NewSpace Nexus brings $50M impact to state economy
The New Mexico Economic Development Department has certified business incubator NewSpace Nexus, whose companies have generated over $50 million in economic impact through customer contracts and venture capital investment.
This certification strengthens New Mexico’s position as a key hub for the aerospace industry, one of the state’s target sectors for economic development. The incubator offers shared workspace, including spaces for testing and demo purposes, and shared capital equipment and office space.
“As a springboard for aerospace businesses, NewSpace Nexus is a prime example of how our state supports this target industry,” EDD Secretary Rob Black said. “Business incubators empower startups to grow fast without drowning in debt, backed by the tools and support they need to thrive. Certification sends a clear message, New Mexico is open for business and built to boost bold ideas.”
Space companies can also apply to join the NewSpace Ignitor program, offered in partnership with the Air Force Research Laboratory, which assists them in accelerating product development and customer contracts.
“Thank you to EDD for believing in NewSpace Nexus and supporting our NewSpace Ignitor, Launchpad, and many programs that will make a positive impact in growing the space industry for New Mexico, our region, and our nation,” NewSpace Nexus CEO Casey Anglada DeRaad said. “We look forward to continued collaboration with the state and our many wonderful partners.”
The Launchpad, NewSpace Nexus’ physical space at 2420 Alamo Dr SE, Albuquerque, 87106, just north of the Albuquerque International Sunport, includes over 70 pieces of equipment and room for more as companies need resources, leveraging relationships with partners to keep costs low. The incubator helps startups from small- to medium-sized companies.
Approximately one-third of NewSpace Nexus companies have expressed interest in locating in New Mexico, with some having opened offices in the state. NewSpace has a unique approach to getting companies’ products into space and turning them into revenue-generating products.
EDD’s Business Incubator Certification program requires incubators to undergo many steps and milestones to show they are fully established and community supported. In addition to the prestige of being state-certified, incubators receive a $100,000 grant. Incubators are required to renew their certification annually.
Every 50 jobs created by an incubator client generates approximately 25 more jobs in the same community.
