The only startup incubator in the state of Nevada will have a stronger future, thanks to a federal government grant.
StartUpNV announced it has received a grant from the U.S. Economic Development Administration to establish venture funds to keep its mission to support new businesses in the state and nurture minority and women business owners.
The three year grant will help StartUpNV establish the Southern Nevada Angel Conference Seed Fund, which is an annual event attracting investors to put money into growing state located startups.
“This award is the result of the efforts of our awesome volunteers with critical support from the Nevada business, education and government communities,” said StartUpNV co-founder and executive director Jeff Sailing, in a statement. . “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.”
The Seed Fund wants to expand the Reno Angel Conference Fund, which was established last year by the Economic Development Agency for Western Nevada (EDAWN) to other parts of the state, particularly southern Nevada and the city of Las Vegas. It also wants to help launch startups across the western U.S., but maintains its focus will be local Nevada startups.
The Seed Fund targets allocating at least $1 million in early-stage capital over a three-year period, creating 75 new jobs. StartUpNV plans to have raised at least $4 million in seed capital, invest in at least 24 startups, and to create at least 300 jobs.
Image source: PRNewswire/StartUpNV