|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||1||$1,000,000|
During FY 2012, EDA invested $2.2 million in four projects to create jobs and leverage private investment in the State of New Mexico. Projects in New Mexico will help state leaders undertake statewide economic development planning; nurture business associated with the growing cultural and arts industries; encourage small business growth and education in rural, economically distressed Northern New Mexico; and establish a proof of concept center.
Investment Spotlight: EDA Investment Promotes Access to Seed Capital for New Entrepreneurs
Southeastern New Mexico and far western Texas have a wealth of high-tech assets, including research universities; government facilities for defense and space/aerospace; medical research centers; and high-tech companies. However, these resources are currently not being used to their greatest advantage. A lack of coordination between players, diminished availability of private investment capital, and lack of awareness of entrepreneurial opportunities leads to missed opportunities for research commercialization and, ultimately, economic growth. To address this challenge New Mexico State University’s College of Engineering and a closely-connected network of partners – researchers, government officials and policymakers, investors, entrepreneurs, and economic development specialists have joined forces to build a regional innovation pipeline and address current gaps in economic development infrastructure.
The Las Cruces-based Arrowhead Center’s Arrowhead Innovation Network (AIN), a winner of EDA’s 2012 i6 Challenge, is accelerating commercialization of regional research and building a sustainable entrepreneurial and innovation environment in southern New Mexico and west Texas. AIN is utilizing Launch, Arrowhead Center/NMSU’s recently-created proof of concept program, to provide researchers with innovative, early-stage technology access to seed funding and commercialization services and support. AIN is expanding on existing Launch programming and introducing new initiatives to strengthen the proof of concept program and to enhance the regional innovation ecosystem as a whole.