- Be a for-profit business headquartered or having substantial operations* in one of the following NM counties: Los Alamos, Santa Fe, Sandoval, Taos, Rio Arriba, Mora, or San Miguel
- Be a technology** or manufacturing company
- Have already started work on your business, not just have an idea (you DON’T have to have revenues, just be able to show what you have achieved so far)
- Ability to demonstrate that there is a market for your product and that you can be successful in entering the market
- Ability to positively impact the economy of Northern New Mexico (via adding jobs, tax revenues, facilities, etc.)
- Ability to provide a “match” for all VAF dollars (either via cash or via an “in-kind” investment of time and/or materials)
- Ability to identify key tasks or milestones that will be achieved with VAF funds
- Have not previously received a VAF award in past years
- The company must be able to demonstrate that they pay gross receipts tax and have the majority of their assets located in one of these seven counties.
*The company must be able to demonstrate that they pay gross receipts tax and have the majority of their assets located in one of these seven counties.
**Note: “technology” implies that your company has an innovation (often protected by trade secret, “know-how” or intellectual property), NOT that your company uses technology or provides a non-proprietary technology service such as web development.)
Although not absolutely required, preference will be given to those companies that (in addition to the required elements):
- Have a co-founder or team (as opposed to a single individual)
- Have at least one person working more than 75% of their time in the business
- Have already formed a corporate entity (LLC, C-corp, etc.)
- Are “economic base” (i.e. plan to receive a significant amount of their revenue from out of state)
- Can show how VAF money (rather than debt or equity) is uniquely suited to their needs. In many cases, it can be a compelling argument if you can show how VAF funding helps you obtain equity or debt in the futureYour argument will be less compelling if you have already raised substantial money or if your project is something that could be financed by a bank or microlender.
- Have an association with LANL Technology or Expertise. A LANL association can be established by the company being founded by former LANL employees, commercializing a licensed LANL technology, or having participated in the NMSBA (New Mexico Small Business Assistance Program) through LANL. (Note: Licenses must be executed and in compliance before any VAF funds can be allocated.)