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The New Mexico Economic Development Department (EDD) has recently taken a notable step towards enhancing innovation and entrepreneurship by allocating $2.7 million in grants. This funding is directed towards two key organizations that aim to strengthen the state’s technological and entrepreneurial framework.
In this inaugural round of awards, New Mexico Venture Studios, based in Albuquerque, has been awarded $2 million to establish a specialized life sciences laboratory. Concurrently, the New Mexico Innovation Hub in Santa Fe has received $700,000 to create an innovation campus in the burgeoning Midtown corridor.
Transforming physical spaces for innovation
The funds provided through the Innovation Hubs Grant will allow New Mexico Venture Studios to convert an existing warehouse into a modern facility equipped with both wet and dry labs, as well as dedicated office space. This significant investment addresses a critical gap in infrastructure that often drives deep-tech and life sciences startups to relocate outside New Mexico in search of more appropriate environments.
This new laboratory aims to provide essential resources for startups to develop, grow, and successfully commercialize their research. By keeping their intellectual property within the state, these businesses can significantly contribute to New Mexico’s economic development.
Building an innovation hub in Santa Fe
Meanwhile, the New Mexico Innovation Hub plans to use its grant to renovate Benildus Hall in the Midtown area of Santa Fe. This ambitious initiative will create a 32,000-square-foot innovation campus, featuring vital resources such as advanced prototyping equipment, a high-performance computing cluster, laboratory spaces, offices, and event facilities.
These amenities are intended to support early-stage companies, promote workforce development, and facilitate collaboration across sectors. The goal is to establish a centralized hub that will attract top-tier talent and companies from various industries, thus enhancing New Mexico’s standing in the global innovation economy.
Evaluation and impact of the grants
The selection process for these grants featured a rigorous competitive evaluation, placing emphasis on how the proposed projects would contribute to economic growth and diversification. The awarded organizations align with priority sectors identified by the EDD, which include advanced computing, advanced energy, aerospace and defense systems, and bioscience.
Launched in 2026 with the backing of new legislative funding, the Innovation Hubs Grant program aims to tackle the infrastructure gaps faced by entrepreneurs, as outlined in the state’s Science & Technology Roadmap. Both New Mexico Venture Studios and the New Mexico Innovation Hub are anticipated to commence operations within a year, paving the way for a transformative impact on the local economy.
Statements from state officials
EDD Cabinet Secretary Rob Black emphasized, “This funding supports the building of spaces where ideas become innovations.” He highlighted the importance of enhancing the physical infrastructure that connects innovators, investors, scientists, and academics, ensuring that New Mexico can effectively transform ideas into viable companies and sustainable economic drivers.
Additionally, Nora Meyers Sackett, director of the Technology and Innovation Office, remarked, “New Mexico’s innovation ecosystem is not solely reliant on our research capabilities and innovative spirit; it also requires access to the right spaces and facilities.” She underscored that these grants are crucial in addressing existing infrastructure challenges, enabling companies to establish, scale, and thrive within the state.