15 Minutes with Congressman Francisco "Quico" Canseco

On January 3, Francisco "Quico" Canseco took office as a United States Congressman. He represents a 20-county district in southwest Texas that is home to more than 650,000 people. It is a new path for the Laredo, Texas native, but one that draws upon his skills as a successful attorney, investor, businessman and entrepreneur. Recently, the Congressman and Startech CEO Jim Poage discussed the challenges facing today's entrepreneurs. Canseco also elaborated on why the Alamo City is rapidly becoming the nation's next major center for technology innovation.

 

Congressman Francisco Canseco may be a freshman, but don't let that fool you.

 

The 61-year-old attorney turned entrepreneur has built businesses from the ground up, creating hundreds of jobs and generating an inestimable economic impact on the communities they serve.

 

He has also saved businesses on the brink of disaster.

 

In the mid-90s, First National Bank of Hondo called on Canseco to help develop strategies that would avert it from permanently closing its doors. He was successful. Today, the bank is a first-class institution that serves its community with four thriving branch locations.

 

When asked to pick his favorite project, however, Canseco won't choose.

 

"That's like asking me, 'What do you prefer: a New York cheesecake or a double chocolate cake?' They’re all equally satisfying."

 

However, Poage won’t let the Congressman off so easily. He presses and Canseco admits that he fondly recalls his time as an attorney. He is also enthusiastic about his days as a real estate developer.

 

"When we were building shopping and retail centers, we were engaged in every aspect of entrepreneurship," recalls Canseco. "We identified the land, worked with the various commissions and agencies and sold our ideas to the big boxes, the large national companies we wanted to engage. Then we lined up interim and permanent financing and worked with contractors to build the centers, which we ultimately put under management and sold to investors. Each project presented a different challenge. Each was a new adventure."

 

Canseco is careful to point out that an entrepreneur's life is not easy.

 

"Entrepreneurs need to be patient in today's market, and they need to hone their skills," he says. "You can't give up just because it's a tough market. You need to take advantage of the rough times. Set aside enough capital for rainy days. Line up investors to jump in when the market turns. Get ahead of the curve at minimal risk by paying attention to what is happening in Washington, in Austin and at City Hall. Take the time to understand what your correlative markets are doing."