CNM Ingenuity Inc., the "enterprise arm" of Central New Mexico Community College (CNM), has acquired New Mexico-New Elder World (NM-NEW), a non-profit organization that connects older New Mexicans with mentoring and entrepreneurial opportunities. The partnership is expected to expand the reach of NM-NEW.
"Keeping New Mexicans who range in age from 50 to 70-plus engaged in the community and economy will be increasingly important for the New Mexico economy due to drastic shifts in the state’s age demographics," CNM stated in its July 24 announcement.
CNM reports in the release that New Mexico ranked No. 39 in the nation in percentage of residents older than 65 years in 2010; by 2030, New Mexico's rating is expected to jump to fourth in the country, with 28% of its population to be 60 years old or older, "making the role of NM-NEW critical for our state."
“It can be easy to see problems when it comes to a large aging population, but we see an opportunity,” Kyle Lee, CEO of CNM Ingenuity, said in the release. “There are not as many people who want to retire in the traditional sense, and by acquiring NM-NEW we hope to provide New Mexicans with new and meaningful ways to engage with the community.”
NM-NEW was founded in October 2020 by New Mexico native Paula Getz, after retiring from a career in technology. Getz wasn't interested in retirement or in no longer sharing her knowledge with others, according to the release. Getz will stay on as an advisor to CNM Ingenuity, the release reports.
“After spending 40 years in tech, I developed a wealth of skills that can be incredibly useful to the entrepreneurial ecosystem, municipalities and nonprofits in New Mexico,” Getz says in the release. “I was ready to retire, but I also wanted to find a way for myself, and other older adults, to share what we know, so we started NM-NEW."
NM-NEWS has presented 15 online learning events in the past three years, the release reports, on subjects such as financial literacy and mid-life transitions; while CNM and CNM Ingenuity also offer engagement programs to older adults. The acquisition of NM-NEW is expected to increase and expand those efforts, according to the release.
"Over 50 percent of New Mexico businesses are owned by older adults, and those businesses are 1.8 times more likely to be successful compared to businesses owned by a young entrepreneur," the release states. "Proactive engagement with older adults will not only have a positive impact on this population’s mental and physical health, but will also have a positive impact on the state’s economy by helping reduce New Mexico's labor shortage and taking strain off the healthcare system."
The expanded influence of the combined efforts will also allow CNM Ingenuity to hire experienced, highly qualified instructors who can share their expertise with students, and allow older participants to "reskill or upskill" to better position themselves for future opportunities, according to the release.
CNM Ingenuity intends in the next five years to develop NM-NEW into a "driving force in the community," the release states, as have several of CNM Ingenuity programs in meeting local workforce needs. The new initiative is also expected to be a potential example for other regions and states to study and implement, according to the release.
“Our learners need instructors who have both professional and life experience, and there is no better place to find that than in the older population,” Lee said in the release. “The union of NM-NEW and CNM Ingenuity is truly a win-win for those who want to continue to share what they know and for our learners who need that knowledge.”