A recently renamed Albuquerque-based nonprofit that helped put New Mexico and the broader "Space Valley" on the national map says its flagship incubator program has helped participating companies land over $24.5 million in funding.
NewSpace Nexus, which changed its name in May, launched its inaugural NewSpace Ignitor program last October. The goal of the program, New Mexico Inno previously reported, is to provide young companies in the aerospace industry with tailored technical support, capital resources, mentoring and networking.
Casey Anglada DeRaad, the founder and CEO of NewSpace Nexus, said the nonprofit had funding data compiled by September. The majority of the nearly $25 million total comes in the form of government contracts for the companies, DeRaad told New Mexico Inno, with just under $10 million coming from investor dollars.
While the program kicked off with a cohort of 18 companies, a number have since graduated while more have joined, bringing the total number served through the program to 23 companies. However, NewSpace calculated the $24.5 million funding figure from a subset of those 23 companies — 14 of the 23 total, to be exact.
Feedback from participating companies has been "really positive," DeRaad said. One note companies have had for the nonprofit as it plans future iterations of the program is to expand where it holds its pitch competitions — one of the Ignitor program's cornerstone events.
The program follows a tiered model that's based on a company's "readiness level," DeRaad said, or how prepared a company is to fulfill various government contracts or qualify for venture dollars. Companies can move between the tiers while a part of the program, she added; current top-tier firms include Greer, South Carolina-based Blue Eye Soft/Blue Space, Mojave, California's Evolution Space, Seattle-based New Frontier Aerospace and Albuquerque's RS21.
DeRaad said an "expert network" evaluates companies, which receive access to more tailored navigation the higher they get among the program's tiers.
That expert network is one of the NewSpace incubator program's niches. The network allows companies participating in the program direct access to a large number of potential customers or investors, DeRaad said.
Another benefit of the program? More direct, hands-on support for companies as they grow and navigate the potentially confusing world of government contracts and investor relations.
"In addition to monetary results, the end-to-end program design to advance companies from concept to product to sales has also exceeded our expectations," DeRaad said in a statement. "Feedback from our companies indicated that NewSpace Ignitor takes years off this complex path."
And, because companies are exposed to aerospace-related resources in New Mexico through the incubator program, DeRaad said several have considered expanding into the state. That includes Blue Eye Soft/Blue Space, which has its eyes on a collaborative research and development facility in Albuquerque.
Future iterations of the program, DeRaad said, could include pitch events in states outside New Mexico and more event-based partnerships with other aerospace organizations. Applications for the Ignitor program run on an ongoing basis; DeRaad said the program currentlyhas 10 openings.
