New Mexico Innovation Vouchers are competitive grants designed to enable early stage science and technology companies to overcome business development barriers. This is achieved by providing small amounts of funding at critical moments during company growth. Innovation Vouchers offset the cost of services offered by approved programs allowing companies to focus on and achieve strategic business development goals. For example, a company can use an Innovation Voucher for one month's rent at a state certified incubator and thus be able to travel for customer recruitment.
Incomplete or incorrectly filled out applications will not be considered. Individual awards are capped at $2,000. Applicants will be notified of the decision 2-3 weeks following the application submission and deadline.
Applications are reviewed by the Technology Research Collaborative. Applicants are encouraged to re-apply if they are rejected and will receive feedback on their applications if not awarded a voucher upon request.
Awardees are required to complete a short report on their accomplishments three months after receiving the award. At this point the Voucher is considered complete. Awardees will be asked for an annual update as well. Failure to satisfy either reporting requirement will result in the company being ineligible for future Innovation Voucher Awards.