Thursday, September 19, 2013

Entrepreneur Magazine Recognizes Santa Fe for one of the “Best Under the Radar Business Incubators”

“What began in 1995 as three acres of weeds is now the Santa Fe Business Incubator (SFBI), a sprawling facility that has generated revenues in excess of $100 million, more than 75 businesses and over 800 new jobs.” That’s according to a recent article for Entrepreneur Magazine.

Through the efforts of the City of Santa Fe and the Santa Fe Chamber of Commerce, the original SFBI facility opened in December 1997. The City of Santa Fe’s Economic Development Division has provided substantial funding for SFBI since then and counts it as a cornerstone of business development in the community. In Fiscal Year 2012-2013, SFBI served 15 tenant businesses and five affiliate businesses and report creating 58 full-time and 38 part time jobs.

“One of the most extraordinary things about the Santa Fe Business Incubator is how we have cultivated a diverse and innovative group of companies – from wind to whiskey and from software to bioscience. We are a dynamic entrepreneurial community in Santa Fe. The City’s robust economic development programs continue to evolve to catapult growing businesses to success,” said Councilor Rebecca Wurzburger, chair of the Business and Quality of Life Committee which oversees City of Santa Fe Economic Development.

The Entrepreneur Magazine article continues: “Catering to a variety of startups, such as Adora Fibers (which produces knitting kits for beginning and intermediate knitters), Bluenergy Solarwind (makers of hybrid photovoltaic and wind power turbines), and Santa Fe Spirits (an artisan distillery that crafts whisky and brandy), the SFBI recently launched a $1.25 million bio-science initiative.”

The original 10,000 square foot SFBI facility was expanded to 30,000 square feet in 2002.Then, in January 2006, SFBI became the first New Mexico Certified Business Incubator under New Mexico Economic Development Department’s Business Incubator Certification Program. 

“The Santa Fe Business Incubator (SFBI) was one of the first in New Mexico and it set the standard of excellence in business incubation that others have followed,” said New Mexico Economic Development Secretary Jon Barela.

SFBI recently received the $1.25 million grant from the federal Economic Development Administration to build a shared biosicience laboratory to support the growing bio tech and bio science business community. According to SFBI, The companies who have participated in the incubation program to date have created hundreds of jobs, generated millions in annual revenues, helped to diversify the economy, increased the tax base and provided new career opportunities for the citizens of New Mexico.

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