The proposed bill establishes a new "Technology and Innovation Division" within New Mexico's Economic Development Department, aimed at promoting innovation and economic growth in sectors such as aerospace, biosciences, clean energy, and advanced computing. This division will work alongside a newly formed "Technology and Innovation Network Advisory Board," which will include stakeholders from academia, industry, and government to provide strategic guidance and assist in administering the Research, Development and Deployment Fund Act. The division will oversee grant applications, monitor project outcomes, and support technology transfer and commercialization efforts. Additionally, the bill creates the "Research, Development and Deployment Fund" to financially support projects that align with the state's economic goals, with specific eligibility criteria for applicants.

The bill also introduces amendments related to project funding, requiring applicants to demonstrate their funding requests and institutional support. It allows for reduced match requirements for projects benefiting rural communities or led by minority-serving institutions and establishes criteria for in-kind contributions. Furthermore, a "technology innovation prize program" will be created to reward companies demonstrating technological advancements in key sectors, with eligibility contingent on being registered and maintaining a presence in New Mexico. The bill will replace the existing technology enterprise fund with a new "technology and innovation fund," and it is set to take effect on July 1, 2025, including provisions for the transfer of certain offices and funds within the economic development department.

Statutes affected:
introduced version: 9-15-4, 9-15-18, 9-15-19
CE substitute: 9-15-4, 9-15-18, 9-15-19
Final Version: 9-15-4, 9-15-18, 9-15-19