Growing Our Local Economy

As an “intermediary” for technology use and deployment, NHF works with local companies helping them grow and meet market demands. Why is NHF on this mission?

New Horizons Foundation was created and jointly funded by the Lea County Commission and New Mexico Junior College in 2011. The Foundation’s goal is to create an environment that enables the private sector to generate sustainable economic growth and wealth creation for Lea County.

GROWING OUR ECONOMY

Serving as a technology intermediary, NHF provides entrepreneurs and businesses access to technology, technology adaptation & testing capability, design expertise, prototyping, manufacturing & field testing capability.

So ‘why’ does this matter, and how does it create a positive economic impact?

Working within the identified key technology areas: oil & gas, advanced materials, environmental technology, and advanced materials, NHF is helping meet growing market demands and needs, by: helping companies source inventions for commercial viability, helping entrepreneurs and companies prepare licensing agreements & business plans, facilitating technology development, and providing business development and capital introductions.

NHF’s work is thereby helping to drive new money into the local economy.

When a community is measuring economic impact and potential areas for increased, positive impacts, it looks at: PRIMARY INDUSTRY/IES. Primary Industry is NOT typically the largest employer; rather, Primary Industry – and the most important industry to any local economy – is the industry/company that is bringing the greatest amount of money into the local economy from OUTSIDE of the local economy. This typically means a company that is ‘exporting’ products/goods/services outside of the immediate area.

The term “economic development” is heard often, but what exactly does it mean, and how is NHF connected to this term? The definition given by the industry’s lead organization, International Economic Development Council (IEDC): “a program, group of policies, or activity that seeks to improve the economic well-being and quality of life for a community, by creating and/or retaining jobs that facilitate growth and provide a stable tax base.”

This definition begins to outline NHF’s mission and goal, that of “Driving Innovation Throughout the Permian Basin” – innovation that nets new economy; i.e. new money into the local economy.

NHF is working with start-ups and companies of all sizes to help them become a PRIMARY INDUSTRY in the Permian Basin. NHF is opening doors. NHF is creating access. NHF is working to create and drive an environment in the region that generates sustainable economic growth and wealth creation for Lea County.

Those interested in learning more about how NHF is working with companies to grow the local economy: Dale Gannaway, Executive Director – New Horizons Foundation; dgannaway@nmjc.edu.

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