Quality of Life Indicators

entrepreneurship data

venture funding and micro-enterprise loan funds -- updated 7/09
patents -- updated 2/09
higher education entrepreneurship classes -- updated 7/3/09

venture funding and micro-enterprise loan funds -- updated 7/09

Nevada’s constitution prohibits state investment in or loans to, private companies.  The AT&T Foundation recently granted EDAWN $5,500 to develop a Web site and database about funding and mentoring opportunities for start-up ventures.  Nevada’s Center for Entrepreneurship and Technology (NCET) assists these startups, many of which have large-scale potential to impact the local economy. Nevada Micro Enterprise Initiative (formerly Nevada Self Employment Trust), in collaboration with the Community Business Resource Center (CBRC), administers micro-enterprise loans in northern Nevada to enhance the economic self-sufficiency of women and men. They offer training and technical assistance to develop entrepreneurial skills along with access to credit.  TMT will track future data as it becomes available.

NCET advocates for entrepreneurs in Nevada, in part, through their annual Entrepreneurship Week (eWeek) including an Entrepreneurial Expo in Reno and Las Vegas, each with over 100 exhibitors offering small business help in both English and Spanish.  NCET’s “Wi-Fi” and “Tech” days each week include “speed networking” to encourage small and technology-related business connections.

The Reno Angels are a group of local investors dedicated to providing equity capital to early and mid-stage entrepreneurial companies in the greater Reno-Lake Tahoe area.  Started in mid-2008, in less than a year they have reviewed 30 applications for funding, selected 10 companies to present “pitches” and are conducting due diligence with 3 companies.  Reno Angels members invest a minimum of $25,000 per year in the selected companies and work with other angel groups throughout the country, as well as regional and national venture firms.

patents -- updated 2/09

The Reno-Sparks MSA had 5.86 patents per 10,000 people in 2001 which ranked 116th among the 318 reporting MSAs. International Gaming Technology is the leading patent organization locally, with 32 patents from 1997 to 2001; UNR reported five patents for the same time period. From 2002 to 2004, UNR realized 11 patents issued.  [Source:  Source: “IDENTIFYING THE ECONOMIC DRIVERS AND IMPORT SUBSTITUTION OPPORTUNITIES FOR THE WESTERN NEVADA STUDY AREA WITH APPLICATIONS TO THE CITY OF SPARKS,” UNR Department of Agriculture, September 2005.]

Since 2005, there has been a dramatic increase in the number of disclosures and applications.

higher education entrepreneurship classes -- updated 7/3/09

UNR’s Invention, Innovation, and Entrepreneurship class clearly serves as an excellent springboard for entrepreneurs; about 40% of the students become project managers and around 20% become business owners. 

Community colleges and universities throughout Nevada have participated in the Donald W. Reynolds governor’s Cup Collegiate Business Plan Competition since 2005.  According to Nevada’s Center for Entrepreneurship and Technology, through the 2009 competition, more than 650 undergraduate and graduate students have entered over 175 business plans and received more than $400,000 in cash prizes used to further their education or start there businesses, several have competed in the new Tri-State Competition, and 10 participants have launched successful business ventures in Nevada.