New Mexico's Office of Science and Technology recently opened applications for small business grants to go toward "high-growth potential" science and technology companies.
Money from the Office of Science and Technology (OST) grants could be between $10,000 and $25,000. Applications close on Dec. 12, and businesses can apply on the state's Economic Development Department website.
Companies applying for grant money must have fewer than 50 employees and operate in one of five identified science and technology sectors, according to the OST's website: aerospace, biosciences, cybersecurity, intelligent manufacturing and sustainable and green energy.
Companies must also demonstrate why they have "high-growth potential" to land grant money. Some factors listed on the state office's website include having a unique product or service, a scalable product and business model and exit potential.
Alongside being in a science and technology sector and having high growth potential, companies must also be headquartered in New Mexico and must be able to "provide a letter of good standing or Certificate of Compliance with N.M. Taxation and Revenue," according to the website.
OST distributes money through its Catalyst Fund and Small Business Innovation Research (SBIR) Grants, as well. Money through the Catalyst Fund comes from Santa Fe-based Sun Mountain Capital, and groups seeking funding should contact Sun Mountain at CatalystNM@sunmountaincapital.com. Applications for 2023 SBIR grants closed on Nov. 14.
"These entrepreneurial support programs and resources are a critical step for startups in order to receive follow-on funding either through raising venture capital or applying for federal SBIR grants," said Alex Greenberg, OST director. "Collectively, these types of programs put companies in a better position to productize and take their innovations to market."
Allerpops and Nob Hill Therapeutics were among the companies that received small business science and technology grants last year, he added. Allerpops recently completed clinical trials of its lollipop product, and Nob Hill Therapeutics was named as one of this year's New Mexico Inno Startups to Watch.
