The proposed bill establishes a new Technology and Innovation Division within the Economic Development Department of New Mexico, aimed at promoting innovation and economic growth in sectors such as aerospace, biosciences, clean energy, and advanced computing. This division will work in conjunction with a newly formed Technology and Innovation Network Advisory Board, which will include stakeholders from academia, industry, and public entities 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 development goals, with specific eligibility criteria for applicants.

Moreover, the bill introduces a technology innovation prize program that offers monetary awards to businesses making technological advancements in targeted sectors, requiring applicants to be registered and maintain a significant presence in New Mexico. It also outlines eligibility requirements for project funding, including the need for written evidence of matching funds and institutional support, with provisions for reduced match requirements for projects benefiting rural communities or led by minority-serving institutions. The bill includes amendments to existing law, repealing obsolete provisions, and establishes a new "technology and innovation fund" to replace the current technology enterprise fund, with an effective date 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