After gov’s veto, I’m giving up on NM

(ON) APRIL 7, the governor of New Mexico vetoed a onetime appropriation that was passed unanimously by both the Senate and House. Senate Bill 382 would have established a $25 million fund to invest in mostly early-stage companies in the biosciences and required the investment be matched 2:1 by professional investors. The veto will devastate the startup ecosystem in the state, not only in the biosciences but broadly. Investors will look at us and readily conclude a state not willing to invest in its own is likely not worthy of investment from outsiders.

Over the past 10 or so years I have personally invested well into eight figures of my own money to help establish an entrepreneurial ecosystem in Albuquerque and beyond. Together with others we have been successful. Startup world in New Mexico is booming. But I now fear it has peaked and is likely to retrench due to a lack of investors. I’m now convinced the governor, despite her public pronouncements, has little to no interest in reducing the state’s economic dependence on the oil and gas industry, broadening our industrial base and diversifying our economy. Her actions say far more than her words. As a result of this veto, I will no longer invest in New Mexico-based entities and I will work to encourage the companies I have already invested in to relocate to a state where they are supported.

What I believe is the arrogance of this governor that leads her to a veto for a program that was unanimously supported by the Legislature, the ignorance of this governor in understanding how to create an economic ecosystem that will position the state favorably for the future and the incompetence of this governor to deal with real economic issues and opportunities has led me to conclude New Mexico has no future beyond what we are today ....

STUART ROSE Albuquerque