State offers innovation vouchers to startups
Program provides micro-grants to early-stage science, tech firms
Cash-strapped startups in New Mexico can access a new state-funded Innovation Voucher Program to offset some of their costs.
The program, announced by the state Economic Development Department on Tuesday, will provide micro grants of up to $2,000 for early-stage science or technology companies affiliated with New Mexico incubators and accelerator programs. If approved, the grant helps pay for services such as rent for one month, allowing the startup to spend its own funds on other things.
The goal is to provide small amounts of funding at critical moments for startups struggling to launch and grow their businesses, said Economic Development Secretary Matt Geisel.
“This program continues to move New Mexico forward as a leader in technology ventures,” Geisel said in a prepared statement. “This investment strengthens our commitment to building a healthier economy and helping our homegrown companies succeed.”
Companies applying for grants can receive one award per year, up to a maximum of three awards over five years. Grant applications will be reviewed by the state-funded Technology Research Collaborative, which unites representatives from the state’s research institutions to identify and promote opportunities for moving locally developed technology into the marketplace.
Although small, the grants do reinforce the suite of local resources available for startups, said T.J. Cook, executive director of the ABQid business accelerator.
“By itself, it’s not a huge amount, but alongside other types of grants and support programs, it helps,” Cook said.
One of the first vouchers went to Silent Falcon UAS Technologies, an Albuquerque startup marketing solar-powered drones. The money paid for services from local engineering firm Team Technologies, which manages the new Team Accelerator in Albuquerque.
“It offset one month of rent, which freed up funding for some of our flight demonstrations,” said Silent Falcon CEO John Brown. “It’s modest, but the grant does help offset costs.”