INNOVATION BASED ECONOMIC DEVELOPMENT

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.

Empowering InnovationDriving Economic Growth

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.

These integrated forces will drive an economy that creates new businesses and good paying jobs, which in an Innovation Economy will predominantly be STEM jobs.  GOED oversees several different programs and funding instruments to invest in Nevada’s innovation based economic development.

STATE SMALL BUSINESS CREDIT INITIATIVES

The American Rescue Plan Act of 2021 reauthorizes and expands the State Small Business Credit Initiative (SSBCI) Program, which was originally established in 2010. SSBCI will provide a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to expand access to capital for small businesses emerging from the pandemic, build ecosystems of opportunity and entrepreneurship, and create high-quality jobs. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities.

Nevada’s SSBCI Program
Microloan Program
Collateral Support Program
C-PACE Program
Loan Participation Program
Venture Capital Program

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.

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