New Mexico is launching a new state division focused on accelerating growth in science and technology—with over $90 million committed to support innovation and high-tech business development.
A bill signed into law by Governor Michelle Lujan Grisham last month creates the Technology and Innovation division within the Economic Development Department.
The new office is tasked with expanding research, commercializing new technology, and bolstering economic activity in advanced sectors like quantum computing and clean energy.
According to a press announcement from the EDD, the funding package includes support for emerging startups, research partnerships, and workforce development in science and engineering fields.
Among the largest allocations: $40 million for a Research, Development, and Deployment fund, and $20 million specifically directed at quantum technologies and business incubation.
Other portions of the funding will go toward building out physical infrastructure for innovation hubs, direct grants to high-tech businesses, and staffing support for incubators and accelerators around the state.
The effort is also aimed at bringing more talent into New Mexico’s growing tech sectors, with nearly $11 million earmarked for recruitment and retention.
Lawmakers behind the measure say the state is looking to deepen its role in next-generation technologies and attract more high-growth firms.
Representative Meredith Dixon, who sponsored the legislation, said the new division is meant to not only strengthen homegrown businesses, but also position the state to compete nationally in fields like artificial intelligence and energy innovation.
The newly created office will take over responsibilities from the existing Office of Strategy, Science and Technology.