Aspiring Navajo entrepreneurs have a new support system now that a business incubator at Navajo Technical University (NTU) in New Mexico has been officially certified. The Navajo Tech Innovation Center is the first Native American state-certified business incubator in the state.
“Entrepreneurship is critical to our economy and we are extremely excited to be part of the State’s incubator network,” said Benjamin Jones, entrepreneurial director for the Navajo Tech Innovation Center. “Entrepreneurs create jobs and new revenue; they are typically dedicated to staying where they are and have chosen a business model accordingly; and they also generally provide indigenous products and services which new companies from elsewhere are unfamiliar with.”
Small business incubators provide startups with necessary support and financial and technical services. Only about 44 percent of startup businesses succeed compared to 87 percent of incubated businesses, making them more attractive to prospective investors.
The Navajo Tech Innovation Center is already serving 27 client businesses and brings the total to six active certified incubators in New Mexico.