Technology Ventures Corp. will close its doors at the end of April after 24 years of assisting with technology transfer efforts at Sandia National Laboratories and other U.S. Department of Energy labs around the country, Lockheed Martin Corp. announced in a statement on Wednesday.
Lockheed launched TVC in 1993 after it took over management of Sandia, but the company lost its bid last fall to continue managing the lab after its current contract ends on April 30. The National Nuclear Security Administration awarded the new contract to Honeywell International.
“We made this decision based on where the Sandia management contract is going,” Lockheed spokesman Matthew Kramer told the Journal. “TVC made great contributions to the community and businesses in New Mexico, and we’re very proud of that. But with the contract transition, we decided to close the organization.”
TVC currently employs nine people, plus two contract employees, all of whom will lose their jobs.
TVC has played a key role in helping local startup companies commercialize new technologies over the past two decades. The non-profit organization has supported the creation of 13,500 new jobs since 1993, and played a role in the formation of 121 companies, Lockheed Martin said in its statement Wednesday. TVC efforts, including its annual Deal Stream Summit, brought dozens of investors to Albuquerque every year and helped generate $1.2 billion in venture investments for startups.
Nearly 300 companies presented in the deal Stream Summit over the years.
TVC has also organized the annual Flying 40 awards for the state’s fast-growing technology companies, sponsored by the Journal and other organizations.