NEW MEXICO ECONOMIC DEVELOPMENT DEPARTMENT
If you have questions or need assistance with the Business Incubator Certification program, please contact Shani Harvie or Elizabeth Davis.
Establishing a certified 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 International Business Innovation Association (INBIA):
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 program to assist communities in getting new incubators started and to ensure that all certified business incubators are following the INBIA’s best practices. The Economic Development Department is responsible for the program and certification of each business incubator.
The first step for a community considering a business incubator is research. Business incubator feasibility studies identify potential clients for a new incubator, or lack thereof; assess the availability of resources for the clients; identify obstacles to the incubator’s success; and provide an implementation plan for the incubator development.
Once the research is completed a community must address the obstacles to building a sustainable incubator and organize its resources to build or renovate a facility and provide the necessary services to incubate its clients.
The final step is certification by the department: Business Incubator Certification Application
Watch our video for communities and organizations considering business incubation:
New Mexico EconomicDevelopment DepartmentJoseph M. Montoya Building1100 S. St. Francis DriveSanta Fe, NM 87505-4147
Mailing Address:New Mexico EconomicDevelopment DepartmentP.O. Box 20003Santa Fe, NM 87504-5003
Main number: (505) 827-0300 (se habla español)Fax: (505) 827-0328
The mission of the New Mexico Economic Development Department is to Improve the lives of New Mexico families by increasing economic opportunities and providing a place for businesses to thrive.
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