Innovation Based Economic Development

Innovation Based Economic Development Division

 

Startups and entrepreneurs play a crucial role in the Innovation Economy, driven by Innovation-Based Economic Development (IBED) or alternatively referred to as technology-based economic development. IBED encompasses five core elements: increasing research capacity, commercializing research, fostering entrepreneurship, increasing access to capital, and building a technically skilled workforce. An innovative economy transforms new ideas of products or processes, newly developed technologies into new jobs and businesses, fosters entrepreneurship, increases access to critical resources, and ensures economic prosperity and opportunity for all people, both today and for future generations in Nevada. Importantly, because this economy is built on a foundation of identifying and transforming new knowledge, the system continues to produce these benefits well into the future – beyond the boom-and-bust lifecycle of any one industry or business.

The Nevada Governor’s Office of Economic Development (GOED) is continuously creating and operating t strategic programs to support Nevada’s emerging innovation economy. We closely work with our ecosystem partners providing appropriate resources, thought-leadership and/ or actively running programs or program-components. Recent examples are the State Small Business Credit Initiative (SSBCI), EDA TechHub, and NSF Engines.

Nevada State Small Business Credit Initiative (SSBCI)

SSBCI is designed to catalyze private capital in the form of loans to and investments in small businesses, especially in historically underserved communities and among entrepreneurs who may have otherwise lacked the support needed to pursue their business ambitions. SSBCI includes two programs: the Capital Program and the Technical Assistance (TA) Program. Nevada operates six dedicated programs including technical assistance.

Explore Funding

Nevada Knowledge Fund

The Knowledge Fund was enacted during the 2011 legislative session (NRS 231.1591 to 231.1597). The overall mission of the Knowledge Fund is to spur research, innovation, and commercialization in Nevada. Since its first funding cycle in 2013, GOED adhering to its Innovation Based Economic Development strategy has through the Knowledge Fund supported projects with the objective to strengthen the growth economy- and start-up economy ecosystem in Nevada. With new innovation-driven opportunities presenting itself to Nevada in the form of NSF Engines and EDA TechHub, the Knowledge Fund is proving to be an essential program in those efforts.

Office Of Entrepreneurship

The Office of Entrepreneurship creates a common platform to highlight new and small business activities in support of statewide economic growth.

Office of Entrepreneurship

EDA TechHub

The Tech Hubs Program, created as part of the CHIPS and Science Act of 2022, invests directly in high-potential U.S. regions to transform them into globally competitive innovation centers.

NSF Engines

Microloan Program

Battle Born Growth Microloan Program

The Nevada Battle Born Growth Microloan Program (BBGMP) offers working capital loans at fixed, competitive interest rates to small businesses that are generating strong cashflow and are committed to growth – but need an extra boost to achieve scale. Supported by the Nevada Governor’s Office of Economic Development, the BBGMP allows eligible businesses to access up to $250,000 to purchase equipment, expand operations, bring on new staff or otherwise advance the business plan.

Apply Here

Venture Capital Program

Battle Born Venture

Battle Born Venture is Nevada’s state venture capital program. It was created in 2013 to help our entrepreneurs stay local when it comes to fundraising. Since then, it has invested in high potential Nevadan startups, has co-invested with prestigious corporations and high profile venture capital firms, and has celebrated five exits.

Apply Here

You could also be interested in

Nevada Main Street

Learn more

Community Development Block Grant (CDBG)

Learn more

SUPPORTING AND ADVANCING NEVADA’S DISLOCATED INDIVIDUALS (SANDI)

Learn more

Workforce Innovations for the New Nevada (WINN)

Learn more

Let's Chat

Interested in doing business in Nevada?

CONTACT US