New Mexico State University’s Arrowhead Center has received a grant from the United States Economic Development Administration to bolster its successful Studio G student business incubator and establish a university center to address New Mexico’s economic challenges.
NMSU was recently named among 23 colleges and universities in 14 states to receive grants from the U.S. Economic Development Administration’s 2023 University Center Economic Development Program Competition, which is providing a total of $16.5 million in funding to be used toward administering programs to leverage assets, promote innovation and strengthen regional economies.
Arrowhead Center will receive $130,000 a year for five years, plus a cost match that will total $1.3 million over five years. The funding will be used toward establishing and operating the New Mexico University Center for Regional Commercialization and Resilience, which will enhance and foster entrepreneurial cultivation among smaller-sized higher education institutions and rural communities across New Mexico.
“Arrowhead is excited to launch our University Center program, which will be hyper-focused on engaging students – particularly those from smaller New Mexico institutions – in the technology commercialization process,” said Dana Catron, deputy director of Arrowhead Center. “Our goal is to support non-traditional career paths for students while addressing the challenges startups, research institutions and national laboratories have with commercializing novel technologies.”
With the help of the EDA funding, and by leveraging program results from previous U.S Economic Development Administration funding, Arrowhead Center plans to bolster Studio G and its existing and future network of sites by providing comprehensive and diversity, equity and inclusion-cognizant entrepreneurial education and technology commercialization training programming, and help facilitate technology commercialization through experiential learning opportunities.
Simon Woodruff, president of Woodruff Scientific, Inc. and an Arrowhead Center client, said he believes the University Center program will help give New Mexico students a head start on growing successful business ventures.
“We told Dana Catron about our need to engage New Mexico’s colleges and universities in our New Mexico Energy Technology Incubator, and she outlined the University Center program, which is a perfect fit for our needs to grow with interns who can engage in technology commercialization, tech transfer, market research and business model development,” Woodruff said.
The New Mexico University Center for Regional Commercialization and Resilience will address the state’s most pressing economic challenges, which includes a lack of training for entrepreneurs to bring to market innovative technologies emerging from the state’s research institutions.
“The Economic Development Administration is dedicated to boosting regional economies through place-based, locally led strategies,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “EDA is pleased to support the institutions designated or redesignated as University Centers as they help us invest in America’s future and grow opportunities to increase equity in American research institutions. Their existing university resources will be bolstered to build regional economic ecosystems that support resiliency and inclusiveness.”
The full article can be seen at https://newsroom.nmsu.edu/news/arrowhead-center-at-nmsu-awarded-funding-to-promote--strengthen-state-economy/s/db52a44e-41cb-4564-84fa-8b6b04ec79d6