The New Mexico Economic Development Department is launching a new grant program to help facilitate the transfer of technology developed in the laboratory to businesses seeking to improve existing products or business procedures.
Up to 10 New Mexico Transfer Assistant Grants will be awarded during the 2020 fiscal year beginning July 1, with applications being accepted starting July 1 as well.
“There is a substantial amount of research being done at the national laboratories and universities in New Mexico that can be commercialized,” said Alicia J. Keyes, Economic Development cabinet secretary. “Our hope is that this new program can assist scientists who wish to start a business in our state.”
The typical cost of optioning a technology license varies, but often ranges from $4,000 to $5,000. Therefore, the maximum grant amount is $3,750, or 75% of $5,000. The grant money will go to the institution providing the technology, and the company is responsible for paying the institution the remaining 25%. NM-TAG grants help to offset the risk associated with licensing new technologies and assist the transfer and deployment of new innovative technologies.
For more information contact Myrriah Tomar, director of the Office of Science and Technology, 505-827-0222, email@example.com.