New Mexico State University (NMSU) has received funding from the United States Economic Development Administration to enhance the state's economy. The grant, totaling $130,000 annually for five years, will be used to strengthen NMSU's Arrowhead Center's Studio G student business incubator and establish a university center aimed at addressing economic challenges in New Mexico. The total cost match for the grant is $1.3 million over the same period.
According to NMSU, the newly established New Mexico University Center for Regional Commercialization and Resilience will tackle the state's most pressing economic issues, including a lack of training for entrepreneurs to bring innovative technologies to market. The center will focus on fostering entrepreneurship in smaller higher education institutions and rural communities within the state.
NMSU is one of 23 colleges and universities across 14 states to receive grants from the U.S. Economic Development Administration's 2023 University Center Economic Development Program Competition. The total funding for the program amounts to $16.5 million. With this funding, NMSU will create and manage the New Mexico University Center for Regional Commercialization and Resilience.
Dana Catron, deputy director of Arrowhead Center, expressed excitement about the launch of the University Center program. Catron stated that the program will engage students, especially those from smaller New Mexico institutions, in the technology commercialization process. The goal is to support non-traditional career paths for students while addressing the challenges faced by startups, research institutions, and national laboratories in commercializing novel technologies.
Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo highlighted the Economic Development Administration's commitment to boosting regional economies through locally led strategies. Castillo expressed pleasure in supporting the designated university centers, as they contribute to investing in America's future and expanding opportunities to increase equity in research institutions. The University Centers will utilize their existing resources to build regional economic ecosystems that promote resiliency and inclusiveness.
With the funding secured, NMSU's Arrowhead Center is poised to make a significant impact on New Mexico's economy by fostering entrepreneurship, supporting technology commercialization, and addressing economic challenges faced by various communities in the state.