Every Start-Up Is Somebody in New Mexico
Finding it difficult to land VC money for your new start-up? Here’s a bit of advice: Move to New Mexico or Pittsburgh, where venture funding is just surging.
According to data released today by PricewaterhouseCoopers, the National Venture Capital Association and Thomson Financial, VC investment in New Mexico is up an astonishing 375% from a decade ago, the number of start-ups up 600 percent. Equally as impressive is Pittsburgh, where VC investment is up 513 percent and the number of start-ups is up 267 percent.
As Mark Heesen, president of the NVCA, notes, New Mexico and Pittsburgh are clearly becoming hotbeds of innovation. “For regions that don’t have a large, indigenous venture investor base, it is important to give outside VCs a reason to visit,” he said in a statement. “These unexpected regions are making venture capitalists stand up and take notice.”
They sure are. New Mexico had three start-ups a decade ago. Now it has 21. 21! With new companies springing up willy-nilly like that, how’s a VC not to stand up and take notice?