Albuquerque-based business incubator NewSpace Nexus was certified by the New Mexico Economic Development Department (EDD) after demonstrating economic impact through contracts and investments exceeding US$50 million.
The certification is part of the state’s program that recognizes established, community-backed incubators. In addition to the recognition, NewSpace Nexus will receive a US$100,000 grant. The program requires annual renewal and seeks to boost strategic sectors such as aerospace.
NewSpace Nexus offers new companies access to workspace, testing areas, specialized equipment and shared offices. It currently operates out of the Launchpad, a space located north of Albuquerque International Airport, with the capacity to expand its services based on demand.
One-third of the companies linked to this incubator have shown interest in establishing permanent operations in New Mexico, and some have already opened offices in the state. The incubator focuses on helping small and medium-sized companies turn their technological developments into commercial products.
Through the NewSpace Ignitor program, in collaboration with the Air Force Research Laboratory, companies can accelerate product development and link with potential customers. This program is one of several driven by the incubator.
According to EDD data, for every 50 jobs created by an incubated company, 25 additional jobs are generated in the local community. The certification of NewSpace Nexus reinforces the state’s strategy to consolidate itself as a relevant center in the aerospace industry.
