Technology Ventures Corp (TVC)
While there are organizations and institutions that have been a part of New Mexico longer than Technology Ventures Corporation – better known locally as TVC – I am not sure there is an organization that has helped bring more funding into the state focused on investments in New Mexico-based tech companies or helped launch more tech startups or with the sole purpose of changing the economy through creating an entire support system to identify, support, grow and exit tech startups in the state. Please know that if there are, I welcome the corrections, as this is a personal look at what is going right in our state and not a thoroughly researched piece of journalism.
In fact, TVC first came on my personal radar when I was a freelance journalist. Assigned to write a profile on the iconic Sherman McCorkle, who was part of the initial team which, in 1993, launched TVC as a nonprofit 501-(c)3 as part of the initial bid by Lockheed Martin to manage Sandia National Laboratories. Sherman served as President and CEO and was deeply involved in the reach and scope of TVC until his exit in 2011. He also served on a long list of company’s boards as well as community and educational institutions. I interviewed Sherman in late 2010, one of the last assignments I took before wrapping up my writing career as I prepared to launch my own tech startup which didn’t even have a name at that point.
During my interview with Sherman, he was relaxed. He reclined behind his desk with his legs crossed, revealing his always iconic cowboy boots. But the moment I mentioned my idea to Sherman as an example of a follow-up question, he quickly abandoned the prospect of talking further about his own history. His face lit up with a wide smile as he uncrossed his legs and leaned forward behind his desk. For the next few moments, I shared my first tentative ideas about my business, which I hadn’t yet completely decided to launch. By the time we ended our interview, Sherman had pretty much moved me to the next steps of founding my own company. I once told him later that I never understood his willingness to not only humor me on that day but to continue to mentor me and provide introductions and access to those I needed to help with APPCityLife. His response has carried me through many dark, low points along the way. “There were several of us who saw the spark in you, who believed you had what it would take to become a great CEO,” he said. “Besides, you had a damn good idea.”
Sherman’s passion to foster those tiny sparks of possibility within individuals was infectious and became part of the culture of TVC that still drives today’s team. By their own accounting, TVC “… figured prominently in the production of more than $1.2 billion in venture capital investments,more than 120 new high-tech companies and more than 13,500 new jobs.” And as impressive as that is, – and as a repeat recipient myself of TVC’s services – it actually isn’t why I believe that TVC is one of the most important cogs in the wheel that is helping New Mexico rise. I believe TVC has served a vital role in our state because their entire focus is on what is best for the entrepreneurs they support. As a 501(c)3, TVC has the privilege of focusing on goals other than creating a revenue stream or building value off of those they serve, including:
- Free to the public classes on a continuing basis to empower startup founders to learn the tools needed to protect intellectual property as well as entrepreneurial training in partnership with Sandia
- Hosting one of the only major pitch events in New Mexico where promising tech companies are given vital national exposure after being mentored for several weeks to properly prepare for on-stage pitches to investors who attend the annual summit from across the country. In fact, one in three companies to go through the program have received funding – all without giving up any equity to TVC.
- TVC continues to foster tech transfer from the federal labs to entrepreneurs in the private sector, leveraging tech innovation already developed through our tax dollars into high-paying tech jobs in startups which are not dependent on federal funding but, instead, contribute to the tax base of the state.
In the past few years under the leadership of the organization’s current CEO, John Friesenger, TVC’s team has broadened its scope to embrace more tech companies which are not built on tech-transfer, including companies like my own. In fact, this year’s Deal Stream Summit features several companies which are private enterprise rather than tech transfer. I am excited to have the opportunity to share the vision of our company when I join nine other companies who will pitch at this year’s Deal Stream Summit on October 7, 2014, in Albuquerque.
In the past decade, the number of organizations and groups springing up across the country whose revenue and growth are completely dependent on entrepreneurs has exploded and have generated increased concern over the burgeoning numbers from many in the industry including Mark Cuban. TVC has been serving the startup community long before it was vogue to be a startup and has continued to evolve to support today’s startups. TVC is a shining star among the organizations helping us all watch New Mexico rise.
If you have a story about your own experience with TVC or want to share a part of their history that might not be covered here, please share your comments here.