Valorization of territories with diverse cultures and heritage has multiplied in recent years. This study analyzes the case of colored heirloom corn in Tlaxcala, Mexico, as a potential public good associated with the region’s biocultural heritage. The analysis conducted herein relies on a wide range of literature from relevant theory, including Geographical Indications, Global Value Chains, Community-Based Entrepreneurship, Public Goods, and Sustainable Development, in order to employ case study methodology. We leverage a novel approach to analyze the heirloom corn chain and its publicness. This chain reveals its status as a potential public good that clearly influences biocultural heritage, which has been preserved by several generations. To preserve colored heirloom corn in Tlaxcala, Mexico, a development strategy is needed that links actors and resources, involves the public sector, and furthers expansion of the private sector.