Arrowhead Center receives US$1.2 million to accelerate technological innovation

Category: News
Published: 2022-12-12
Arrowhead Center receives US$1.2 million to accelerate technological innovation

NEW MEXICO – New Mexico State University’s (NMSU) Arrowhead Center received a $1.2 million grant from the U.S. Department of Commerce’s Economic Development Administration.

The grant is awarded on an annual basis as part of the EDA’s Build to Scale program. Arrowhead Center competed under the Venture Challenge, which focuses on accelerating technological innovation and the growth of entrepreneurship by increasing inclusive access to entrepreneurial support and seed capital.

As one of 32 Venture Challenge award recipients, the Arrowhead Center proposed Scale Up New Mexico, a new project that will expand its proven early-stage entrepreneurial services and initiatives, and will involve collaboration with Sandia National Laboratories and the New Mexico Start Up Factory.

According to information provided by NMSU, Scale Up New Mexico aims to expand existing Arrowhead Center initiatives, such as Sprint Venture Accelerators, Small Business Innovation Research/Small Business Technology Transfer assistance and commercialization support.

New Mexico Startup Factory will conduct investment education events, and Sandia will expand existing programs that address barriers to commercialization for women. Through this project, programming will focus on populations – such as women entrepreneurs and rural and tribal communities – and will aim to support ideation and technology development across the state.

Scale Up New Mexico initiatives include TechSprints, business accelerators for in-state technology-based startups with commercial potential; SBIR/STTR support; intellectual property and technology transfer training; investment training through the New Mexico Start Up Factory’s Business Financing Bootcamp; expansion of Sandia’s DIVERSE-W program, which strengthens women’s access to technology commercialization through training and events; and annual pitch competitions.

Under this grant, Scale Up New Mexico will be a three-year project aimed at serving the entire state. The goal is to provide accessible, customized support to startups, focused on the specific needs of each sub-region identified by the Department of Economic Development.