GrowBio NM has a multi-tiered strategy for creating a thriving bioscience industry in New Mexico that is built on the experience of many stakeholders from a variety of backgrounds. This strategy will require a focused multi-year effort across several key areas.
Access to Capital
Our plan starts with access to capital. Entrepreneurs need financing to develop their ideas, and established companies need capital for growth. States with successful bioscience industries meet capital needs across a continuum, from prototype and seed money to later–stage venture financing. Companies that lack access to funds needed to grow and continue innovation are eventually likely to fail.
Other states have used tax incentives help encourage investment and help grow their bioscience sectors. We will lobby for tax incentives for new talent to relocate their businesses to New Mexico and/or launch businesses here.
Support at the Community Level
We will help companies navigate the logistics of launching a business in communities throughout New Mexico. We will provide advice on how to navigate local issues, such as zoning and taxes. We will be the point of contact for companies looking to relocate to New Mexico, while fostering the growth of businesses currently operating in the state.
Support at the Business Level
GrowBio NM will serve as a platform for sharing information among its members, while also offering networking opportunities. Collaboration will be key for building a thriving bioscience industry in New Mexico.
Our strategy will continue to evolve as the bioscience industry changes and grows over time.