The bill establishes a new Technology and Innovation Division within the Economic Development Department of New Mexico, tasked with promoting economic growth through technology and innovation. This division will include the office of strategy, science, and technology, and will coordinate with the Technology and Innovation Network Advisory Board. It will oversee the administration of the Research, Development and Deployment Fund, which will provide financial support for projects aligned with the state's economic development goals. The bill outlines the division's responsibilities, including creating an application process for funding, eligibility requirements, and reporting obligations, while also repealing certain obsolete provisions from existing law.

Additionally, the bill introduces a Technology and Innovation Network Advisory Board composed of stakeholders from academia, industry, and public entities to offer strategic guidance. It mandates that applicants for project funding provide evidence of their requests and allows for reduced match requirements for projects benefiting rural communities. The bill also establishes a new "technology innovation prize program" to reward businesses demonstrating technological advancements in key sectors. Furthermore, it creates a "technology and innovation fund" to replace the existing technology enterprise fund and includes measures to protect proprietary information. The effective date for these provisions is set for July 1, 2025.

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