State Awards $125,000 to 5 Science and Technology Companies
May 21st, 2021 – Economic Development Department’s Cabinet Secretary Alicia J. Keyes announced that five New Mexico, high-growth potential companies were awarded Science & Technology Business Start Up Grants at $25,000 each.
Science & Technology Business Start Up Grants are available to New Mexico-based for profit science and technology companies with fewer than 50 employees. Eligible businesses must work in one of the following fields: aerospace, biosciences, cybersecurity, intelligent manufacturing, and sustainable and green energy. The grant specifically targets high-growth potential companies that provide a unique product or service, have a clear and compelling business proposition, demonstrate a scalable product and business model, have the potential to create jobs in New Mexico and/or garner private investment, and can provide economic benefit to the state greater than the award amount.
“New Mexico is the place for innovative technology business ideas and the Start-Up Grants are another way the state is supporting these early-stage entrepreneurs as they strive to bring their ideas to market and hire employees,” Secretary Keyes said. “This is how we grow and diversify the economy.”
The Office of Science and Technology, under the direction of Director Myrriah Tomar, PhD, and the Technology Research Collaborative board review all of the applications and choose the annual awardees. This round saw 56 applications, making it a highly competitive process.
“This was a rigorous review process with outside technical experts looking at businesses that have the best chance of success,” Tomar said. “We look forward to assisting these companies as they grow and make an impact on New Mexico’s economy.”