As the impacts from the Covid-19 pandemic linger and talks of a recession float heavy in the air, trying to predict what 2023 might bring seems like a fool’s errand.
Over the past few years, very few things have gone to plan. The overused “pivot” word rests on the tips of business leaders’ tongues, ready to be deployed at a moment’s notice.
Just when we think we’ve figured out the road to a new normal, something else comes along and sends us in a totally different direction. Why even try to forecast?
A valid question and one I am sure we have all contemplated, but for Albuquerque Business First — and our entire network of American City Business Journals publications — our mission is based around helping our audience grow their business, advance their careers and simplify their professional lives. This means that even in the most trying times, when the compass appears broken, it is our job to help find true north.
With that, as we embark on a new year, unsure of what next month will bring — let alone an entire year — we are here.
We are here to provide the business intelligence and analysis needed to make decisions. And we are here to be a connector.
In the spirit of connection, in the coming days online, you can learn what local leaders from a variety of sectors believe 2023 could have in store. From tech to real estate to cannabis — and several categories in between — these individuals have a pulse on both New Mexico’s challenges and opportunities. They are well acquainted with her past and they are confident in her future.
It is now up to each of us to stay the course — regardless of the pivots along the way.
– Meagan Nichols
Executive director, New Mexico Institute of Mining and Technology Office of Innovation Commercialization
Albuquerque Business First: What is the biggest opportunity in 2023 for your sector?
Myrriah Tomar: There's a lot of seed money out there. I think there's an opportunity for anyone with an idea or an early-stage company to really take advantage of that. But they also need to understand what the market is saying. Is there a need for their product? Some of the technologies I would say are big in tech commercialization are frontier technologies and impact technologies that have relevant products in areas such as agriculture, climate change, health care and water. And now, in New Mexico, I think even aerospace.
What is the biggest headwind in 2023 for your sector? The biggest headwind for tech commercialization, I would say, is finding the magic of not only having the idea or the product but also having that executive team to lead the scientists so they can commercialize. I think something that's always been a problem for a lot of states is having that executive talent to help lead that company and take it to the next level. Talent is something that New Mexico Tech has and the labs have and the other universities have. So for us, I think, it's more on the executive leadership and attracting those people to New Mexico so that we have this continuous ecosystem of startups throughout the state.
Do you think New Mexico is able to compete on a national stage within tech commercialization? If so, how? I don't think there's another state with as much technology as New Mexico. I mean we have three national labs. We have the three major universities. I don't see why we can't be No. 1 in all these areas of deep tech.
President, New Mexico Angels
Albuquerque Business First: What do you think is the biggest opportunity in 2023 for the startup ecosystem in New Mexico?
Drew Tulchin: This is one of the strongest times, if not the strongest time ever, for startups in New Mexico. With plenty of capital and an increasing number of people who have been in the state and who are coming to the state, who understand the needs of startup companies with very strong sector expertise and a collective willingness to work together.
What do you think is the biggest headwind in 2023 for New Mexico's startup ecosystem? New Mexico has always operated a little independently and at different timing than the national economy, and now is no different. So, [the] headwinds with inflation and [the] choppy waters on the coasts don't necessarily reflect New Mexico. But the venture community is going to look nationally, and I think that's going to create confusion in our local marketplace.
Is New Mexico able to compete on a national stage in your industry? If so, how? New Mexico is already operating at the national stage, which is great and counters our usual self-narrative about quote-unquote, "thank goodness for Mississippi, that we're [not] always at the bottom of the national rankings." There's many indicators in the startup world and venture and capital raising that put us well above the bottom, possibly even in the middle of the pack. The data actually has a better story than our usual narrative. And so, our biggest limitation is really ourselves. That's at the mental level. At the actual functional level, small capital sources need to work together for best results and entrepreneurs need to continue to tell strong stories and demonstrate the progression of their companies. Those are the most important factors for our continued success.
CEO, NewSpace New Mexico
Albuquerque Business First: What do you think is the biggest opportunity in 2023 for aerospace in New Mexico?
Casey Anglada DeRaad: There's still such an excitement about the growth and the opportunities that are opening up. More and more space companies are getting into the space game. There's been a lot of innovation with launch companies, but there are a lot of companies that are talking about not only getting to space but also operating in space. This sector is still growing as expected and there's many, many more opportunities. … Here in New Mexico, there's a startup community helping companies get going in space. What's cool is that in New Mexico, we have such great access to government customers as well as larger companies. It's an opportunity for New Mexico because we have a lot of those thought-leading government customers with the Space Force organizations in the state.
What do you think is the biggest headwind in 2023 for New Mexico's aerospace sector? Some of that private investment or that market might tighten up with inflation. So, that's where it's really important to guide space companies to other forms of revenue and customers. I think another headwind nationally is keeping the national industrial space in the leadership role. Basically, if we don't and China gets ahead, then whoever sort of gets that high ground first is the one that sets the technical and behavioral standards.
Is New Mexico able to compete on a national stage in your industry? If so, how? I say yes, and I say we already are. A lot of the thought leadership in this new aerospace era … came from the three Space Force organizations that are here at Kirtland [Air Force Base]. … As far as the number of [aerospace companies] that have set up shop in New Mexico, it's on the order of 200.
