Albuquerque Community Foundation: Mayor’s Prize for Entrepreneurship
The Mayor’s Prize for Entrepreneurship is a partnership between the City of Albuquerque, the Albuquerque Community Foundation, and the Ewing Marion Kauffman Foundation. Partners of this Prize believe that entrepreneurial activity is among the best barometers to measure the health of a city’s economy. With successful entrepreneurs, it can be anticipated that job creation, product development, increased economic activity, and economic mobility will grow the prosperity of the community.
The Mayor’s Prize for Entrepreneurship will specifically benefit the entrepreneurial ecosystem of Greater Albuquerque, New Mexico. It is seeking bold, innovative ideas from applicants in one of the following categories:
- Bringing local innovations to market: Organizations responding in this category seek to support new and young firms built around technologies and innovations developed at one of the Albuquerque area’s federally funded research and development centers, research universities, or other research institutions. The intent is for Albuquerque to retain and grow businesses that have been developed in New Mexico.
- Access to and connectivity of entrepreneurship resources: Organizations responding in this category seek to improve connectivity or collaboration between entrepreneurial support organizations in an effort to grow the local entrepreneurial ecosystem.
- Connections for entrepreneurs in Greater Albuquerque to markets, resources, or other entrepreneurs within Albuquerque; within New Mexico; in regional, national, or international markets; in key demographic groups; or in other sectors of businesses and adjacent to theirs.
- Enabling high growth success: Organizations responding in this category seek to support high-growth firms, which have an outsized role in job creation and in wage growth and improving economic mobility.
- Buy and make local: Organizations responding in this category seek to support local entrepreneurs in developing and manufacturing physical products locally at scale.
The Mayor’s Prize will place particular emphasis on programs supporting the high growth firms that will generate the greatest benefit in new jobs and community prosperity. Successful applicants will be those with the greatest potential to scale these programs significantly during and after the prize period. Additionally, awardees should have the opportunity to pilot and/or scale their programs, while working with The Mayor’s Prize assistance providers to hone their business models, value propositions, and relevant processes.
Amount: Bringing a venture philanthropy approach to growing a community of successful entrepreneurs in Albuquerque, The Mayor’s Prize is looking to award grants and provide technical assistance to scale innovative program models that will improve the conditions in Albuquerque to start and grow ventures. Specific award amounts are not specified.
Eligibility: Awardees will be:
- Exempt from U.S. federal income tax pursuant to section 501(c)(3) of the Internal Revenue Code and classified as a public charity under section 509(a)(1) or section 509(a)(2) of the Code, affiliated with a nonprofit academic institution or governmental entity, and/or an alternative business model such as a cooperative network
- Located anywhere in the United States, however a local partner supporting the Greater Albuquerque area is required
The Foundation will also review every applicant’s report from Guidestar; the Office of the Secretary of State, Business Services Division; and the Attorney General NM COROS.
Note: Two conference calls will be held on September 10, 2015 from 1:30-2:30 pm MST, and September 24, 2015, from 9:30-10:30 am MST for applicants to ask questions about the application process. Check the website for conference call lines, which will be posted one day prior to the event.
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