The Diligent Observer Podcast Episode 24: "Build the Rainforest in the Desert" | New Mexico Angels President Drew Tulchin on Defense Tech Innovation, Ecosystem Building, and Investing Alongside Government Grants
Today's episode explores three ideas that caught my attention:
- The Double-edged Sword of Government Grants - Fascinating perspective on how SBIR grants can either validate or misdirect founders. The pattern of companies becoming "SBIR shops" highlights a key risk when coinvesting with the US Government.
- The Silent Technical Founder - Counter to my expectation, Drew argues that technical founders who can't communicate well may signal team-building challenges rather than an alpha-generating opportunity.
- The Advantages of a Rural Ecosystem - The "frontier mentality" displayed by the New Mexico Angels illustrates that resource constraints can seriously strengthen community bonds.
I explore these ideas and more with Drew Tulchin, President of New Mexico Angels and former CFO of Meow Wolf. He brings unique insight as a bridge-builder between impact investing and high-growth startups, demonstrated through his role in scaling Meow Wolf from 50 to 400 employees as CFO. Now as the leader of New Mexico Angels and General Partner at the New Mexico Vintage Fund, he's pioneering approaches to angel investing that blend government partnership, regional development, and frontier innovation. His experience spans Native American nations, 40+ countries, and transformative work with organizations like the Grameen Foundation, giving him a distinctive lens on building sustainable startup ecosystems in resource-constrained environments.
During our conversation, Drew shares:
- Practical guidance for angels working with government-funded startups including key red flags and validation signals.
- A nuanced perspective on supporting university innovators that challenges the standard commercialization playbook.
- Real examples of successful technical founders like Adam Stepanovich who demonstrated leadership through action rather than charisma.
Connect with Drew
Stuff We Reference
- Adam Stepanovich: https://www.linkedin.com/in/asteps/
- Angel Capital Association: https://angelcapitalassociation.org/
- Solstar Space: https://solstarspace.com/
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All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.