StartUpNV Bringing Venture Capital to Southern Nevada:
Receives Grant from U.S. Economic Development Administration to Establish Venture Funds to Support Nevada Entrepreneurs and Nurture Women and Minority Business Owners
LAS VEGAS, Feb. 7, 2019 /PRNewswire/ -- StartUpNV, Nevada's only state-wide incubator for business startups, has been awarded a three-year grant by the U.S. Economic Development Administration to establish the Southern Nevada Angel Conference Seed Fund, an annual event attracting investors to Nevada-based businesses seeking growth capital. The grant also supports workshops to train entrepreneurs in the skills essential to start, grow and capitalize their businesses. The grant places particular emphasis on nurturing women and Hispanic owned Nevada businesses.
U.S. Secretary of Commerce Wilbur Ross announced on December 5, 2018, that 40 organizations — including nonprofits, institutions of higher education, and entrepreneurship-focused organizations — from 28 states and two territories will receive $21 million to create and expand cluster-focused entrepreneurship and technology transfer programs, and early-stage seed fund support under EDA's 2018 Regional Innovation Strategies (RIS) program competition:
The 2018 group of RIS awardees expands the RIS portfolio to five new states and territories. Selected from a pool of more than 230 applicants, the awardees include a defense commercialization project led by the Maryland Department of Commerce, a global food systems technology accelerator led by Kansas State University, a healthcare innovation initiative led by the Northern Kentucky Tri-Country Economic Development Corporation, a community-oriented, rural-focused proof-of-concept center led by the North Idaho College Venture Center and new efforts led by StartUpNV to expand and increase angel investment activity across the state of Nevada. (Emphasis added)
"This award is the result of the efforts of our awesome volunteers with critical support from the Nevada business, education and government communities," said Jeff Saling, co-founder and executive director of StartUpNV. "The Southern Nevada Angel Seed Fund conference and workshops will level the playing field for Nevada entrepreneurs as they compete for angel and venture capital investments alongside startups throughout the country. We cannot thank our supporters and the Secretary enough for the opportunity to better serve the Nevada business community."
"Nevada is the land of opportunity for businesses to grow and thrive. This is due in no small measure to the spirit of the Nevada business community demonstrated by efforts like StartUpNV's to establish the Southern Nevada Angel Seed Fund conference and FundNV, their newly-formed affiliated venture fund, to support Nevada entrepreneurs. I look forward to working with the Governor's Office of Economic Development on further innovations to bring more economic opportunity to our state," said Nevada Governor Steve Sisolak.
Under the grant, StartUpNV will launch the Southern Nevada Angel Conference Seed Fund, an annual investor conference and seed fund. The project seeks to expand the successes of the Reno Angel Conference Seed Fund, established last year by the Economic Development Agency for Western Nevada (EDAWN), to other regions within the state, in particular Southern Nevada including the Las Vegas-Henderson-Paradise metropolitan areas. To fill the void of early-stage investment capital available to companies and increase the quantity and quality of seed stage deal flow, StartUpNV will organize a yearly Southern Nevada Angel Conference for investors throughout the Western US. However, only local early-stage companies will be eligible to pitch to the new Southern Nevada Angel Conference Seed Fund, with special emphasis on increasing investments in women- and Hispanic-led startups. The new fund anticipates allocating at least $1 million in early-stage capital over the three-year grant period, creating 75 new jobs. Five years after the grant, StartUpNV expects to have raised at least $4 million in seed capital, invested in at least 24 companies, and supported the creation of at least 300 jobs.
About StartUpNV
StartUpNV is a non-profit (501c3) state-wide business incubator for scalable startups in Nevada. We provide startups a place to work; an incubation program from idea to exit; and access to a network of capital partners for funding at the right time.
For more information on StartUpNV, please visit our website at www.startupnv.org.
About FundNV
Through its affiliation with StartUpNV, FundNV sees the most consistent pipeline of scalable, early stage startup opportunities within the state of Nevada. Our pipeline of start-up companies, founders, and mentors in both the private and university sectors is the most robust in Nevada.
For more information on FundNV, please visit our website at www.fundnv.com.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
Contact:
Maggie Saling
Communications Director
StartUpNV
Email: [email protected]
775-393-9701
SOURCE StartUpNV
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