STARTUP RESOURCES
FOR NEVADA ENTREPRENEURS

All You Need to Know about the Nevada Startup Ecosystem

What is a start-up ecosystem and how does it work? A start-up ecosystem is a type of Nevada startup resources platform that is formed by people as well as start-up business that interact in the form of a system to further create new startup businesses. A startup ecosystem may constitute a variety of Nevada start-up resources including research organizations, funding organizations, service providers including legal services, support organizations like incubators, and government organizations like trade departments.

• Entrepreneurs and Entrepreneurship Education
• Ideas and inventions
• Research
• Startup events
• Intellectual property rights
• Startups existing in various stages
• Angel investors
• Startup advisors and mentors
• Different types of business focused people
• Other organizations or individuals providing start-up activities

1. Financial Advantage

Financial advantage is one of the key factors that ensure a start-up ecosystem is strong and sustainable. There are several Nevada startup resources that provide a financial advantage to new businesses planning to register in the state.

• Battle Born Venture Program: This is a “Growth Escalator Venture Program” targeted at startups or small businesses. It is a venture capital program that is being overseen by the Nevada Governor’s Office of Economic Development (GOED) and falls under the US Treasury’s State Small Business Credit Initiative (SSBCI). It is one of the best Nevada business resources as it provides financial assistance to Nevada start-ups in industries like agriculture, aerospace & defense, healthcare, water, energy, logistics & operations, IT, manufacturing, tourism & gaming, and mining.

2. Business Advantage

Nevada start-up resources provide a strong business advantage and sustain the start-up ecosystem in the form of collaboration with other new businesses or start-ups sharing of experiences, accessibility to entrepreneurship training.

• Adam’s Hub: This is a business collaboration hub situated in Carson City, Nevada with a mission to inspire entrepreneurs and start-ups to find ways to turn their big innovation or ideas into smart businesses. The initiative provides businesses with a state-of-the-art facility consisting of a collaborative workspace. Entrepreneurs can access educational tools, business services, and get valuable insights from hub advisors & strategists to successfully launch, accelerate, and grow their start-ups.

• Asset protection for businesses of all sizes
• Strategic location including proximity to California and the West Coast markets
• Different types of industries that small businesses or start-ups can be a part of
• Availability of highly skilled workers
• Availability of a variety of services like mentoring, government contracting, business financing, certification assistance, sourcing bid and procurement opportunities among others.

Key Industries in Nevada

The state of Nevada is considered to be a major innovation hub and according to a report by Fortune, the Silver State has rapidly emerged as an “Energy Tech Hub.” The Tesla Gigafactory outside Reno has been joined by several other high-tech businesses involved in energy technology like electric cars, battery recycling, and futuristic transportation. This is where Nevada business resources play an important role in providing the necessary assistance to push tech or any other innovation.

• Manufacturing Industry: One of the fastest growing industries, it provides businesses with 80 million square feet of affordable commercial or industrial real estate. One of the prime Nevada start-up resources in the manufacturing industry segment is the Foreign Trade Zone that helps in reducing or deferring duties.
• Logistics, distribution and e-commerce: This is one of the leading industries that a start-up or any entrepreneur can venture into. There are distinct advantages that can assist with business growth and expansion like extensive transportation network, Air Cargo options, 65 trucking firms providing overnight delivery, and Opportunity Zones in the Greater Reno-Sparks area.
• Clean Energy: This is another area where entrepreneurs can find a variety of Nevada business resources to assist them with a start-up. There are opportunities in different areas of clean energy like Geothermal Power, Bio-fuels, Wind and Solar power.

Important Resources for Nevada Entrepreneurs

Start-up ecosystems are an important catalyst that helps entrepreneurs in exploring different business ideas and options. Nevada start-up resources help in keeping start-up ecosystems alive by providing entrepreneurs with necessary assistance and a platform to kick start their business. The question is where to find the right resources for Nevada entrepreneurs.

• Entrepreneurial Meetups: This is a type of platform that helps entrepreneurs meet up with other entrepreneurs, action groups, marketing professionals, funders, and other start-up owners. A start-up or small business can use this platform to access required Nevada business resources like the “Las Vegas Entrepreneur Business Network” brings together entrepreneurs and business owners so that they can create contacts and form strategic alliances.
• Entrepreneurial Events: Events are quite an integral part of the Nevada start-up ecosystem as they provide the opportunity for entrepreneurs to work forward on their ideas. Entrepreneurial events help in providing Nevada start-up resources in the form of networking and other events that:
• Help create contacts for business and funding
• Provide planning, advising, and counseling services
• Focus on maximizing business value through informative lectures
• Help in the development of entrepreneurial capacities
• Promote mentoring workshop to help start-ups in growing, scaling up, or expanding
• Showcasing how to increase cash flow
• Enable entrepreneurs through marketing workshops
• Startup Competitions: This is quite different from any other Nevada start-up resources as it provides entrepreneurs with the opportunity to win cash and other prizes. One example of such a competition would be the “Business Pitch Competition” organized as a part of the Governor’s Conference and where-in Nevada based start-ups have the opportunity to make a two-minute pitch and win $16,000 in cash and prizes. The CES 2020 at the Eureka Park is one such event that comprises of start-up competitions or pitch competition.

Grants and Incentives for Nevada Entrepreneurs

Nevada with a growing economy is a hub for futuristic innovation. It provides an interesting environment and strong platform for small businesses. It is never an easy path to walk, especially when an entrepreneur decides to flow with their idea. There are several areas that may worry an entrepreneur like finances or starting up cost and its sustenance as well as growth. This is where Nevada business resources for start-ups matters as it provides the necessary boost to any start-up idea.

Grants

It is important to understand that there are two types of grant options available to entrepreneurs and they are borrowing of funds (debt equity) or selling ownership interest in exchange for capital (equity financing). Of course, as an entrepreneur in Nevada, you can also choose from different types of grants that can be categorized under Federal grants, state and local grants, and industry specific grants. Some of the top Nevada business resources in terms of grants include:

• Grants under Small Business Innovation Research (SBIR) program
• Grants under Small Business Technology Transfer (STTR) program
• Federal and State Technology Partnership (FAST) Program
• The Small Business Administration (SBA) federal financial assistance program
• The Zach Grant
• The National Association for the Self Employed (NASE) Grants for small business

Incentives

There are a variety of incentive programs available for Nevada entrepreneurs and most of them are being provided by the Governor’s Office of Economic Development (GOED) and the Nevada Department of Business & Industry. These incentives are important Nevada start-up resources that will aid with the growth of a small business. Some of the top incentive programs that entrepreneurs can consider include:

• Sales and Use Tax Abatement on equipment purchases
• Modified Business Tax Abatement
• Personal Property Tax Abatement
• Data Center Abatement
• Silver State Works Employee Hiring Incentive
• Opportunity Zone Incentives
• New Markets Tax Credit Program
• Workforce Innovation for the New Nevada (WINN) program

IncParadise – Incorporation & Registered Agent for Nevada Business

The possibilities are infinite when it comes to transforming an idea into a self sustaining business model in Nevada. As an entrepreneur, you will find an abundance of Nevada start-up resources that you can access with ease. Nevada is a rapidly growing economy that provides just the right platform for start-ups and investors alike. We at IncParadise believe that once you form a business in Nevada, you will be able to benefit from the resources, incentives, grants, entrepreneurial workshops, and networking events. We will assist you with the entire process of incorporation or registration of your startup. Since, we are one of the top registered agents in the Silver State; we can help you to transform your idea into reality in the minimum possible time.