Arrowhead Center at NMSU receives SBA FAST award

: Category: Other NM universities announcements; 30 October 2024

Arrowhead Center at New Mexico State University has been awarded a $200,000 grant through the U.S. Small Business Administration's Federal and State Technology Partnership Program to continue empowering startups and small businesses in New Mexico with the resources they need to succeed in the competitive world of technology commercialization.

Now in its 10th year of funding, Arrowhead Center will continue to provide assistance to small businesses in innovation research through the FAST program. Arrowhead officials acknowledged the SBA and administrator Isabel Casillas Guzman for her continued support.

Over nearly a decade, NM FAST has helped clients secure more than $25 million in Small Business Innovation Research and Small Business Technology Transfer investments with a focus on supporting historically underserved startups and communities. NM FAST has supported more than 400 unique clients with more than 80% SBIR/STTR opportunities for the first time.

Programming and support at NM FAST continue to focus on lifting entrepreneurial communities that are historically overlooked. About half of NM FAST's startups identified as minority-owned and one-third are women-owned, demonstrating NM FAST's commitment to diversification of the entrepreneurial ecosystem.

"We are honored by the SBA's continued investment in Arrowhead through the FAST program. This critical funding strengthens our capacity to support New Mexico's entrepreneurs in accessing the resources, guidance and capital needed to bring their innovations to market," said Dana Catron, interim director and CEO of Arrowhead Center and director of NM FAST. "We are committed to ensuring New Mexico's diverse innovators have the tools to thrive in today's competitive technology landscape. This grant reinforces our commitment to fostering economic growth and advancing technology commercialization in New Mexico, positioning the state as a leader in innovation."

The FAST program has enabled Arrowhead to assist hundreds New Mexico entrepreneurs in securing funding, forming strategic partnerships, and navigating the complexities of SBIR/STTR programs. More than $70,000 in microgrants have been issued, and more than 100 workshops have been held to support New Mexico startups as they approach SBIR/STTR funding.

The assistance has resulted in success stories that have contributed to increased economic impact in New Mexico:

Aperi CMC submitted six SBIR awards and received three awards to date with guidance from the FAST program.
NeuroGeneces secured four SBIR awards to develop multiple products that are nearly market-ready after working with the FAST program.
Backyard Farms, a woman-owned business in Las Cruces, recently submitted a U.S. Department of Agriculture grant and is preparing to submit a National Science Foundation grant with the help of Arrowhead Center's FAST program.
Creation of numerous one-on-one opportunities for New Mexico startups to connect with federal agencies leaders to discuss alignment and opportunities through the SBIR/STTR program.

Arrowhead Center is committed to expanding its reach to more entrepreneurs, particularly those from underserved communities. The increased funding will enable Arrowhead Center's ability to support woman-owned, rural-based and socially or economically disadvantaged businesses. With the $200,000 grant, Arrowhead Center will provide specialized training, mentorship and technical assistance to ensure innovators throughout New Mexico have the resources and support they need to bring their ideas to market.

The FAST program remains a resource for entrepreneurs seeking to leverage America's Seed Fund – the SBIR/STTR programs – for early-stage funding.

Catron said Arrowhead Center looks forward to another impactful year of partnership with the SBA and continuing to foster innovation across New Mexico, and is grateful to the center's partners, mentors and program participants for their contributions to these successes.

New Mexico startups interested in SBIR/STTR programs may fill out an application for the NM FAST program at https://arrowheadcenter.nmsu.edu/program/nm-fast/.

The full article can be seen at https://newsroom.nmsu.edu/news/arrowhead-center-at-nmsu-receives-sba-fast-award/s/8c2e44e2-0e25-4706-97b0-5d0100f5089a

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