The proposed bill establishes a new Technology and Innovation Division within the Economic Development Department of New Mexico, aimed at enhancing the state's economic growth through technology and innovation. This division will coordinate with a newly formed Technology and Innovation Network Advisory Board, comprising stakeholders from academia, industry, and government. It will also administer the Research, Development and Deployment Fund Act, which provides financial support for projects in key sectors such as aerospace, biosciences, clean energy, and advanced computing. The bill creates a nonreverting Research, Development and Deployment Fund to support innovation and start-up businesses, outlining an application process for funding and eligibility requirements.

Additionally, the bill introduces a technology innovation prize program to reward businesses demonstrating technological advancements, contingent on their presence in New Mexico and job creation. It replaces the existing technology enterprise fund with a new technology and innovation fund, ensuring resources are available for the act's provisions. The bill mandates annual reporting on the effectiveness of funding programs, including metrics like job creation and return on investment, and appropriates $100 million from the general fund for the Research, Development, and Deployment Fund, along with $10 million for the technology innovation prize program. The effective date for the provisions is set for July 1, 2025.

Statutes affected:
introduced version: 9-15-4, 9-15-18, 9-15-19