A large grant from the U.S. Economic Development Administration could help a New Mexico university spur more opportunities in entrepreneurship.
The EDA awarded the Arrowhead Center at New Mexico State University a $1.2 million grant as part of the administration's Build to Scale program. Grant money will support a new initiative proposed by the Arrowhead Center called Scale Up New Mexico, according to a news release from NMSU.
Scale Up New Mexico, as its name indicates, would help scale existing entrepreneurial support programming at the Arrowhead Center via partnerships with other organizations. For instance, the new initiative would expand Arrowhead's TechSprint business accelerator program, technology transfer assistance and commercialization support, according to the release.
The Arrowhead Center plans to collaborate with New Mexico Startup Factory and Sandia National Laboratories through Scale Up New Mexico. According to the release, the Startup Factory will "conduct investment education events" and Sandia will "scale existing programming addressing barriers to commercialization for women."
Scale Up New Mexico would be a three-year program that would target entrepreneurial support throughout the entire state, according to the release. It would also tailor support for entrepreneurs and startups in specific New Mexico Economic Development Department sub-regions across the state, the release said.
Stephanie Garcia, program specialist for the Arrowhead Center's NM Federal and State Technology (FAST) program, was listed as the Scale Up New Mexico program manager.
"Through our partnership with Sandia and the New Mexico Startup Factory, Scale Up New Mexico will be able to offer New Mexicans working in tech innovation a robust system of outreach and assistance by leveraging the unique assets of our team," Garcia said in the release.
The Arrowhead Center received the federal money after competing as part of the Build to Scale program's Venture Challenge, which, according to the release, "focuses on accelerating technology innovation and entrepreneurship growth by increasing inclusive access to entrepreneurial support and startup capital."
The Arrowhead Center is one of 32 recipients of federal money through the Venture Challenge, alongside the University of New Mexico-Taos, which received just over $700,000 for an internet-based vocation and education program.
Business First recently honored the Arrowhead Center with an Outstanding Diversity in an Organization Award for its support of underserved innovators and businesses.
