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September 26, 2023 | Tom Ballard

New Mexico announces two new grant programs for start-ups, researchers

One is focused on start-ups, awarding between $250,000 and $1 million. The other will provide between $100,000 to $200,000 to science and technology commercialization projects that should lead to a new start-up.

The New Mexico Economic Development Department (EDD) has announced that its Office of Strategy, Science & Technology will launch two new grant opportunities this fall, focused on driving technology growth and commercialization in advanced energy and encouraging innovation and commercialization in higher education.

Speaking at the recent “Building an Advanced Energy Ecosystem in New Mexico” conference in Albuquerque, EDD Deputy Secretary Jon Clark announced that his department will partner with the University of New Mexico Rainforest Innovations to launch an advanced energy award pilot program for New Mexico-based companies, as well as a pilot grant program to teams from New Mexico research universities.

“New Mexico has a history of energy innovation,” Clark said. “Today’s partnership between EDD, our research universities, and our federal labs will create new opportunities for entrepreneurs in the state to grow and thrive. These new investments from our Office of Strategy, Science & Technology will build on our position as a state at the forefront of innovation and bring even more high-paying jobs to residents across our state.”

The “Advanced Energy Award Pilot Program” will provide non-dilutive grant funds to New Mexico companies with proposals in advanced energy science and technology. Considered proposals will be those that demonstrate the potential to develop or advance a unique product or service in the advanced energy field, commonly defined as technology and innovation that makes energy use cleaner, safer, more secure, and more reliable. Selected applicants will be awarded grants to fill identified funding gaps between $250,000 and $1 million.

The second initiative, named the “R1 University Team Pitch Award Pilot Program,” will award non-dilutive grant funding and entrepreneurship assistance to science and technology commercialization projects from faculty/student teams at New Mexico research universities. Eligible projects will demonstrate a potential to result in the formation of a New Mexico-based company with a near-term plan to bring a unique product or service to market. Grants between $100,000 to $200,000 will be awarded, in addition to entrepreneurship consultant services.

The two new grant opportunities build on two existing grant programs – the Science and Technology Business Start-up Grant and the SBIR/STTR Matching Grant – which award funds for business development expenses to New Mexico-based science and technology businesses. The new awards will be funded by appropriations made in the 2023 legislative session to EDD for advanced energy projects and to support entrepreneurship and innovation.

The full news release can be found at this link.

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