Latest news with #EconomicDevelopmentDepartment
Yahoo
30-05-2025
- Business
- Yahoo
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
Yahoo
19-05-2025
- Business
- Yahoo
New Technology and Innovation Office to support state's growth in targeted industries
President Donald Trump's budget request, released on May 2, 2025, proposes slashing $21 billion in unspent funds from the 2021 bipartisan infrastructure law for renewable energy, electric vehicle charging infrastructure and other efforts to cut climate-warming carbon dioxide emissions. Shown are solar panels and wind turbines. (Photo by Marga Buschbell-Steeger/Getty Images) State officials say a new Technology and Innovation Office within New Mexico's Economic Development Department is expected to advance economic growth in the state and provide funding for startup companies. House Bill 20, sponsored by Rep. Meredith Dixon (D-Albuquerque) during the most recent legislative session, establishes the Technology and Innovation Office, as well as the Research, Development and Deployment Fund with more than $90 million appropriated to support early tech businesses; match funds for research and development; support recruitment and retention; and boost New Mexico's quantum technologies sector. 'There is a lot going on in this state. We have some of the best talent and technology coming out of the labs and our universities,' Dixon told Source NM. 'I would say that one of the most important things we can do is make sure that the companies that start here are able to stay here.' According to a news release from the EDD, the department's new division will 'absorb the existing Office of Strategy, Science and Technology' and the office's director, Nora Meyers Sackett, will continue in her role. Gov. Michelle Lujan Grisham signed the bill on April 9 and it goes into effect on July 1. 'New Mexico's trajectory in the fields of science and technology is clear, and this landmark investment accelerates that,' Lujan Grisham said in a statement. 'With our deep bench in innovation, we're creating momentum that will drive prosperity well into the future.' HB20 also establishes the Technology and Innovation Network Advisory Board, representing New Mexico's national labs, universities, the private sector and several other economic areas, and will help administer the Research, Development and Deployment Fund. Dixon noted that in a 2021 report, the Economic Development Department identified nine target industries to help diversify the state's economy, including aerospace; biosciences; cybersecurity; film and television; outdoor recreation; sustainable and value-added agriculture; intelligent manufacturing; global trade; and sustainable and green energy. She added that these sectors offer 'high-growth' and 'high-paying' jobs for a wide range of New Mexicans. 'New Mexico is uniquely positioned in a number of these high growth science and technology sectors,' Dixon said. 'This is the time when the state needs to commit to supporting these industries and really getting them off the ground and having an entity in state government that supports and works with these industries to make sure that they have the tools that they need.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
14-05-2025
- Business
- Yahoo
Following trade missions, state to launch global business incubator in Albuquerque
May 13—SANTA FE — New Mexico is opening its doors to foreign companies seeking to get a foothold in the United States, as state officials announced plans Tuesday to set up a new business incubator in Albuquerque's Mesa del Sol area. Seven companies from India and Oman will make up the initial tenants of the NMexus Center, which will be housed in an existing building under a lease agreement set to begin June 1. Gov. Michelle Lujan Grisham said during a Tuesday news conference the new initiative could eventually lead to 1,500 new jobs being created over the next five years, though that would depend on whether the companies decide to ramp up local operations. The governor, along with state and local economic development officials, also predicted the business hub could eventually serve up to 40 companies per year. "Don't think of it as a soft landing — think of it as a launch pad," Lujan Grisham said of the new business accelerator during Tuesday's news conference, which took place during the SelectUSA investment summit at a Maryland convention center. She also said the business incubator would help the companies that set up in New Mexico with logistical issues, including relocation challenges and legal necessities. The seven initial companies are involved in the manufacturing, packaging, data privacy, water and food industries, said state Economic Development Department spokesman Chris Chaffin. They include Zonap Engineering India and Alligator Automations, also from India. Chaffin said no state economic development initiatives were being offered to lure the companies to New Mexico, but left open the possibility that such incentives could be provided if any of the companies eventually decide to expand their footprint in the state. 'Investing and taking risks' The state's latest economic development grew out of a 10-day trade mission to India that Lujan Grisham led last summer. The NMexus Center will be led by Amar Vikil, a Chicago-based business consultant who has worked with firms that help companies find offshore partners. He said the overseas partners involved in the initiative decided to invest in New Mexico, and the Mesa del Sol site in particular, due to its affordability, connectivity and access to nearby national laboratories and research institutions. "New Mexico believes in investing and taking risks," Vikil said during Tuesday's news conference. Specifically, the state announced partnerships with four foreign groups — the Oman Business Network, the Traders Advocacy Group of Ghana, the Telangana Chambers of Commerce and Industry in Hyderabad, India, and the Indian Institute of Technology in Kanpur, India. Those partners will function as "matchmakers" of sorts to help identify other possible companies seeking to expand their operations into the United States, Chaffin said. If successful, the new initiative could help diversify a state economy long reliant on tourism, federal government spending and the oil and natural gas industries. Specifically, New Mexico ranked among the highest states in federal spending per capita as of 2021, due largely to having the nation's largest percentage of residents enrolled in Medicaid, according to the nonprofit USAFacts. Center to launch amid economic uncertainty State Economic Development Secretary Rob Black said a delegation of business leaders from India and Ghana will travel to Albuquerque for an official groundbreaking. That event is scheduled to take place next week. "We're excited about the future, and we're also excited about how we're going to get to that future," Black said Tuesday. But the new initiative will launch during a time of global economic uncertainty, after President Donald Trump announced tariffs on imports from other countries last month. Some of those tariffs have been pushed back as the Trump administration negotiates with foreign governments, but the trade war has generated concern about the possibility of higher prices for imported goods. Meanwhile, the NMexus Center will represent a new step for New Mexico, but does not appear to be unprecedented on a national level. The Virginia Beach International Incubator, for instance, helps foreign companies that "need space to grow their sales volume" before expanding local operations, according to its website. But state and local economic development officials said New Mexico is particularly well situated to benefit from such an initiative, given its equidistant location between California and the Gulf of Mexico. U.S. Rep. Melanie Stansbury, D-N.M., who also spoke at Tuesday's news conference in the Washington, D.C., area, described the new center as a promising development. "We are ready to bring international companies to employ our people," said Stansbury.
Yahoo
07-05-2025
- Business
- Yahoo
Mayor's Small Business Conference at full capacity today
SAVANNAH, Ga. (WSAV) – The City of Savannah is spotlighting the entrepreneurs driving its economy during Small Business Week. On Wednesday, the city kicks off one of its biggest business events of the year. Dozens of small business owners, innovators, and community leaders will gather at the Savannah Civic Center for a full day of learning, networking, and opportunity. It's all part of helping the businesses grow and provide job opportunities for a growing Coastal Empire. This year's sold-out Mayor's Small Business Conference, hosted by the City of Savannah's Economic Development Department in partnership with Mayor Van Johnson, is the week's signature event. Guests will take part in hands-on workshops, a trade show, and sessions focused on accessing funding and certification. The major highlight today is the Mayor's annual State of Small Business Presentation, which shares vital data and future outlooks for local entrepreneurship. More than two-thirds of Savannah's businesses are small and power more than 78% of the local workforce. Mayor Van Johnson commented on today's event, saying it will be a 'big day'. 'It is so popular that when we announced it, it was almost filled by the time, and we weren't really selling it. For these small business owners, this is the data that they're investing in themselves, and they get to communicate with each other. And more importantly, they also find businesses they could do business with,' said Mayor Van Johnson. The event runs from 8 a.m. to 5 p.m. today at the Savannah Civic Center. While today's conference is full, the rest of the week is filled with events aimed at uplifting small businesses. WSAV will be inside the conference later this morning during the mayor's presentation. We'll have the latest on that this afternoon. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to WSAV-TV.
IOL News
29-04-2025
- Business
- IOL News
AERO South Africa Trade Exhibition moves to Lanseria International Airport in 2025
Aeroplanes showcased at the Aero South Africa 2024 at Wonderboom National Airport. Image: Supplied / City of Tshwane Messe Frankfurt South Africa confirmed that its agreement with the City of Tshwane to host the annual AERO South Africa Trade Exhibition at Wonderboom National Airport was not renewed after the 2024 edition. The event, held annually in July since 2019, will now relocate to Lanseria International Airport, where it will be hosted from June 25 to 27, 2025. Neil Piper, the company's head of marketing and content, said the decision to relocate the exhibition was made after a thorough internal review and strategic planning for the event's future development. "To clarify, the agreement was not terminated prematurely but concluded in accordance with its original terms following the 2024 edition. The application for a renewal beyond 2024 was voluntarily withdrawn by Messe Frankfurt South Africa," he said. He said the decision to relocate the event was informed by the company's long-term vision for the continued expansion and positioning of AERO South Africa as the leading general aviation event on the continent. 'There were no unresolved contractual disputes between Messe Frankfurt and the City of Tshwane. Our partnership over the past four editions was highly valued, and we remain grateful for the city's support during this time. In particular, we appreciated the proactive engagement and collaboration of the city's Economic Development Department, the communications team, the marketing team, the Mayor's Office, the city manager's office, Tshwane Economic Development Agency, as well as the local ward councillor,' he said. Municipal spokesperson Lindela Mashigo said the contract, based on a Memorandum of Agreement (MoA), expired at the end of July 2024. He added that there was no contractual dispute, as the three-year MoA simply expired, and Messe Frankfurt chose to partner with Lanseria Airport instead. Mashigo said: 'We acknowledge the impact of AERO South Africa in the economy of Tshwane such as job creation, tourism, trade and destination marketing. However, the city has signed other initiatives with partners like Airshow and Military Conference at the Wonderboom with a similar impact.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ He noted that the Aero SA Exhibition can't be replicated since its rights are privately owned by Messe Frankfurt. However, he said, the city has partnered with private entities to host a new airshow and a military conference at Wonderboom Airport. According to a recent council report, in September 2024, the company submitted an "expression of interest" to sign a new MoA with the city to continue hosting the trade event at Wonderboom.
