Santa Fe, NM – New mexico is bolstering its emerging technology sector with a $5 million investment aimed at fostering innovation and entrepreneurship statewide. The New Mexico Department of Economic Development (EDD) recently announced two new grant programs through its Technology and Innovation Office (TIO) designed too strengthen technology commercialization and provide critical support to startups.
The initiative addresses a growing need for dedicated resources within the state’s tech ecosystem,building upon existing strengths in areas like aerospace,bioscience,and renewable energy. New Mexico is actively working to translate innovative concepts into viable market solutions and provide entrepreneurs with the necessary tools for growth.
The funding is divided between two opportunities: the Innovation Hubs Grant, offering $2.5 million for the development or expansion of physical innovation spaces – including shared workspaces, labs, and collaborative environments – and the Entrepreneurship Programmatic Support Grant, also at $2.5 million,which will fund the operational needs of incubators,accelerators,and venture studios.
“These grants represent a meaningful investment in New Mexico’s innovation infrastructure and system programming,” stated Nora Meyers Sackett, Director of EDD’s TIO. “By supporting both physical spaces and programmatic initiatives, we’re creating a comprehensive ecosystem where entrepreneurs and innovators can thrive.”
The EDD’s efforts signal a strategic push to capitalize on the state’s potential as a hub for technological advancement and economic diversification. Further facts on New Mexico’s economic development initiatives can be found here.
