Lenny Martinez, Rolando Flores, Monica Torres,Kathy Hansen, Patricia SullivanOffice of Strategic Initiatives

Through NMSU System-Integration

Creating an Economic Development Ecosystem

Shaping the Future

NMSU SYSTEM-WIDE ECOSYSTEM

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Definition of Economic Development

Economic Development creates the conditions for economic growth and improved quality of life by expanding the capacity of individuals, firms, and communities to maximize the use of their talents and skills to support innovation, lower transaction costs, and responsibly produce and trade valuable goods and services (source: https://www.eda.gov/performance/key-definitions/)

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NMSU System and Economic Development

System Governance Restructuring• Enhanced network of partners to focus on local needs• Alignment of all NMSU system economic development

resources• Commitment to entrepreneurship as a primary economic

development strategy• Leverage existing programs and resources across NMSU

system• Provide entrepreneurial resources

• Education and training• Networks of advisors and SMEs• Regional, national and global sources of funding for startups

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NMSU System Economic Development Strategies

Entrepreneurship Existing programs for aspiring entrepreneurs and businesses

Place-based innovation ecosystem

Emphasis on local assets, partnerships with public and private entities

Rural economic development Extension services, experiment stations, networks, outreach programs

Workforce development Training for local industry and remote work opportunities

Projects for distressed communities

Economic development projects to address jobs (Ex: Grants Ag Project)

Development of public-private partnerships in support of all of the above

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EntrepreneurshipLeverage Resources

• Entrepreneurship Online Courses• Student Business Incubator – Studio G• Business Pitch Competition• Community-facing Business Accelerator Sprints• Business Assistance

•NM SBA with National Labs•SBIR/STTR•Innovation Exchange

• Technology CommercializationEnhance economic opportunity in New Mexico through strengthening the entrepreneurial ecosystem

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Place-based Innovation Ecosystem

Local actors and assets• Grants – Indoor Food Production (IFP) facility

and Native American Business Incubator• Carlsbad – STEM Education• DACC – Creative Campus• Alamogordo - TBD

Connections to larger networks and external resourcesLeverage system-wide resources

• Agriculture Science Centers• Cooperative Extension Service• Center for Excellence in Sustainable Food and Ag Systems

Innovation ecosystem elements require risk-taking culture; talented, diverse, and imaginative students; philanthropy and volunteerism; collaboration with industry; government support; and available capital

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Rural Economic Development • Research, information, and network

infrastructure already exists• University technology transfer opportunities

for rural and agricultural regions that can capitalize on recent agricultural innovations

• Create informational flows that facilitate matching capital with innovating firms in rural areas

• NMSU System entrepreneurship programs and collaboration with private industry and startup entrepreneurs

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Regional Hubs• Position NMSU System to win federal funding

for development of regional hubs• Ex: energy, ag, water

• Position NMSU as a Native American regional business incubator

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Workforce Development • Associate Degree

• Aggie Pathway• Entry to Bachelor Degree

• Workforce Training• Industry-recognized credentials• Leverage NM JTIP training funds

• Adult and Community Education

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Public-Private Partnerships

• U.S.-Mexico Border (trade, communities, industry, etc.)• Federal, state and local governments• Economic and Community Development entities• Industry and Affiliated Associations• K-12 Education

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Economic Development OutcomesOutcomes: Results and Impacts

Direct Results Sample Metrics Impacts: Firms and Regions Sample Metrics

Product, production, processes and business capacity

Markets and business networks

Innovation, tech transfer & commercialization

Financing and investment

Human capital and workforce

Organizational capacity

•# of technologies licensed or

commercialized

•# of new products launched

•# of employees with new

skills

•# of new investment deals

Improved capacity and knowledge

Improved competitiveness

Growth & expansion

Improved opportunities

•Workforce skills development

•Improved capacity to access capital

•Market diversification

•Improved

innovation/entrepreneurship

ecosystem

•Job and revenue growth

•Growth of target cluster

•New economic activities in a

distressed region

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