8-16-2023 7:42am

Science & Technology Business Start Up Grant Application Open

Chris Edwards Editor

Applications are now being accepted for the Science & Technology Business Startup Grant from the New Mexico Economic Development Department.

The New Mexico Science & Technology Business Startup grant is a competitive state-funded grant that supports small businesses engaged in research and development with the potential for commercialization of their technology. These grants assist early stage companies developing a unique product with strong growth potential.

Funds from the grant are intended to be used for business development expenses, providing recipients additional resources to commercialize their technology in their company’s early stage.

New Mexico-based for-profit science or technology companies are eligible to apply. Applicants must be in the one of the following industry sectors: aerospace, biosciences, cybersecurity, intelligent manufacturing, and sustainable and green energy.

Additional grant information can be found in the grant manual and the informational webinar recording, both available on the OSST Science & Technology Business Startup Grants web page.

High-growth New Mexico companies in the science and technology field may qualify for a grant of $10,000 – $25,000.

ELIGIBILITY:

New Mexico based for profit science or technology company in the one of the following industry sectors listed below.
Have a CRS Tax ID, EIN#, Company headquarter in NM.
Be a high-growth-potential company.
Provide a letter of good standing or Certificate of Compliance with NM Taxation and Revenue.

Eligible companies must be working in a science and technology sector:

Aerospace
Biosciences
Cybersecurity
Intelligent Manufacturing
Sustainable and Green Energy

High-Growth-Potential

The following guidelines will be used to determine whether an applicant qualifies as high growth:

Unique product or service
Clear and compelling business proposition
Scalable product and business model
Capable team
Exit potential, potential to create jobs in New Mexico, and/or private investment
Economic benefit to the state will be greater than the grant award

Grant applications can also be found on the web page and are due by 5pm on Monday, September 4, 2023. Questions about the Science & Technology Startup Grants can be forwarded to Program Coordinator Jeff Hall at Jeff.Hall@edd.nm.gov.

The Office of Strategy, Science and Technology (OSST), previously the Office of Science and Technology, was created within the New Mexico Economic Development Department to connect New Mexico’s innovation infrastructure to the commercial market. Learn more at EDD.newmexico.gov/OSST.

EDD’s mission is to improve the lives of New Mexico families by increasing economic opportunities and providing a place for businesses to thrive. EDD’s programs contribute directly to this mission by training our workforce, providing infrastructure that supports business growth, and helping every community create a thriving economy.