By Anne Cosgrove
From the September / October 2023 Issue
In New Mexico, the role of entrepreneurs has received renewed focus with the state’s Economic Development Department (EDD) establishing an Office of Entrepreneurship. This move is part of EDD introducing an Office of Strategy, Science & Technology (previously the Office of Science & Technology), a wider initiative to boost entrepreneurship support and federal funding opportunities. Meanwhile, EDD has announced an investment of $200,000 in four certified business incubator facilities across the state. With a billion-dollar investment announcement from Maxeon Solar Technologies announced in August, New Mexico is attracting megaprojects, while keeping focus on the smaller engines of its economy.
Announced by EDD Deputy Secretary Jon Clark, the $200,000 investment impacts almost 200 businesses that received assistance. With the state funding, the four incubators were also able to invest in new equipment that will enhance their ability to provide virtual services and training. The investment supports the agency’s goal to create a statewide ecosystem of business development services, as identified in EDD’s 20-year strategic economic development plan.
“Business incubators provide critical support to growing New Mexico companies and have a proven economic impact.”
— Jon Clark, Deputy Secretary, EDD
“Business incubators provide critical support to growing New Mexico companies and have a proven economic impact. EDD is proud to support them and offer the resources to help them reach more businesses across the state,” Clark said.
The four incubators that received funding ($50,000 each) are the Enterprise Center at San Juan College (SJC), Santa Fe Business Incubator (SFBI), South Valley Economic Development Center (SVEDC), and WESST Enterprise Center.
The New Mexico Certified Business Incubator program was created in statute in 2005. The legislation created standards for an incubation facility to achieve to be certified and receive state financial support.
Family Business Grows
A fifth-generation winery, Noisy Water based in Ruidoso, NM, was recently awarded economic assistance to support an expansion of its production facilities that supply products to tasting rooms in Albuquerque, Red River, Cloudcroft, Alto, and Ruidoso, as well as distribution of wine across New Mexico and the U.S.
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Mtex Antenna Technology Brings $16M Investment To New MexicoThe $225,000 economic assistance from the Local Economic Development Act (LEDA) job-creation fund will support a new facility on 36 acres in Alto. The expansion will increase bottling production for Noisy Water from 35,000 cases to 100,000 cases annually, develop warehouse space, launch an agritourism program, and start an employee housing initiative.
The investment will create 25 jobs at an average salary of $42,000 and boost the employee count to nearly 140. The expansion is expected to have an economic impact of $56 million over 10 years.
“The Economic Development Department has been a great partner for us,” Noisy Water President and CEO Jasper Riddle said. “The LEDA money makes a huge difference when a small business is operating on razor-thin margins while focusing on growing and farming sustainably. It’s nice that these dollars can be reinvested back into a New Mexico business to build a better place to live and work.”
The LEDA assistance will be awarded as the business meets its economic development goals. Lincoln County is the fiscal agent for the project.
