Staff report
New Mexico is aiming to boost its economic development in science and technology with the establishment of a Technology and Innovation Office and over $90 million in new funding.
Governor Michelle Lujan Grisham signed House Bill 20 on April 9, creating a new division within the Economic Development Department. This office will focus on advancing technology development, innovation, commercialization and economic growth, absorbing the existing Office of Strategy, Science and Technology.
“New Mexico’s trajectory in the fields of science and technology is clear, and this landmark investment accelerates that,” Lujan Grisham said in a press release. “With our deep bench in innovation, we’re creating momentum that will drive prosperity well into the future.”
HB 20 commits over $90 million to drive technology and innovation, supporting startups, research and development matching funds, talent recruitment and retention, and strengthening the state’s quantum technologies sector.
“The creation of the Technology and Innovation Office better positions EDD to grow our state’s emerging sectors like quantum computing, artificial intelligence, and clean energy, while also supporting our homegrown New Mexico businesses,” said Rep. Meredith Dixon, lead sponsor of HB 20. “This kind of strategic, forward-looking investment will help us continue to recruit high-growth businesses from cutting-edge fields to New Mexico so we can strengthen and diversify our economy.”
The funding includes:
- $40 million to establish the RD&D 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 grants
- $10.8 million for talent recruitment and retention in high-tech fields
“New Mexico has become the economic hub for next-level innovation,” EDD Cabinet Secretary Rob Black said. “Our commitment to these emerging industries has established us as a leader in cutting-edge tech, laying the foundation for decades of future-focused growth.”
The RD&D Fund will provide early-stage capital and financial support to emerging technologies, startups, and research initiatives. A new Technology and Innovation Network Advisory Board will engage with the private sector and assist in administering the RD&D Fund.
Nora Meyers Sackett, former director of the Office of Strategy, Science & Technology, will lead the new Technology & Innovation Office. The deputy director position will be posted on the State Personnel Office website.
