The Future Starts Here: New Mexico EDD Launches Division to Fuel Next-Gen Business and Innovation

The frontier of technological revolution is unfolding in New Mexico as the state paves the way for advanced economic development in science and technology. With the recent establishment of a Technology and Innovation Office (TIO) and a robust infusion of more than $90 million in funding, New Mexico is positioning itself as a national leader in quantum computing, artificial intelligence (AI), and cutting-edge technological advancements.

First, What is Quantum Computing?

Imagine regular computers using bits, which are like light switches that are either on (1) or off (0). Quantum computers, on the other hand, use “qubits.” Now, here’s where it gets interesting: a qubit can be on, off, or both at the same time, thanks to a quantum phenomenon called superposition.

Think of it like a dimmer switch instead of a simple on/off. This “both at once” ability allows quantum computers to explore many possibilities simultaneously.

Another key concept is “entanglement,” where two or more qubits become linked together in such a way that they share the same fate, no matter how far apart they are. Measuring the state of one entangled qubit instantly tells you the state of the other.

Because of superposition and entanglement, quantum computers have the potential to perform certain types of calculations much faster and more efficiently than even the most powerful supercomputers we have today. This opens up exciting possibilities in fields like drug discovery, materials science, financial modeling, and artificial intelligence.

However, it’s important to remember that quantum computing is still in its early stages of development. Building and controlling these incredibly sensitive machines is a huge challenge, and they aren’t meant to replace your everyday laptop. Instead, they are being developed to tackle specific, complex problems that are currently beyond the reach of classical computers.

Establishing the Technology and Innovation Office

Governor Michelle Lujan Grisham signed House Bill 20 on April 9, marking a significant shift in New Mexico’s approach to economic growth and technological innovation. This transformative legislation creates a dedicated division within the Economic Development Department focused on spearheading advancements in technology development, innovation commercialization, and broadening economic growth. The new division will integrate and enhance the existing efforts of the Office of Strategy, Science, and Technology.

House Bill 20 symbolizes a commitment of over $90 million to spearhead technological advancements and stimulate innovation. This sizable investment aims to support startups, provide necessary matching funds for research and development, and bolster talent recruitment and retention in sectors such as quantum computing and AI.

“New Mexico’s trajectory in the fields of science and technology is clear, and this landmark investment accelerates that,” stated Governor Michelle Lujan Grisham. “With our deep bench in innovation, we’re creating momentum that will drive prosperity well into the future.”

Breakdown of Funding and Strategic Investments

The allocation of funds is strategic and focused, directed at fostering an environment where technology and innovation can thrive:

• $40 million allocated to establish the Research, Development, and Deployment (RD&D) Fund.
• $20 million dedicated to nurturing quantum technologies and business incubation.
• $5 million invested in infrastructure to support innovation hubs.
• $5 million for operational support for incubators, accelerators, and venture studios.
• $8 million reserved for grants in advanced energy.
• $4 million in science and technology business startup grants.
• $10.8 million aimed at talent recruitment and retention in high-tech fields.

“New Mexico has become the economic hub for next-level innovation,” stated EDD Cabinet Secretary Rob Black. “Our commitment to these emerging industries has established us as a leader in cutting-edge tech, laying the foundation for decades of future-focused growth.”

Positioning New Mexico as a Quantum Computing and AI Leader

The creation of the Technology and Innovation Office strategically positions New Mexico at the forefront of burgeoning sectors such as quantum computing and artificial intelligence. Representative Meredith Dixon, lead sponsor of HB 20, emphasized that this progressive investment will not only attract high-growth businesses from cutting-edge fields to New Mexico but will also diversify the state’s economy. By fostering an environment where quantum computing and AI can flourish, New Mexico is poised to be a central player in the global tech landscape.

The Role of the Research, Development, and Deployment Fund

The RD&D Fund is a cornerstone of this initiative, concentrating on providing early-stage capital and financial support to promising technologies, startups, and research initiatives in AI and quantum computing. Additionally, the newly established Technology and Innovation Network Advisory Board will maintain robust engagement with the private sector, ensuring the effective administration of the RD&D Fund.

This dedicated, well-funded division further solidifies the governor’s commitment to strategic investments in key economic growth industries. This includes not only increased funding for startup grants but also added staff and enhanced contractor capacity for business assistance. Moreover, the division’s success in pursuing federal funding is evident, as New Mexico has been designated as the first and only Quantum Tech Hub in the federal Tech Hubs program, a prestigious recognition shared with states like Colorado and Wyoming.

Future Forward

The launch of the Technology and Innovation Office marks a new era for New Mexico, where the marriage of quantum computing and AI with economic development strategies will harness untapped potential and catapult the state into a future filled with innovation and growth. The initiative, backed by bill sponsors Representatives Meredith Dixon, Nathan Small, Joy Garratt, Cristina Parajon, and Doreen Gallegos, has set the stage for unparalleled advancement.

Nora Meyers Sackett, the director of the Office of Strategy, Science & Technology, will transition to lead the newly minted Technology & Innovation Office. The upcoming appointment of a deputy director further highlights the state’s proactive approach to reliably steward this next phase of economic and technological development.

New Mexico’s resolute commitment to pioneering technology and innovation, particularly in quantum computing and AI, signals a bright future not just for the state, but for the broader technology landscape as well.

Source: EDD