assistant-news@dailylobo.com
@ChloeHenson5
Innovate ABQ gathered more funds to support itself last week.
According to a news release, the U.S. Department of Commerce’s Economic Development Administration awarded a $1.5 million grant to UNM’s Science and Technology Corporation (STC), the University department leading the Innovate ABQ effort.
According to its website, the Economic Development Administration is the only federal agency focused exclusively on economic development.
Lisa Kuuttila, president and CEO of STC, said her company learned about the grant on Wednesday. She said her organization submitted the application in July and had to go through a selection process regionally before moving on to the national level.
“The proposals that are selected in the region are forwarded to Washington, D.C.,” she said. “Then they have a process to go through and evaluate which ones are selected for funding at the national level.”
Kuuttila said she believes the EDA chose to grant the money because of the quality of UNM’s application.
She said Innovate ABQ can bolster economic development in the area because income in the region is lower than the national average, according to STC data. Innovate ABQ could foster ‘knowledge worker’ jobs, which typically have higher wages, Kuuttila said.
“Our four county regions — Bernalillo, Sandoval, Torrance and Valencia counties — are at or below 65 percent of the national average per-capita income of $27,915,” she said. “It’s a big challenge for us regionally, and so one of the things in terms of strengthening our four-county region was to create a place where innovation can thrive.”
The money from the grant may be used to purchase the old Baptist Church property downtown at Central Avenue and Broadway Boulevard.
She said this site would serve as the project’s core location.
“That’s our headquarters site, if it’s approved by the Regents,” she said.
Kuuttila said Innovate ABQ will provide opportunities for students of all disciplines to expand their educations — not just science, technology, engineering and mathematics students.
Get content from The Daily Lobo delivered to your inbox
“We are envisioning the innovation academy, for example, as being an innovation minor,” she said. “Students from any discipline could add to their programs. They could have anything as their major, and then add an entrepreneurial minor to their program.”
Hans Hofner, a sophomore majoring in electrical engineering, said he likes the idea of an innovation center that would provide experience for students.
“I would like to see more internships at Sandia, or just more internships in general,” he said. “An internship would look good.”
Sam Biggs, a sophomore majoring in civil engineering, said he would like to see more jobs in Albuquerque, as well as a place that could provide experience for students.
“When you are applying for a job, they ask for five years of experience doing something,” he said. “And how are you supposed to get that experience if there are no internships or anything?”
