Latest news with #EconomicDevelopmentDepartment
Yahoo
25-06-2025
- Business
- Yahoo
Plug and Play Launches Taiwan Office and Opens Applications for Inaugural Accelerator
TAOYUAN, June 25, 2025 /PRNewswire/ -- Plug and Play, the world's largest innovation platform, has officially opened its first office in Taoyuan City. This expansion marks a major milestone in the company's mission to connect startups with global corporations, investors, and innovation hubs across Asia and beyond. "We're proud to welcome Plug and Play to Taoyuan City," said Cheng Chang, Director, Economic Development Department of Taoyuan City Government. "This collaboration reflects our commitment to becoming a global hub for innovation and advanced technology. We look forward to supporting local and international startups as they grow and thrive here." To build on the momentum of its recent launch, Plug and Play Taiwan is now opening applications for Batch 1. The program, focused on startups innovating in artificial intelligence, advanced manufacturing, IoT, and deeptech, aims to accelerate early- and growth-stage companies with disruptive technologies and global potential. Plug and Play Taiwan Batch 0, which served as a pilot, successfully brought together startups who had the opportunity to present at Plug and Play's Silicon Valley June Summit 2025. The experience showcased the strength of Taiwan's startup ecosystem and its global relevance. "Taiwan is rapidly gaining recognition as a global innovation hotspot," said Johannes Rott, VP, Plug and Play. "With our new office and accelerator program, we're excited to support the next generation of game-changing startups from this region." Startups selected for Batch 1 will receive: Tailored mentorship from industry experts and successful founders Matchmaking with Plug and Play's network of over 550 global partners Fundraising support and direct VC introductions Exposure at global summits, including in Silicon Valley Soft-landing and go-to-market support across Asia and the U.S. The deadline for startup applications is July 7, 2025, with the program projected to launch in August 2025. Startups interested in joining the program can apply here: About Plug and Play Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 60+ locations across five continents. We offer corporate innovation programs, run startup acceleration programs, and have invested in hundreds of successful companies, including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit Media Contact press@ View original content to download multimedia: SOURCE Plug and Play APAC Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Dominion Post
22-06-2025
- Business
- Dominion Post
DOGE terminates $9 million state digital equity grant
dbeard@ MORGANTOWN – A $9 million federal grant to the state Economic Development Department recently got DOGE'd. But the department and Gov. Patrick Morrisey both failed to answer questions about it. The $9,011,588 grant came from the U.S Department of Commerce National Telecommunications and Information Administration to support the state's digital equity program. DOGE gives the termination date as May 9 and notes a total savings of $8,791,067.90. The $2.75 billion Digital Equity Act, passed in 2021 as part of the Infrastructure Investment and Jobs Act, was intended to expand internet access for certain disadvantaged populations, according to the Associated Press. 'It gave states and tribes flexibility to deliver high-speed internet access to families that could not afford it, computers to kids who did not have them, telehealth access to older adults in rural areas, and training and job skills to veterans.' But President Trump announced in late May his intention to end it, AP reported. USASpending shows that the grant began Dec. 1, 2024 and was slated to run through Nov. 30, 2029. Its stated purpose was to implement West Virginia's digital equity plan. Among its missions: launching digital skills and local digital equity planning programs; a piloting program to supply laptops; and collecting data on such things as number of covered populations served, total number served, and personal testimony of participants. The grant description said, 'The proposed projects will result in narrowing the digital divide, improved access to digital resources, and increased accessibility and impact initiatives for community development.' Morrisey and the Economic Development Department failed to respond to three inquiries sent to each on two separate days. In early January, echoing Trump, Morrisey issued an executive order eliminating DEI – Diversity, Equity and Inclusion – from state government. DEI opponents generally view it as a form of reverse racism. Among the questions we asked Morrisey and the department were if the grant termination was tied to DEI opposition, what the impact of the grant termination might be, and if the state would continue the digital equity program via some other means. The general consensus is that West Virginia's broadband access challenges are tied to terrain and the state's rural nature, and we asked Morrisey and the department how those issues factor into the aims of the digital equity plan – getting no answer, of course. We also asked about the difference between the full grant amount and the listed savings – $220,520.10 – and if some of the money has been spent, what on, and if they have to return it. As it happens, on Thursday, Morrisey announced funding for broadband infrastructure deployment projects in 10 counties to facilitate the expansion of fiber-to-the-home broadband infrastructure. Morrisey said that with the installation of approximately 362 miles of fiber infrastructure, 2,897 locations will gain access to high-speed broadband. The counties are Preston, Calhoun, Doddridge, Gilmer, Grant, Jackson, Lewis, Mason, Pendleton and Putnam.
Yahoo
30-05-2025
- Business
- Yahoo
New Mexico plans $25 million investment in quantum venture studio
May 29—The Economic Development Department this week announced it's fronting $25 million to boost quantum technology development. It's part of a broader effort by the state to support tech industries and brand New Mexico as a quantum hotspot, which the state is also advancing through its participation with the regional Elevate Quantum consortium and designation as a federal Quantum Tech Hub. "This is a significant investment from the state into creating a quantum technology industry in New Mexico," said Nora Meyers Sackett, director of EDD's Office of Strategy, Science and Technology. The office is responsible for the request for proposals process and managing the resulting contract. The RFP specifically seeks proposals that merge physical infrastructure with program and financial support mechanisms to stimulate startup formation in the state. EDD is offering $12.5 million for the development of a physical space for a quantum venture studio and another $12.5 million for operations. It's a good starting point for New Mexico's quantum ecosystem, said Ivan Deutsch, director of the Quantum New Mexico Institute, a joint entity between the University of New Mexico and Sandia National Laboratories. "There's a lot of hopes and expectations, and quantum is really on a very steep rise at the moment," Deutsch said. He said public-private partnerships and pressure on a global level for the U.S. to stay competitive with China in the quantum industry presents "a real opportunity here to make a difference." "What we all would like to see is a growing and accelerating tech economy here in New Mexico in quantum," he said. "And what we hope to be able to do is to attract companies to New Mexico." The deadline for proposals is June 24. More information on how to submit proposals can be found online at
Yahoo
19-05-2025
- Business
- Yahoo
New Technology and Innovation Office to support state's growth in targeted industries
President Donald Trump's budget request, released on May 2, 2025, proposes slashing $21 billion in unspent funds from the 2021 bipartisan infrastructure law for renewable energy, electric vehicle charging infrastructure and other efforts to cut climate-warming carbon dioxide emissions. Shown are solar panels and wind turbines. (Photo by Marga Buschbell-Steeger/Getty Images) State officials say a new Technology and Innovation Office within New Mexico's Economic Development Department is expected to advance economic growth in the state and provide funding for startup companies. House Bill 20, sponsored by Rep. Meredith Dixon (D-Albuquerque) during the most recent legislative session, establishes the Technology and Innovation Office, as well as the Research, Development and Deployment Fund with more than $90 million appropriated to support early tech businesses; match funds for research and development; support recruitment and retention; and boost New Mexico's quantum technologies sector. 'There is a lot going on in this state. We have some of the best talent and technology coming out of the labs and our universities,' Dixon told Source NM. 'I would say that one of the most important things we can do is make sure that the companies that start here are able to stay here.' According to a news release from the EDD, the department's new division will 'absorb the existing Office of Strategy, Science and Technology' and the office's director, Nora Meyers Sackett, will continue in her role. Gov. Michelle Lujan Grisham signed the bill on April 9 and it goes into effect on July 1. 'New Mexico's trajectory in the fields of science and technology is clear, and this landmark investment accelerates that,' Lujan Grisham said in a statement. 'With our deep bench in innovation, we're creating momentum that will drive prosperity well into the future.' HB20 also establishes the Technology and Innovation Network Advisory Board, representing New Mexico's national labs, universities, the private sector and several other economic areas, and will help administer the Research, Development and Deployment Fund. Dixon noted that in a 2021 report, the Economic Development Department identified nine target industries to help diversify the state's economy, including aerospace; biosciences; cybersecurity; film and television; outdoor recreation; sustainable and value-added agriculture; intelligent manufacturing; global trade; and sustainable and green energy. She added that these sectors offer 'high-growth' and 'high-paying' jobs for a wide range of New Mexicans. 'New Mexico is uniquely positioned in a number of these high growth science and technology sectors,' Dixon said. 'This is the time when the state needs to commit to supporting these industries and really getting them off the ground and having an entity in state government that supports and works with these industries to make sure that they have the tools that they need.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
14-05-2025
- Business
- Yahoo
Following trade missions, state to launch global business incubator in Albuquerque
May 13—SANTA FE — New Mexico is opening its doors to foreign companies seeking to get a foothold in the United States, as state officials announced plans Tuesday to set up a new business incubator in Albuquerque's Mesa del Sol area. Seven companies from India and Oman will make up the initial tenants of the NMexus Center, which will be housed in an existing building under a lease agreement set to begin June 1. Gov. Michelle Lujan Grisham said during a Tuesday news conference the new initiative could eventually lead to 1,500 new jobs being created over the next five years, though that would depend on whether the companies decide to ramp up local operations. The governor, along with state and local economic development officials, also predicted the business hub could eventually serve up to 40 companies per year. "Don't think of it as a soft landing — think of it as a launch pad," Lujan Grisham said of the new business accelerator during Tuesday's news conference, which took place during the SelectUSA investment summit at a Maryland convention center. She also said the business incubator would help the companies that set up in New Mexico with logistical issues, including relocation challenges and legal necessities. The seven initial companies are involved in the manufacturing, packaging, data privacy, water and food industries, said state Economic Development Department spokesman Chris Chaffin. They include Zonap Engineering India and Alligator Automations, also from India. Chaffin said no state economic development initiatives were being offered to lure the companies to New Mexico, but left open the possibility that such incentives could be provided if any of the companies eventually decide to expand their footprint in the state. 'Investing and taking risks' The state's latest economic development grew out of a 10-day trade mission to India that Lujan Grisham led last summer. The NMexus Center will be led by Amar Vikil, a Chicago-based business consultant who has worked with firms that help companies find offshore partners. He said the overseas partners involved in the initiative decided to invest in New Mexico, and the Mesa del Sol site in particular, due to its affordability, connectivity and access to nearby national laboratories and research institutions. "New Mexico believes in investing and taking risks," Vikil said during Tuesday's news conference. Specifically, the state announced partnerships with four foreign groups — the Oman Business Network, the Traders Advocacy Group of Ghana, the Telangana Chambers of Commerce and Industry in Hyderabad, India, and the Indian Institute of Technology in Kanpur, India. Those partners will function as "matchmakers" of sorts to help identify other possible companies seeking to expand their operations into the United States, Chaffin said. If successful, the new initiative could help diversify a state economy long reliant on tourism, federal government spending and the oil and natural gas industries. Specifically, New Mexico ranked among the highest states in federal spending per capita as of 2021, due largely to having the nation's largest percentage of residents enrolled in Medicaid, according to the nonprofit USAFacts. Center to launch amid economic uncertainty State Economic Development Secretary Rob Black said a delegation of business leaders from India and Ghana will travel to Albuquerque for an official groundbreaking. That event is scheduled to take place next week. "We're excited about the future, and we're also excited about how we're going to get to that future," Black said Tuesday. But the new initiative will launch during a time of global economic uncertainty, after President Donald Trump announced tariffs on imports from other countries last month. Some of those tariffs have been pushed back as the Trump administration negotiates with foreign governments, but the trade war has generated concern about the possibility of higher prices for imported goods. Meanwhile, the NMexus Center will represent a new step for New Mexico, but does not appear to be unprecedented on a national level. The Virginia Beach International Incubator, for instance, helps foreign companies that "need space to grow their sales volume" before expanding local operations, according to its website. But state and local economic development officials said New Mexico is particularly well situated to benefit from such an initiative, given its equidistant location between California and the Gulf of Mexico. U.S. Rep. Melanie Stansbury, D-N.M., who also spoke at Tuesday's news conference in the Washington, D.C., area, described the new center as a promising development. "We are ready to bring international companies to employ our people," said Stansbury.
