Our Mandate

The Battle Born investment mandate is to make equity and equity-like investments in small high-growth Nevadan for-profit businesses. In most cases, we prefer to invest alongside other private investors, such as, angel groups, seed and venture capital funds. Our specific mandate is:



Battle Born invests across the sectors identified by the 2011 Brookings Institute report, ‘Unify, Regionalize, Diversify: An Economic Development Agenda for Nevada’, as well as the two basic needs industries of agriculture and water:

Aerospace & Defense


Nevada businesses have a history reaching back to World War II of researching, designing, developing and applying technologies for defense applications. The state is home to Nellis Air Force Base, Creech Air Force Base, Naval Air Station Fallon and the Hawthorne Army Depot. With an operational FAA-designated unmanned aerial system test site, the state is a leader in the UAV field.



Agriculture is one of Nevada’s most important industries, contributing significantly to the economies of rural communities and the state as a whole. With more than 3,400 farms in the State, Nevada agriculture generates more than $650 million annually across 6.1 million acres.



With wide open spaces and ample resources in solar, wind and geothermal, Nevada is a natural region for development of important renewable and sustainable energy resources. There is a strong commitment with the Statewide Renewable Portfolio Standard to reach 25% renewables by 2025. Projects are under way on all energy fronts.



Nevada is a center of advanced medical research as well as hosting leading clinical treatment and education institutions. These draw health care leaders to Nevada, including Cenegenics, the world’s largest age management practice; Varian Medical Systems, the world’s leading manufacturer of medical devices and software for treating cancer; Spectrum Pharmaceuticals, which markets pharmacological cancer products for non-Hodgkin’s lymphoma and for colorectal cancer.

Information Technology


With an unparalleled digital infrastructure, low rating for natural disasters, and an abundance of traditional and green power sources, Nevada is emerging as an advanced center for information technology businesses. Information technology in southern Nevada is anchored by technology giants Switch Communications and Zappos.com. In northern Nevada, Apple Computer opened an iCloud data center in Reno.

Logistics and Operations


Nevada’s primary focus is on new warehousing, distribution, and manufacturing operations that are seeking a West Coast hub of operations. Nevada can especially compete against neighboring states because of the available infrastructure, lower costs and regulatory hurdles, lower congestion, and overall ease of doing business. It is currently home to logistics centers for companies such as Amazon, Barnes & Noble, Levi Strauss & Co. and Toys R Us.



With excellent logistics infrastructure and just one day’s drive to Pacific Rim ports and to more than 60 million consumers, manufacturing represents an important segment of Nevada’s economy, employing more than 55,000 workers at companies such as Panasonic and Tesla.



Nevada’s great mineral wealth established this unique geographic region as a state nearly 150 years ago and continues to be an essential sector in the state’s economy. Thanks to world-class deposits of gold and silver, mining is Nevada’s largest export industry.

Tourism and Gaming


With the star power of Las Vegas and the diversity of natural settings, Hospitality and Tourism is the state’s iconic consumption-oriented industry and a major economic engine that creates tens of thousands of jobs for Nevadans.



In Nevada’s arid environment, water is a precious resource, and the subject of a great deal of research and innovation. For instance, the Nevada Center of Excellence was established by Desert Research Institute and IBM in January 2013. It seeks to be the world leader in water technology, concentrating on conservation, resource planning, pumping, treatment, storage, distribution and reuse.



Battle Born invests in early stage, high-growth, Nevadan companies across three stages of their development.  The program can invest up to $1 million per company, though average investment amounts per company will be far lower:



A typical pre-seed company would have a prototype completed, and would have initial customers, even if these are very few in number.

Pre-seed cos typically have fewer than 3 full time employees.

Maximum total Battle Born investment per company of $100,000.

Average Battle Born investment per company of $40,000.

Battle Born investment cannot be more than 50% of total invested amount.



A typical seed stage company would have some customers using its products, would have a clear growth plan, and would be seeking funding to expand operations.

Seed stage companies typically have 3-10 full time employees.

Maximum total Battle Born investment per company of $500,000.

Average Battle Born investment per company of $200,000.

Battle Born investment cannot be more than 50% of total invested amount.



A typical venture stage company would have an established product range and client base and would be looking for incremental capital to expand into new geographies or product ranges.

Venture stage cos typically have more than 10 full time employees.

Maximum total Battle Born investment per company of $1,000,000.

Average Battle Born investment per company of $200,000+.

Battle Born investment cannot be more than 50% of total invested amount.


The Battle Born team is currently preparing for the implementation of the American Rescue Plan Act of 2021.  It includes substantial new funding that will allow us to explore expanded and better ways to support Nevada’s entrepreneurs.


We continue to invest through this transition period, and are prioritizing:

  • Spinouts from our Nevada universities.  The Nevada Knowledge Fund has allowed us to unlock value from the technology developed at our research institutions and we will continue to capitalize on this by participating in investment rounds for spin outs.

  • Supporting our Battle Born portfolio companies.  Where appropriate, we will continue to take up follow on rights and participate in follow on rounds for our existing portfolio companies.

  • Targeted investment in new companies.  Occasionally, we will also look at high potential new opportunities where these are referred by co-investors or network partners, such as Nevada SBDC.  We do not conduct full due diligence on these companies, so you will want to wait until you have a lead investor arranged before contacting us.  You can apply via the Gust portal here.

Regardless of applicability, we expect to be able to invest in only a very small portion of the companies that apply to the program owing to the nature of venture capital, and of the limited funds available.



Given our mandate, we cannot invest in:

  • Startups based outside of Nevada, or operating in industries outside of the target ones listed above, for instance, neither a Californian firm nor a retail store would fit our mandate.

  • Pre-revenue companies of any kind.

  • Startups that intend to use Battle Born funds to repay existing loans or buy out existing shareholders.

  • Teams with salaries that are disproportionate to the business stage of their startup.

  • Grants, donations or sponsorships of any kind; Battle Born is an investment program, not a grant-making program.

  • The operations of an accelerator, incubator or mentoring program.

  • Non-profits of any kind, regardless of their mission.

  • Research projects or prototypes, whether at academic institutions or elsewhere in the community.

  • Projects managed directly by, or operations of, state agencies or regional development agencies.

  • While we are able to invest in social ventures, we can evaluate them only on their expected economic, not on their social, returns.