New Mexico Science & Technology Business Startup Grants (US)

Program Objectives

The funding provided through the NM S&T grants is intended to assist early-stage technology companies to commercialize their technologies and continue to do business in New Mexico. These awards will fund New Mexico-headquartered technology companies with the goal of market entry, customer acquisition, business expansion, and job creation.

Funding Information

High-growth New Mexico companies in the science and technology field may qualify for a grant of $10,000 – $25,000.

Eligible Funding Use

Funds can be used for expenses such as intellectual property assessment, patent filing, outside lab testing and validation, regulatory assessment and certifications, meeting with customers, partners, investors, attend trade shows (no more than 10% of total awarded funds), market research and data acquisition.

Eligibility Criteria

Businesses that may apply to participate in the NM S&T Business Start-up Grant:

• Must be headquartered in New Mexico.
• Must have a NM CRS Tax ID, a physical NM address, EIN number, and a valid NAICS code corresponding to a science/technology business. (The business’s staff must be physical present in the state and occupy a physical space). Businesses with a virtual headquarters in New Mexico or a business with more than 40% of their staff outside the state will not be considered.
• Must be a for-profit technology business (a technology business creates a technology-based device, software, etc.) with a focus on aerospace, bioscience, cybersecurity, intelligent manufacturing, or sustainable and green energy.
  • Technology-enabled companies will not be considered. (i.e. a company that uses technology to sell a service or product that is not a device/software.)
  • Examples of technology-enabled companies (ineligible) include, but are not limited to the following:
    • Business A is a small New Mexico business that has received technical assistance from a national laboratory to improve the process of compacting wood chips to build a dining table. Business A sells products like dining tables derived from wood using their improved process developed with assistance from the New Mexico Small Business Assistance Program.
    • Business B is a small New Mexico business that consults with private sector technology companies and universities to connect STEM graduates with STEM careers.
    • Business C is a small New Mexico business that is technically a home builder/construction company, but I build LEED-certified homes (Leadership in Energy and Environmental Design).
• Must provide a screenshot/printout of New Mexico Business Tax ID Status Verification via the New Mexico Taxation and Revenue Taxpayer Access Point (TAP).
• Must certify they do not have overdue tax debt or are not a party to any claim or lawsuit.
• Must agree to all reporting and claw-back requirements.
• Past NM S&T grant awardees are eligible to reapply for the NM S&T grant after two years from the date their past grant agreement was fully executed.

High-Growth-Potential

The following guidelines will be used to determine whether an applicant qualifies as high growth:

• Unique product or service
• Clear and compelling business proposition
• Scalable product and business model
• Capable team
• Exit potential, potential to create jobs in New Mexico, and/or private investment
• Economic benefit to the state will be greater than the grant award.

For more information, visit New Mexico Economic Development Department.