Building The Next Great Economy in Our Own Backyard
I have to admit, I root for the underdog every chance I get. There’s just something about the fighting spirit, the extra mile, the David vs. Goliath inside of the unassuming and unwavering resolve of the fighter that enters the ring without a theme song or crowd around her.
Often, underdogs don’t lack muscle, or desire or skills; if anything, they lack opportunities. While the world around is fraught with challenges, and health, security and civil rights seem to be pit against each other, I believe it’s not an either/or approach or a zero-sum game, but rather, a YES, AND a parallel, multi-channel, multi-effort approach that will favor the economic underdogs to make outsized contributions in their communities. To successfully do this, they need the opportunity to learn, experiment, and enter the ring prepared, hungry, and confident that they deserve to be there and CAN WIN.
The El Paso, TX/Southern New Mexico/Northern Chihuahua region, often referred to as the Borderplex region, is my home and my backyard. The region has many attributes and endowments, not the least of which are its people and work ethic. It is also often seen as an underdog… a long shot as a destination for new industries or corporate headquarters. As an entrepreneur, investment manager, educator, husband, and father who has lived and worked in many places, I especially care about what happens in my own community and how I can contribute to its advancement. That’s why this week, after decades as an experienced underdog in various industries and communities, and months and months of planning, I am proud to introduce the first cohort of young talent; the FIRE Venture Fellows who will have ceased on opportunities to build the next great economy in our own backyard.
It is widely recognized that most of the world has entered a fourth industrial revolution economy driven by emerging technologies that are radically changing societies. According to the World Economic Forum, “the fourth industrial revolution can be described as the advent of cyber-physical systems involving entirely new capabilities for people and machines.” By launching a fellowship focused on harnessing the intellectual prowess of these emerging professionals, and unleashing it on today’s challenges, our region will be better positioned to face future economic and industrial challenges.
The Fourth Industrial Revolution Economy (FIRE) Venture Fellowship is a competitive program focused on training Borderplex university students in venture capital for the benefit of the regional startup ecosystems. FIRE Venture Fellows will undertake a one-year training and apprenticeship. Over the course of the year, fellows will learn about investment, venture capital, and startup entrepreneurship. Designed for undergraduate and graduate students, the Fellowship prompts participants to put this learning to practice by creating investment memos on real companies, creating their own investment theses and working within their desired industrial sectors. All of this will be supplemented through curated internships with partner firms outside of our ecosystem. This will enable the fellows to gain valuable knowledge, bring it back to our region and put that knowledge into practice.
Efforts like the FIRE Venture Fellowship are not launched in a vacuum, nor are they individual accomplishments. Our lead academic partnership is Arrowhead Center Inc. housed at New Mexico State University. Arrowhead and NMSU have long been working to improve the region’s economy. Full disclosure, I hold the Bill and Sharon Sheriff Endowed Chair in Entrepreneurship at NMSU, and nothing gets more motivated for my 7:30 AM Entrepreneurial Mindset class than knowing that there are talented students already in class (or online) ready to challenge me and themselves to be better.
The Fellowship also boasts a peer relationship with a leading program developing a diversified talent pipeline for the broader venture capital community. HBCUvc is a leading source of diverse talent to the venture community, and people like Hadiyah Mujhid, founder of HBCUvc, are natural-born champions and someone you want in your corner.
“Great communities invest in their people,” that’s why my friend Paul Thallner, founder and CEO of High Peaks Group, a professional leadership coaching organization, said to me. I think we have a great community, and we’ve got great people, so naturally, I wanted him involved in this journey.
Quick Facts About the Fellowship
- Seven fellows in the inaugural cohort
- The program kicks off June 1, 2020, and lasts a full year
- Virtually for summer and in-person in Fall 2020-Spring 2021
- Internships for Summer 2021, but in-region projects begin Summer 2020
- HBCUvc partnership broadens our national network of venture capitalists
- Real-world curriculum based on experience in seed VC, M&A, and IPOs
- Professional leadership coaching in innovation and entrepreneurship
You start to put the elements together and see that while it is not easy, it is possible to say YES, AND do something in your community that can have global implications. In a nutshell, when you take underdogs, plus coaching, plus experience, plus opportunities… well, now you’re cooking with FIRE! And FIRE my friends, is what the next great economy is all about.
To learn more about the fellows, or the program, visit https://sandbox.ventures/fire-fellows/
