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A bureau within the U.S. Department of Commerce
Funding Opportunities Background

Office of Innovation and
Entrepreneurship (OIE)

Regional Development Corporation

Location

Española, NM

Project Name

Venture Acceleration Fund Enhancement Project

Program

Seed Fund Support Grant (formerly known as Cluster Grants for Seed Capital Funds)

Award Amount

$248,946

Matching Amount

$267,130

Northern New Mexico has wellsprings of innovation in Los Alamos National Laboratory (LANL) and in the new media, film, and design sectors in Santa Fe and Taos.  However, there is a lack of seed capital for early-stage companies, especially those focused on science- and technology-based products and services.  The Regional Development Corporation (RDC) will improve the performance and impact of their existing seed fund by providing technical assistance to existing portfolio companies and by better connecting the ecosystem’s stakeholders.  In addition, they will conduct a feasibility study for a larger regional seed capital fund.  Through these efforts RDC expects to help create jobs, increase the effectiveness of their investments, and integrate existing regional assets.