With $93M injection, New Mexico boosts its support for TBED

The list of technology-based economic development initiatives within the newly created Technology and Innovation Office of the New Mexico Economic Development Department covers the spectrum of critical policy aspects required for a strong state innovation economy: increasing R&D, business incubation, targeted emerging technologies and strong existing assets, startup capital, venture development, and innovation talent development and recruitment. With Governor Michelle Lujan’s signing of House Bill 20, which commits nearly $93M of public dollars—much or most requiring private match—the new office represents a serious investment from a state of just over 2.1 million people.

The new Technology and Innovation Office will absorb the former Office of Strategy, Science and Technology and will include the following priorities: 

• $40 million to establish the Research, Development and Deployment Fund;
• $20 million for quantum technologies and business incubation;
• $5 million for infrastructure for innovation hubs;
• $5 million for operational support for incubators, accelerators, and venture studios;
• $8 million for grants in advanced energy;
• $4 million for science and technology business startup grantscomm and
• $10.8 million for talent recruitment and retention in high-tech fields.

The $40 million Research, Development and Deployment Fund will provide early-stage capital and financial support to emerging technologies, startups, and research initiatives. Additionally, the newly created Technology and Innovation Network Advisory Board will ensure engagement with the private sector and assist with the administration of the RD&D Fund.

Funding committed to the new Technology and Innovation Office also will augment the state’s involvement in the Elevate Quantum Technology Hub, one of the twelve Tech Hubs funded by the U.S. Economic Development Administration in July 2024. 

Nora Meyers Sackett, the director of the Office of Strategy, Science & Technology, will assume the role of director for the new Technology & Innovation Office within the New Mexico Economic Development Department.