innovation based economic development

by the Governor’s Office of Economic Development (GOED)

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.

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 Small Business Jobs Act of 2010 (the Act) was created to help increase credit availability for small businesses. The Act created the State Small Business Credit Initiative (SSBCI) and appropriated $1.5 billion to be used by the US Department of the Treasury to provide direct support to states for use in programs designed to increase access to credit for small businesses.

Battle Born Venture: Battle Born Venture is Nevada’s state venture capital program. It makes equity investments in early stage, high-growth Nevadan enterprises. Overseen by GOED, Battle Born funds enterprises in the following industries: Aerospace & Defense, Agriculture, Energy, Health Care, IT, Logistics & Operations, Manufacturing, Mining, Tourism & Gaming, and Water. For more information go to: goed.nv.gov/battle-born-venture/