354 | The Social Entrepreneur Tipping Point in New Mexico with Rep. Andrea D. Romero
Representative Andrea D. Romero is a daughter of New Mexico. After attending the Santa Fe Public Schools, Andrea graduated from Stanford University with a degree in Political Science and received her J.D. from the University of New Mexico School of Law. She has dedicated herself to the growth of Northern New Mexico’s community, economic, and environmental vitality through her small business and volunteer service to various organizations throughout the region. In so doing, Andrea serves as a volunteer State Legislator for House District 46. Outside of work she enjoys lots of traipsing around outside and tinkering with eggs, with one patent issued on healthy probiotics eggs.
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The Social Entrepreneur Tipping Point in New Mexico: Transcript with Rep. Andrea Romero
NOTE: While it’s not perfect, we offer this transcript and the below summaries by Castmagic for those who are hearing impaired or who don’t find listening to a podcast enjoyable or possible.
You can read the full transcript of this episode here
Key Topics in Social Entrepreneurship in New Mexico Interview with Rep. Andrea Romero
Episode Focus: Social Entrepreneurship in New Mexico
Host Introduction
Introduction to the Awarepreneurs podcast.
Focus on social entrepreneurship.
Goals: increase positive impact, profitability, and quality of life for listeners.
Guest Introduction
Andrea Romero's background:
Representative for New Mexico’s legislature.
Social entrepreneur.
Education: Stanford University (degree), University of New Mexico School of Law (JD).
Dedication to Northern New Mexico’s community growth.
Social Entrepreneurship Discussion
Role as a social entrepreneur.
Importance of social impact in business.
Participating in community problem-solving and decision-making in New Mexico.
Community Role in New Mexico
Characteristics of New Mexico's community:
Small, proactive, engaged.
Pride in community engagement and responsibility.
Sovereign Wealth Fund
Discussion of the New Mexico Permanent Fund, New Mexico’s sovereign wealth fund.
Establishment during the Great Depression for education funding.
Current size: $58 billion (second-largest in the US).
Usage of the Permenant Fund
Supports initiatives:
Venture capital for climate-focused projects.
Early childhood education.
Support of underrepresented founders
Managed by the state investment council with legislative oversight.
New Mexico’s Tipping Point
Current climate for social entrepreneurs and climate tech founders.
Strategic use of the sovereign wealth fund for innovative initiatives.
Historical context of entrepreneurs leaving New Mexico for funding.
Efforts to attract and support entrepreneurs with new funds.
Underrepresented founders fund.
Mention of previous interviews with Raven Indigenous Capital.
Growth Areas in New Mexico
Investments in:
Climate-related sectors.
Outdoor recreation.
Legalized cannabis.
Creative industries.
Early childhood entrepreneurship.
Economic Surplus and Future Initiatives
New economic surplus and potential initiatives like baby bonds.
Invitation to social entrepreneurs and climate tech founders.
Supportive Ecosystem for Social Entrepreneurship
Community openness and willingness to help.
Ease of making business connections.
Growth of Support Systems Over Time
Historical isolation vs. current robust support systems.
Unique Dynamics in New Mexico
Small population with big impact.
Dynamic change due to concentrated social and financial capital.
Personal Journey and Legislative Involvement
Andrea's journey: entrepreneurship to politics and law school.
Privilege of influencing legislative investments.
Probiotic Egg Venture
Focus amidst positive lab results.
Challenges of out-of-state support.
Encouragement for Young People
Addressing trends of leaving New Mexico for opportunities.
Highlighting current supportive ecosystem and local career potential.
Community Involvement and Boards
Participation in boards/commissions like Sustainable Santa Fe Commission.
Addressing local needs and supporting entrepreneurs.
Scaling Ventures in New Mexico
Examples:
Aqua Membranes.
Terra Vera.
Support systems for scaling, including government initiatives.
Advocacy for Business Support
Asking for help and leveraging resources.
Impact Investing and Future Visions
Background in impact investing.
Vision: divesting from oil and gas, investing in climate solutions.
Growth potential in various sectors: outdoor recreation, film, creative industries, climate technologies.
Creating Space for Innovation
Fostering innovative ideas and human capital.
Silicon Valley as a model.
New Mexico's Leadership and Accessibility
Pride in state’s trajectory.
Accessibility of leaders and power brokers.
Encouragement to connect and engage.
Andrea’s Contact Information
Invitation to reach out via her website.
Support for Listener Interaction
Host encourages sharing the story and listener-suggested topics.
Wealth Fund and Economic Diversification
Significant growth and future economic diversification away from oil and gas.
Global Leadership in Climate Solutions
Attendance at COP 29.
Role in global climate solutions.
New Mexico Climate Solutions Venture Fund
$50 million invested by the state.
Focus: hard science and deep tech solutions.
Funding model ensuring long-term investment sustainability.
Support for Underrepresented Founders
Targeting underrepresented founders.
Addressing historical capital access challenges.
Empowering local entrepreneurs.
Emergence as a Climate Tech Hub
Resources like NMClimate supporting the growing community.