While starting a new business in the current economic climate may seem daunting to some, Laura Gamble (BSBA ’85) sees now as a good time to hatch a new venture.

The former president of Bank of America-Maryland in June launched a new firm with a former colleague that will focus on advising and connecting mid-sized companies with capital. The volatility in the current market has created opportunities for private equity investment, Gamble noted.

She launched the new firm, Skipjack Partners, with Cindy Flanders, a former Bank of America colleague. Skipjack will focus on business services, financial services and government contracting firms.

“We are really looking to help source capital in a variety of means for mid-sized businesses,” Gamble said. “Because of the disruption in the capital markets, the senior debt markets are challenged, which leaves mezzanine debt and equity as the primary alternatives for growth businesses. My experience on the wealth management side gives me insight into what investors are looking for. There is money on the sidelines looking for good opportunities for investing, and to get the return people are looking for alternative investments like private equity continue to be more attractive than being in the market right now.”

After graduating from UNC Kenan-Flagler, Gamble went to work for NCNB (now Bank of America) where she stayed for 24 years working in a variety of roles with small businesses, the mid-market, large corporations and individuals on the wealth management side of the business.

“I moved around and did a lot of different things in the company, and I was always looking for the next challenge and always treated the businesses I was in as my own business,” she noted.

One of the keys to thriving as an entrepreneur in the current market is to clearly identify when to bring in an expert rather than trying to do a task that is not a good fit for your skills, she added.

“You have to ask if this a good place for my time to be spent,” she advised.

Gamble and her partner also invested a lot of time doing market research – a task that is important in any economic climate when starting a new business.

“We have talked to a lot of people and a lot of firms to hear what they are experiencing. We have asked if there is a lot of deal flow, a lot of opportunities out there,” Gamble said. “Spend some time on the front end researching your marketplace and your value proposition. Do you really have a product or service that people can use, and is there a demand for that?”

In addition, the pair has opted not to spend a lot of money upfront on office space or other business expenses.

“I would not advise people to go out and spend a lot of money upfront,” she added. “Be wise about your expenses at this point in time.”