New Mexico plans $25 million investment in quantum venture studio
May 29—The Economic Development Department this week announced it's fronting $25 million to boost quantum technology development.
It's part of a broader effort by the state to support tech industries and brand New Mexico as a quantum hotspot, which the state is also advancing through its participation with the regional Elevate Quantum consortium and designation as a federal Quantum Tech Hub.
"This is a significant investment from the state into creating a quantum technology industry in New Mexico," said Nora Meyers Sackett, director of EDD's Office of Strategy, Science and Technology. The office is responsible for the request for proposals process and managing the resulting contract.
The RFP specifically seeks proposals that merge physical infrastructure with program and financial support mechanisms to stimulate startup formation in the state. EDD is offering $12.5 million for the development of a physical space for a quantum venture studio and another $12.5 million for operations.
It's a good starting point for New Mexico's quantum ecosystem, said Ivan Deutsch, director of the Quantum New Mexico Institute, a joint entity between the University of New Mexico and Sandia National Laboratories.
"There's a lot of hopes and expectations, and quantum is really on a very steep rise at the moment," Deutsch said.
He said public-private partnerships and pressure on a global level for the U.S. to stay competitive with China in the quantum industry presents "a real opportunity here to make a difference."
"What we all would like to see is a growing and accelerating tech economy here in New Mexico in quantum," he said. "And what we hope to be able to do is to attract companies to New Mexico."
The deadline for proposals is June 24. More information on how to submit proposals can be found online at edd.newmexico.gov/public-notices.
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