State certifies ABQ space nonprofit as business incubator
Apr. 29—NewSpace Nexus, a New Mexico nonprofit focused on advancing space innovation, is the state's newest certified business incubator.
The company joins eight other certified business incubators, which help grow startups, recognized by the New Mexico Economic Development Department.
The recognition of NewSpace comes as startups focused on space have grown in recent years and as some in the aerospace sector have branded the Rio Grande corridor — from southern New Mexico to southern Colorado — "space valley." Aerospace is one of New Mexico's nine target industries.
"As a springboard for aerospace businesses, NewSpace Nexus is a prime example of how our state supports this target industry," EDD Secretary Rob Black said in a Monday news release.
An incubator helps accelerate the development of startup companies with targeted resources and services, according to EDD. NewSpace's incubator program, called NewSpace Ignitor, offers small- and medium-sized space companies resources like strategic planning, shared facilities and equipment, and investor showcasing opportunities.
The company's physical space, The Launchpad at 2420 Alamo SE in Albuquerque, is an 8,000-square-foot facility with more than 70 pieces of equipment, including a carbon 3D printer and a thermal vacuum chamber.
NewSpace also received a $100,000 grant with the state certification, which requires an annual renewal.
Nearly 30 space companies have gone through the program, and another 22 companies are currently participating, according to NewSpace's website. EDD reports the supported startups have generated more than $50 million through customer contracts and venture capital investment.
Every 50 jobs created by a startup generates about 25 more local jobs, according to the International Business Innovation Association. About a third of NewSpace's companies are interested in setting up shop in New Mexico, according to EDD.
NewSpace Nexus CEO Casey Anglada DeRaad thanked the state for believing in her company and supporting its "many programs that will make a positive impact in growing the space industry for New Mexico, our region and our nation."
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