NEW MEXICO (KRQE) – Four business incubator facilities have received an investment totaling $200,000 from the New Mexico Economic Development Department (EDD). This investment is part of the EDD’s 20-year strategic economic development plan.
Business incubators provide a space for young businesses to receive training, services, mentoring, and more. “Business incubators provide critical support to growing New Mexico companies and have a proven economic impact. EDD is proud to support them and offer the resources to help them reach more businesses across the state,” says Deputy Secretary Jon Clark. According to national statistics, businesses are twice as likely to succeed when they start in an incubator as those that do not.
The business incubators that received funding are as follows:
- Enterprise Center at San Juan College
- Santa Fe Business Incubator
- South Valley Economic Development Center
- WESST Enterprise Center
Business incubators have a meaningful but quiet impact across New Mexico. Meaningful because they help healthy, job-creating businesses become established and profitable. Quiet because they accomplish so much without large sums of money and blaring headlines. Companies graduate from incubators poised to grow and create new jobs. When they graduate from the facility, they almost always choose a location within five miles of the incubator and typically make headlines as incubator graduates.New Mexico Economic Development Department