In addition to its business-friendly tax and regulatory regime, Nevada through the Governor’s Office of Economic Development, offers a variety of incentives to help qualifying companies make the decision to do business in the state. More info on Nevada incentive programs.
Startups and entrepreneurial companies are vital components and drivers of an Innovation Economy. An Innovation Economy is built through an approach called Innovation Based Economic Development (IBED) often also known as technology based economic development.
Innovation Based Economic Development (IBED) contains five core elements:
• Increasing research capacity,
• Commercialization of research (transformation of research to new products and start-ups),
• Fostering entrepreneurship,
• Increase access to capital,
• Build up and expand a technically skilled workforce.
When new scientific knowledge and technology is being generated in a region, innovators and entrepreneurs are creating startups and high-growth small businesses while the local workforce is educated and trained in the necessary skills to utilize the latest advances. GOED has several Workforce Development programs implemented to support IBED . Consequently, the entire regional population will benefit from increases in growth and prosperity.
Nevada Opportunity Fund
The small Business Enterprise Loan Program (Nevada Opportunity Fund) is assigned to the GOED. With the approval of Senate Bill 126 of the 2017 Legislature, this account was created in the General fund as a revolving loan account and provides for loans to small business enterprises, minority-owned businesses, women-owned businesses and disadvantaged businesses.
Nevada Knowledge Fund
The Knowledge Fund, administered by GOED, is a major instrument to recruit highly specialized science and research faculty. This recruitment effort further expands already existing research areas of excellence in the state and thereby assists applied research centers in the effort to support industry innovation in Nevada. Through the Knowledge Fund, GOED supports projects at the University of Nevada, Las Vegas (UNLV), the University of Nevada, Reno (UNR), and the Desert Research Institute (DRI). To obtain this funding, the Nevada System of Higher Education (NSHE) submits applications to GOED for projects that could benefit from Knowledge Fund support.