Santa Fe, New Mexico – New Mexico is bolstering its advanced technology industry, establishing a new Office of Technology and Innovation within the State's Economic Development Department (EDD) and creating a substantial fund to accelerate economic growth and support startup companies.
During the recent legislative session, House Bill 20 (HB20), sponsored by Representative Meredith Dixon (D-Albuquerque), established the Office of Technology and Innovation alongside a Research, Development and Deployment Fund, which has been allocated over $90 million (approximately 120 billion KRW). This fund is earmarked to support early-stage tech companies, provide matching funds for research and development, assist in attracting and retaining talent, and strengthen New Mexico's quantum technology sector.
"There’s a lot happening in this state. We have some of the best minds and technology coming out of our labs and our universities," Dixon told Source NM, emphasizing, "One of the most important things we can do is make sure that the businesses that start here stay here." This statement reflects New Mexico's strong resolve to industrialize and grow its domestically developed technology and talent within the state, preventing their exodus.
According to a press release from the EDD, the newly established Office of Technology and Innovation will absorb the existing Office of Strategy, Science and Technology, with current Director Nora Meyers Sackett continuing in her role. This move suggests an intent to maintain the expertise and continuity of the existing organization while pursuing new policy directions.
Governor Michelle Lujan Grisham signed the bill on April 9th, with the legislation set to take effect on July 1st. In a statement, Governor Lujan Grisham said, "New Mexico’s scientific and technological trajectory is clear, and this groundbreaking investment will accelerate it. We’re building on our deep capacities in innovation to create momentum that will drive future prosperity."
HB20 also establishes a Technology and Innovation Network Advisory Board, representing New Mexico’s national laboratories, universities, the private sector, and various economic sectors. This advisory board will assist in the operation of the Research, Development and Deployment Fund, and is expected to promote efficient fund execution and industrial development through close collaboration between the state government, the private sector, and academia.
Dixon referred to an EDD report from 2021 that identified nine target industries for diversifying New Mexico’s economy. These include aerospace, biosciences, cybersecurity, film and television, outdoor recreation, sustainable high-value agriculture, intelligent manufacturing, global trade, and sustainable green energy. Dixon added that these sectors would provide "high-growth" and "high-wage" jobs for New Mexico’s diverse population.
Notably, New Mexico boasts world-class national laboratories such as Sandia National Laboratories and Los Alamos National Laboratory, giving it unique competitiveness in advanced science and technology. These laboratories have played a crucial role in nuclear weapons development and energy research for over half a century, and more recently, they are actively involved in developing future technologies like quantum computing, artificial intelligence, and biotechnology. It is anticipated that linking the technology and talent from these laboratories with the regional economy could generate significant synergy.
Dixon emphasized, "New Mexico is uniquely positioned in several high-growth science and technology sectors. Now is the time for the state government to commit to supporting these industries and helping them truly take off, and we need an agency within the state government that is supporting and partnering with them so that they can have the tools that they need."
New Mexico's bold investment demonstrates the state government's strong commitment to diversifying its regional economy, fostering high-value industries, and pursuing long-term prosperity. The funding for advanced technology startups and the strengthening of R&D capabilities are expected to be a significant turning point in establishing New Mexico as a new tech hub in the United States.
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