Nevada’s Frontier Ambition for New and Small Businesses

There are no regions with high levels of entrepreneurship and low levels of economic growth. For this reason, Right to Start, a nonprofit organization working to expand entrepreneurial opportunity for all, has campaigned for Americans to realize their personal dreams through business creation and sustainment. Many obstacles can stand in the way, yet young businesses contribute the bulk of economic growth and new jobs. In alignment with these aspirations, Nevada has embarked on a bold journey to foster greater opportunities and reduce barriers for new businesses in the state.

The AB77 legislation that was signed into law earlier this year, which created the Office of Entrepreneurship at the Governor’s Office of Economic Development, coincides with many other statewide entrepreneurial initiatives. Small business certification, venture capital, traditional loans and microloans are available, together with technical assistance. Other infrastructure needs are also being tended through an innovation based economic development approach. We hope that with these supports, Nevadans will continue to nurture the American dream of running a new business.

Incoming small business owners can face many hurdles, such as the expense and difficulty of licensing and registration. In response, the Right to Start movement established a national voice to advocate for every entrepreneur’s contribution to be recognized, and path to be made easier. They researched data showing that new businesses account for the majority of lasting jobs in our economy, but that many entrepreneurs are discouraged from embarking on the startup journey because of perceived or experienced impediments.

Working together with states across the nation, Right to Start shared the reality that American entrepreneurs have been on the decline since the 1970s, but the trend could be reversed through key strategic adjustments. Governments at the federal and state level might review regulatory hurdles to improve business creation and operation. Advantageous tax environments should be created to incentivize such activity. Liaisons might be assigned to assess the health of state entrepreneurship ecosystems and make recommendations for further localized improvements. Ten combined items have been promoted as essential for reversing America’s entrepreneurial downturn.

Innovative approaches to economic development is a challenge Nevada has been willing to embrace. While other states entertained similar directives, Nevada was the first to establish an Office of Entrepreneurship and begin the job of ecosystem curation via AB77 legislation. Nevada’s State Small Business Credit Initiative is a key partner for addressing the challenge of access to capital. Their five lending and venture capital programs include microloans of up to $250,000 for small businesses with under 100 employees and less than $5M in revenue. Nevada was also among the first three US states to enact an SSBCI technical assistance program, working with the Nevada Small Business Development Center to support businesses with fewer than 10 employees, or those run by socially and economically disadvantaged individuals. The Office of Small Business Advocacy at the Office of the Lieutenant Governor also received renewed support to help Nevada’s small business owners succeed and grow.

Four local technology and food groups are the initial success stories of how these ecosystem resources help Nevadans progress: two different firms were able to develop groundbreaking artificial limbs, and visual aids for legally blind and low vision individuals, and two food companies were able to manufacturer specialized products for neurological and gut health, respectively. Nevada’s new supports make starting a business here more attractive and potentially more successful. The work of improving opportunities and reducing barriers has begun in earnest, and many other states across the nation are poised to follow. Accounting for our successes, and learning from our challenges, Nevada might rise to be the best place of all for business growth. The frontier spirit of entrepreneurship is alive and well.

The US Department of State has declared November to be National Entrepreneurship month. We join together in celebrating the success of entrepreneurs, and their new and small businesses across the country. Without their passion, we would not have the thriving economy we enjoy. However, we can reach an even greater level of prosperity if the path to building America’s business dream is paved smoother, with less potholes and roadblocks. Together, we can lower the barriers and increase the opportunities for business owners to thrive. Please continue to share your stories with local, state and national listeners: reach out to a Las Vegas Global Economic Alliance, Nevada Office of Entrepreneurship, or national Right to Start advocate now.