OPINION: Building an innovation ecosystem that reflects NM values

Innovation doesn’t happen in isolation, and it shouldn’t only serve the few. As a founder and early-stage investor focused on digital health, I’ve seen firsthand how transformative technology can be when it’s built to solve real problems in overlooked communities, especially New Mexico. I’ve also seen how fragile innovation can be without the right infrastructure and talent behind it.

Startups have long been a major engine of the U.S. economy, driving job growth, sparking breakthrough technologies and creating enormous impact with limited resources. In 2024 alone, startups contributed roughly $1 trillion to the U.S. economy. New Mexico has a stake in this story: Since late 2022, the New Mexico State Investment Council has committed more than $770 million across over 20 venture funds, with a record-setting $416 million in 2024, all aimed at strengthening the state’s startup and entrepreneurial ecosystem.

But let’s be clear, capital alone doesn’t build successful companies. Startups thrive when they are surrounded by strong networks of mentors, operators, industry partners and institutions all rowing in the same direction. That’s where New Mexico still has work to do.

New Mexico has strong science, technology, engineering and math programs, national labs, world-class research infrastructure and a diverse community of brilliant minds ready to make an impact. However, we lack the connective tissue that helps early-stage ventures take root and scale, especially when they’re competing with neighboring powerhouses like California and Texas. Too often, founders here face the impossible choice: stay and struggle or leave the state to grow.

Social innovation should be New Mexico’s competitive edge. We are uniquely positioned to lead in health equity, climate adaptation and frontier technologies that serve the public good. Gov. Michelle Lujan Grisham’s $2.5 billion investment in these sectors shows that the will is there. Now it’s on us to design an ecosystem that addresses the very real bottlenecks holding growth back.

Health care is one of the most urgent and promising areas for this work. With a high proportion of rural, Indigenous and underserved populations, New Mexico is uniquely suited to be a proving ground for scalable digital health solutions. As a health care desert, the need for innovative tech solutions is great, and so is the opportunity for impact.

New Mexico venture capital companies like Builders are helping lead startup expansion into the state, recognizing that many investors overlook the immense, untapped opportunity in our backyard. Venture capital plays a critical role in advancing U.S. innovation and economic competitiveness. In 2021, the U.S. completed over 19,000 deals worth $350 billion, outpacing the combined activity of China and Europe. Emerging hubs like New Mexico are key to keeping that momentum going.

To achieve scalable innovation and widespread benefits, we cannot try to replicate Silicon Valley. Instead, if New Mexico wants to be home to the next generation of breakthrough companies, we must get serious about building the ecosystem to sustain them. That means investing in people, infrastructure and long-term relationships, not just writing checks and hoping for unicorns.

The future of innovation doesn’t belong to the loudest players. It belongs to the builders willing to do the hard, unglamorous work of laying foundations. Our state and nation’s economic resilience, national security and shared values depend on our ability to lead in technology for decades to come.

Let’s stop asking whether we can compete. Let’s get to work together and build something great in New Mexico.