participation; administration. A. The department shall establish and administer the "technology innovation prize program". The prize program shall provide: (1) no less than five million dollars ($5,000,000) for the top award recipient; (2) no less than one million dollars ($1,000,000) each for the next two award recipients; and (3) additional award amounts as recommended and approved by the technology and innovation network advisory board. B. Technology innovation prizes shall only be awarded to companies that provide technological innovation in the following sectors: (1) clean energy and water; (2) aerospace and space; (3) advanced computing, including quantum computing, artificial intelligence and cybersecurity; (4) biosciences; or (5) other sectors that are recommended through resolution of the technology and innovation network advisory board. C. To be eligible for a technology innovation prize, an applicant shall: (1) be a business registered in New Mexico; (2) have a substantial presence in New Mexico or commit to establishing such presence; and (3) in the case of an international applicant, maintain a contractual partnership with a New Mexico-based entity. D. Before receiving technology innovation prize money, a recipient shall enter into a contract with the department that requires the recipient to: (1) maintain operations and a substantial presence in New Mexico for a minimum of three years after receiving the award; (2) create and maintain for at least three years after receiving prize money a number of jobs in New Mexico, as required by the department; (3) participate in science, technology, engineering and mathematics education initiatives within the state; and (4) repay to the department the prize money at a fair current market interest rate if the recipient accepts the prize money and fails to meet a requirement of this section. E. The department shall establish or coordinate with existing programs to provide technology innovation prize money recipients with: (1) access to New Mexico's national laboratories for consultation; (2) mentorship opportunities with industry experts; and (3) networking events with potential investors and partners. F. The department, with approval from the technology and innovation network advisory board and for the purposes of administering the technology innovation prize program, shall create a steering committee, develop program time lines, establish application rules and guidelines, establish partnerships and determine resource allocation. G. The department shall promulgate rules as necessary to carry out the provisions of this section. H. As used in this section, "business" means any corporation, partnership, limited liability company, joint venture or other similar legal entity. History: Laws 2025, ch. 133, § 12.
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