Quality of Life Indicators
Category Name:
Entrepreneurship Data
Venture funding and other sources of capital, along with new patents, point to a supporting environment to foster start-up companies and enhance economic diversity in the region. This is a new indicator identified by the community in the 2006 update process. Data measures have been identified but there are few metrics currently available.
university R&D expenditures -- updated 3/14/12
entrepreneurial activity -- updated 3/14/12
venture funding and micro-enterprise loan funds -- updated 3/16/12
patents -- updated 3/16/12
higher education entrepreneurship classes -- updated 7/3/09
university R&D expenditures -- updated 3/14/12
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Nevada’s university R&D expenditures are an indirect measure of possible new business activity. However, expenditures are also influenced by state budget cuts to higher education.
entrepreneurial activity -- updated 3/14/12
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Little data are available to measure entrepreneurship. The Kauffman Index of Entrepreneurial Activity is an indicator of new business creation, measuring new businesses each month using the Current Population Survey (CPS). Nevada tied Georgia in 2010 for the highest entrepreneurial activity, but Georgia was second to Nevada for the largest 10-year increase at 23 percentage points in 2011.
venture funding and micro-enterprise loan funds -- updated 3/16/12
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Venture capital data in northern Nevada is difficult to monitor. Nevada’s constitution prohibits state investment in or loans to, private companies. The AT&T Foundation recently granted EDAWN $5,500 to develop a Web site and database about funding and mentoring opportunities for start-up ventures. Nevada’s Center for Entrepreneurship and Technology (NCET) assists these startups, many of which have large-scale potential to impact the local economy. Nevada Micro Enterprise Initiative (formerly Nevada Self Employment Trust), in collaboration with the Community Business Resource Center (CBRC), administers micro-enterprise loans in northern Nevada to enhance the economic self-sufficiency of women and men. They offer training and technical assistance to develop entrepreneurial skills along with access to credit. TMT will track future data as it becomes available.
NCET advocates for entrepreneurs in Nevada, in part, through their annual Entrepreneurship Week (eWeek) including an Entrepreneurial Expo in Reno and Las Vegas, each with over 100 exhibitors offering small business help in both English and Spanish. NCET's "Wi-Fi" and "Tech" days each week include "speed networking" to encourage small and technology-related business connections.
The Reno Angels are a group of local investors dedicated to providing equity capital to early and mid-stage entrepreneurial companies in the greater Reno-Lake Tahoe area. Started in mid-2008, in less than a year they have reviewed 30 applications for funding, selected 10 companies to present "pitches" and are conducting due diligence with 3 companies. Reno Angels members invest a minimum of $25,000 per year in the selected companies and work with other angel groups throughout the country, as well as regional and national venture firms.
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The Reno-Sparks MSA had 5.86 patents per 10,000 people in 2001 which ranked 116th among the 318 reporting MSAs. International Gaming Technology is the leading patent organization locally, with 32 patents from 1997 to 2001; UNR reported five patents for the same time period. From 2002 to 2004, UNR realized 11 patents issued. [Source: "Identifying the Economic Drivers and import substituion opportunities for the Western Nevada Study Area with Applications to the City of Sparks,” UNR Department of Agriculture, September 2005.]
Since 2005, there has been a dramatic increase in the number of disclosures and applications. Link for US patents issued to Nevada residents.patents -- updated 3/16/12
higher education entrepreneurship classes -- updated 7/3/09
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UNR’s Invention, Innovation, and Entrepreneurship class clearly serves as an excellent springboard for entrepreneurs; about 40% of the students become project managers and around 20% become business owners. UNR now offers a minor in entrepreneurship, including finance and venture creation courses. UNR also supports an entrepreneurship club for interested students. TMCC and Sierra Nevada College also offer entrepreneurship courses, programs and internships.
Community colleges and universities throughout Nevada have participated in the Donald W. Reynolds governor’s Cup Collegiate Business Plan Competition since 2005. According to Nevada’s Center for Entrepreneurship and Technology, through the 2009 competition, more than 650 undergraduate and graduate students have entered over 175 business plans and received more than $400,000 in cash prizes used to further their education or start there businesses, several have competed in the new Tri-State Competition, and 10 participants have launched successful business ventures in Nevada.