awe of what our clients have accomplished as entrepreneurs and small-business owners throughout our region,” said Anne Haines Yatskowitz, president and chief executive officer of ACCION.  

Ross echoed that sentiment — from the recipient’s side of the bargain. “I’m thrilled to work with ACCION to start Caked and so glad I could be a part of ACCION reaching this milestone.”

Get more information about  ACCION New Mexico · Arizona · Colorado.

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John C. Woosley, District Director, SBA NM District Office

The New Mexico District of the U.S. Small Business Administration is soliciting nominations for several awards that aim to highlight the achievements and entrepreneurial spirit of the state’s small business owners and supporters. Awards will be presented next spring at the annual New Mexico Small Business Week event, and winners may advance to regional and then national competitions and be recognized at the agency’s national Small Business Week celebration in May 2011.

The awards have been given every year since 1963 to recognize the important role and contributions of America’s small businesses and to acknowledge the importance of creating an environment in which entrepreneurs can prosper.

In 2010, New Mexico – a state with less than 1 percent of the nation’s population – brought home two of the 15 national Small Business Week awards – 13 percent of the total.

How to nominate

Each state selects one state winner for Small Business Person of the Year. In addition, a number of individuals are recognized for their involvement in government contracting, disaster recovery and support of small businesses and entrepreneurship. Awards also go to SBA partners in financial and entrepreneurial development, including best SCORE (Service Corps of Retired Executives) Chapter, Small Business Development Center and Women’s Business Center. A full list of the many award categories is available at the SBA website at www.sba.gov/nm.

Nominations start in the district offices. Any individual, trade association, chamber of commerce, business organization or government agency can nominate someone for any one of the awards. Deadline for nominations is Nov. 12, 2010.

To nominate someone for one of these awards, individuals are asked to contact Susan Chavez at (505-248-8236) or Sandra Duran Poole (505-248-8233) at the SBA’s New Mexico District Office (505-248-8225) or visit the SBA website for information and required forms. The SBA NM District office is located at 625 Silver Ave. S.W., Suite 320, Albuquerque, NM, 87109.

Tips for nominators

The awards are highly competitive and nominees do not have the opportunity to upgrade their packages if they are under consideration at the regional or national level. Therefore, nominators are urged to start the documentation process right away. Judges need as much supporting citations as possible (letters of recommendation, media articles and other information) to demonstrate why the nominee deserves the award.

Incomplete or poorly organized nomination packages cannot be considered. Several award nominations require submission of three years of financial statements for the nominee. Since statements alone don’t always represent the complete financial picture of the business, nominators are encouraged to provide additional data if possible and explain what the data means.

The nomination package should look professional. An original 8-by-10-inch or 5-by-7-inch photo of the nominee — or a digital photo of at least 300 dots per inch resolution — is also required.

Winners will be selected by a panel of judges that includes business leaders, small business lenders, small business service providers, and representatives of the small business community. All nomination information is kept confidential.

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Davin Lopez, President & CEO, MVEDA

A recent Business on the Border luncheon in Las Cruces illustrated that the Mesilla Valley has fared better with job generation than both the national average and New Mexico as a whole — though it’s still behind the peak employment growth numbers of the mid-2000s.

At that luncheon, Christopher Erickson, Ph.D., from New Mexico State University’s College of Business, provided data that the current recession has lasted a staggering 20 months – twice as long as the average for past recessions – and still might not be over. Although it appears the country as a whole is recovering from the current recession, economists predict it will take approximately three years to catch up to pre-recession employment levels.

From an economic development perspective, the business community in Southern New Mexico is guarded but optimistic. Economic developers are working to introduce three manufacturing companies, two aerospace companies, two renewable energy companies, one food processing company, and one high tech company to the region.  Together these businesses could create the need for more than 2 million square feet of space and as many as 700 jobs if they choose Doña Ana County as their home.

Statewide observers hope Mesilla Valley’s positive trend echoes throughout the state.

Energy to spare

The state’s economy is sensitive to changes in the energy market and the political arena, and its economic development depends, in part, on incentives to attract businesses.

New Mexico is an energy-exporting state, which means that global energy markets have a direct impact on the state’s economic health. Each $1 decline in oil prices reduces state tax revenues by $3.5 million. Each 10 cent fall in natural gas prices reduces state tax revenues by $10.8 million. Increasing energy demands in India and China mean that prices will exceed what was paid in previous decades, but volatility will be higher. So energy-producing counties need to prepare for this volatility and plan ways to cushion the effects.

The private sector is likewise wary of a new administration in Santa Fe and what overtures it might make – or not – to the business community.

Urging business on

Incentives to attract new businesses are also at risk of disappearing as New Mexico, like other states, copes with diminished tax revenues. Even the state’s most effective incentive, the Job Training Incentive Program (JTIP), is not what it used to be. Recent changes have lowered the reimbursable amount on JTIP funding in urban areas from 50 percent to 30 percent. Incentives such as JTIP are the only tools most economic development programs across New Mexico have to be competitive in business attraction. Communities worry what they’ll do if these programs are further reduced.

Communities throughout the country, especially in neighboring Texas, have economic development funds they can use for job creation. If New Mexico hopes to remain competitive with neighboring states, localized incentives for economic development must be established. El Paso recently announced the acquisition of 1,000 acres of land in Tornillo to develop an industrial park with a port of entry. When development begins in 2012, how will this affect New Mexico’s port of entry and future economic development opportunities in Santa Teresa?

With so much uncertainty in the economy, economic developers are constantly retooling their marketing efforts and planning strategically to deal with new opportunities that arise. In the recent past, businesses weren’t motivated to set up shop in Southern New Mexico because financing opportunities were hard to find. Economic developers are now hearing fewer inquiries about financing and building vacancies and more about the availability of workers and build-to-suit opportunities. These inquiries suggest that businesses are finding financing and are now preparing to hire and build – two things that bodes well for the state’s economic development initiatives.

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Learn more about the Mesilla Valley Economic Development Alliance (MVEDA) and the NM Borderplex.

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John Woosley, SBA New Mexico District Director

Albuquerque entrepreneur Tamara Marquez-Nugent is New Mexico’s Small Business Person of the Year and that puts her in the running for national recognition by the U.S. Small Business Administration (SBA) at the National Small Business Week celebration May 23-25 in Washington, D.C.

Marquez-Nugent is president & CEO of Moving Solutions Inc. of Albuquerque, a wholly woman-owned company founded in 2006.  The company assists companies in developing comprehensive relocation plans to minimize downtime and get on their feet quickly and efficiently in new surroundings. In four years, Moving Solutions has grown from a one-woman venture to an enterprise with 30 employees. 

“I’ve worked hard at this business, in an industry dominated by men,” said Marquez-Nugent. Breaking into the industry was especially tough, she said, given that many of her top competitors were national moving companies with far greater resources. “For a lot of those companies, the money (they make) doesn’t stay here,” Marquez-Nugent said, whereas she said she buys what she needs for her business from local suppliers and vendors and all her employees live in New Mexico.

The New Mexico Small Business Administration will honor Marquez-Nugent and other small-business standouts and their advocates from 11:30 a.m. to 1:30 p.m. June 3 at the state’s Small Business Week Awards Celebration luncheon at Hotel Albuquerque at Old Town, 800 Rio Grande Blvd. N.W.

This year’s award recipients represent the excellent entrepreneurial character of America’s small businesses. The SBA New Mexico district office is especially pleased that three of New Mexico’s winners have also been named Region VI winners and two New Mexico winners are national winners.  (Region VI includes the states of Arkansas, Louisiana, New Mexico, Oklahoma and Texas.)
Lloyd Calderon, director of the state Department of Veterans’ Services’ Veteran Enterprise and Training Program will receive the National Veteran Small Business Champion of the Year award.  The award recognizes individuals who have distinguished themselves by increasing business opportunities for veterans, demonstrated success in obtaining community support for veteran-owned businesses and improved awareness of business opportunities among veteran business owners. Calderon was first selected as New Mexico’s award winner and then went on to compete at the regional level among the ten districts in Region VI.  He was declared the national winner after competing against representatives of the 68 districts in the 9 other SBA regions.   

The second national award winner is the Roswell, N.M. office of WESST.  The office, led by director Anthony Urquidez, received the Women’s Business Center of Excellence Award in recognition of its assistance to women entrepreneurs.  WESST, which provides a wide variety of training and counseling services, is also one of the state’s two SBA microlenders.

The two regional winners are Small Business Exporter of the Year David Ramahi, president & CEO of Albuquerque-based Optomec Inc. and Women in Business Champion of the Year Sandra L. Cody, president of Resources for Excellence Inc.

The New Mexico Small Business Week Celebration is sponsored by the Small Business Administration, the New Mexico Small Business Development Center Network and the New Mexico Department of Veterans’ Services.  The event begins with six morning training sessions that include the following topics:  Marketing to Government Agencies; Doing Business with General Services Administration; Networking Effectively; Government Agency Personnel Training; Financing & International Trade Opportunities; and Facilitating Teaming Arrangement Strategies, with special emphasis on opportunities for veterans.  The concurrent training sessions begin at 8:30 a.m. and 10 a.m. followed by the awards luncheon at 11:30 a.m.  A Matchmaking Expo follows the luncheon from 2 to 5 p.m.
Attendance to the daylong event costs $35 per person.  Register by calling 505-428-1362 or 1-800-281-7232 or 505-248-8225.  The registration form is available for downloading on the SBA website at www.sba.gov.nm.

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Linda McArthur, Administrator for the NM Economic Development Course

Growth and development aren’t the same thing — and many communities have learned the hard way that attracting new industries and businesses to an area doesn’t automatically translate into more jobs and a higher standard of living.

Cities and towns eager to recruit businesses often overlook the invariable population growth that accompanies job growth, and some don’t anticipate the increased pressures on public services and infrastructure. As a consequence, many communities are forced to spend money they don’t have to expand services and then to raise taxes on residents to cover the costs.

Growth without planning forces a community to lurch from one crisis to another. But development approaches population growth and increased business opportunities as part of a well-thought out plan that considers all aspects of such dramatic change.

Training matters

A community can prepare for development — rather than just reacting to growth — by training the people who play important roles in planning and directing the community’s economic development. That training can be found in a one-week economic development “boot camp” hosted by Western New Mexico University each year since 1993 in Silver City.

The pace of the New Mexico Economic Development Course is fast, the flood of information furious and the curriculum broad. “Graduates” have a broad understanding of economic development, a network of economic development professionals to call on when forming a local economic development team and a basic understanding of existing resources.

The course begins May 23 on the WNMU campus. The university presents the course in cooperation with the New Mexico Small Business Development Center Network, the New Mexico Economic Development Department and New Mexico IDEA.

Mustering up

A typical day at the boot camp begins at 8 a.m. and ends at 7 or 8 p.m., with breakfast, lunch and dinner on site or as part of a field trip. The long days are necessary, as the course covers about 18 subjects ranging from business retention and expansion and funding economic development projects to international business opportunities.

WNMU President John Counts and Mrs. Barbara Counts welcome participants with a reception Sunday evening at the home of Vice President Linda Kay Jones. The week’s events include dinner at the Buckhorn Saloon and Opera House and visits to Syzygy Tile, the Freeport-McMoRan mine and the Silver City Museum. Attendees will tour the city’s historic downtown and hear about Silver City’s Main Street Project.

During the course, participants will receive everything they need to establish an economic development organization, develop an economic development plan and timetable and implement the plan effectively.

The course, including meals, costs $650 for New Mexico residents. For $120 more, students can stay in a dorm on campus, and university credit is available for an additional $150. Full and partial scholarships are available for representatives of towns that can’t afford the price of admission.

Call the SBDC office at 538-6320 or email  mcarthur@wnmu.edu for more information.  Check the Web at www.nmsbdc.com/silvercity/index.html to see the brochure.

Learn more about SBDC workshops.

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Gena Wilimitis, Investor Education Coordinator, NM Securities Division

The fourth annual Lieutenant Governor’s Summit on Financial Education is a place where New Mexicans can get schooled for free on how to manage their personal finances. 

The one-day summit, a joint project of the New Mexico Coalition for Financial Education and the New Mexico Regulation and Licensing Department’s Securities Division, convenes at 8:30 a.m. April 19 at The Hotel Albuquerque, 800 Rio Grande Blvd. N.W.  The event ends at 3 p.m. 

The summit is a place for educators, business owners, community leaders, policy-makers and experts in economic and financial education to share their expertise with one another and with the public in workshops, educational events, classes and seminars. Breakfast and lunch are free to participants. 

“I’m pleased to be a part of this event and I encourage all New Mexicans to empower themselves with knowledge about how to manage their personal finances,” said Lt. Gov. Diane Denish. “Financial literacy is the key to financial stability for New Mexico’s hardworking families.” 

The summit’s topics aim to increase the financial literacy of all New Mexicans, including seniors, students, business owners and dislocated workers. Summit organizers see rising personal debt, short-term lending and personal bankruptcies as symptoms that too many people lack a basic understanding of financial markets, credit and investing. And that lack of knowledge, they stress, can leave consumers vulnerable to fraud, identity theft and unsound investments. 

Denish will speak on the current financial challenges facing residents of New Mexico. Attorney General Gary King and State Treasurer James Lewis also plan to speak. The keynote speaker is Rickie C. Keys, a senior fellow of health and social policy at the University of Denver and founder and executive director of The Renewal Fund, a nonprofit health and community improvement organization that focuses on health and income disparities. 

The summit is also a place for people who work in the financial services industry to share information and develop cooperative efforts. 

The New Mexico Coalition for Financial Education is a volunteer association made up of leaders in the state’s financial industry. Its members include government agencies, educational institutions and individuals who share a commitment to helping New Mexicans acquire the skills, confidence and knowledge to gain and maintain control of their personal finances — for their own benefit and for the overall economic prosperity of the state. 

Learn more about the New Mexico Coalition for Financial Education. 

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Youth Business Plan Competition Award Winners, left to right: Iliana Sanchez, Avery Causey, Ashley Lober, Dulce Avitia, Sophia Trujillo

Two young people from Albuquerque, two from Española and one from Las Cruces won cash prizes to use in developing their businesses in this year’s statewide Youth Business Plan Competition, sponsored by the New Mexico Youth Entrepreneurship Network.

A first-place award of $800 went to Avery Causey of Albuquerque for Causey’s Aunion Clothing Company. Causey designs all the clothing sold by Aunion Clothing Company, which sells shoes, hats, shirts and hoodies for skateboarders from the company’s online store.

Iliana Sanchez of Las Cruces took second place of $600 for Cookie’s Doggie Cookies, and Ashley Lober of Albuquerque earned a third-place prize of $500 for her venture, Fliptastic Tumbling. Dulce Avitia of Espanola came in fourth, netting $300 for her Dulce’s Fashions company. And Sophia Trujillo of Española won $150 and came in fifth for her custom silk-screening company, Pro-Ink Printing.

Encouraging entrepreneurial spirit

The five winners were chosen from among nine finalists in the competition; those nine were selected from 32 plans submitted by middle school and high school students. The annual competition aims to encourage the entrepreneurial spirit among young people and to nurture feasible business ideas.

Competitors were required to submit business plans that included a market analysis, marketing plan, complete financial plan, and specific goals for the first month, first six months and first year of operation. Criteria included entrepreneurial spirit, business knowledge, presentation and feasibility and ease of implementation.

At the third annual competition held at the New Mexico State University in Las Cruces in October, finalists pitched their plans to a panel of volunteer judges from the fields of finance, education and business. Panelists were Steve Newby from the Las Cruces architectural firm of Steve Newby and Associates; Fred Mobley, senior vice president of the Las Cruces Bank of the Rio Grande; Ana Biever, director of the Junior Achievement Hispanic Initiative in Las Cruces; Ed Burckle, executive director of Regional Development Corporation; and Donna Grein, of the state Public Education Department’s Rural Education Division.

Fostering real-world knowledge

The New Mexico Youth Entrepreneurship Network is a coalition of 50 public, private, educational and nonprofit champions of youth entrepreneurship education. The group’s overarching goal is to prepare teenagers to become entrepreneurial thinkers who can contribute to economic development and sustainable communities. It achieves this by immersing students in real-life experiences that teach them to take risks, manage the results and learn from the outcomes.

Among the resources available to students and mentoring teachers was Adelante!, a curriculum written to provide educators and young entrepreneurs with important strategies and tools that will guide them in forming socially responsible business ventures.

The annual competition was sponsored by network members Engaging Latino Communities for Education, the Empowering the Business Spirit Initiative, the New Mexico Economic Development Department, New Mexico Small Business Development Centers, NMSU Arrowhead Center, and the Regional Development Corporation.

This article was written by Scott Beckman, Program Manager, Regional Development Corporation.  Learn more about the Regional Development Corporation and its programs.

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