Business Incubators
An incubator is a business-support facility with processes that accelerate the development of fledgling companies. The Santa Fe Business Incubator (pictured) is one of four certified in New Mexico.
Establishing a certified New Mexico business incubator is a strategy for fostering new business and new jobs in your community. An incubator is a business-support facility with processes that accelerate the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services.
According to statistics from the National Business Incubation Association (http://www.nbia.org/):
- Every 50 jobs created by an incubator client generate approximately 25 more jobs in the same community.
- NBIA member incubators have reported that 87 percent of all firms that have graduated from their incubators are still in business.
- In 2001 alone, North American incubators assisted more than 35,000 start-up companies that provided employment for nearly 82,000 workers and generated an annual earning of more than $7 billion.
Like the businesses they assist, research and planning are necessary to assure the development of a successful incubator. In 2005 the New Mexico Legislature created the Business Incubator Certification program to assist communities in getting new incubators started and to ensure that all certified business incubators are following the NBIA’s best practices.
The Economic Development Department is responsible for the program and created an advisory committee to create policy, and make certification and funding recommendations. Members of the Business Incubator Advisory Committee are:
- Marie Longserre, Santa Fe Business Incubator, Chair
- Jasper Welch, Quality Center for Business, Vice-Chair
- Larry Coalson, Carlsbad Small Business Development Center
- Senator Carroll Leavell, Hobbs
- Roy Miller, Small Business Development Centers
- Peter Rachor, The Science & Technology Corporation at UNM
- Mike Skaggs, Next Generation Economy
If you are developing a business incubator that you would like to have certified you must include a market feasibility study with your certification application. To apply for matching grant monies for conducting a feasibility study, download an application here.
If your business incubator was in full operation before July 1, 2005, and you wish to apply for certification, download an application here.
Four business incubators have been certified in New Mexico to-date.
They are two start-up incubators: South Valley Economic Development Center and the WESST Corp Enterprise Center; and two existing business incubators: Santa Fe Business Incubator (http://www.sfbi.net/) and the Quality Center for Business at San Juan College (http://www.sjc-enterprisecenter.com/).
We currently have capital outlay funds available for certified business incubators.
If you have questions or need assistance, please contact Elizabeth Davis at 505-827-0333 or elizabeth.davis@state.nm.us.