Ecosystem Tour 24-01: Reno, NV
What comes to your mind when you think of Reno, NV? Like many cities in America, Reno’s past isn’t necessarily how Reno defines itself today. Doug Erwin, Senior Vice President of Entrepreneurial Development at the Economic Development Authority of Western Nevada (EDAWN). put it insightfully. Reno was built through mining and gaming. These industries required a culture of secrecy and protectiveness, of your land or your cards.
How do people describe Reno today? We met close to a dozen members of the startup community at all levels; including state and local economic and workforce developers, investors, founders, and program operators. The one resounding takeaway is how collaborative, supportive, and tight-knit everyone feels. Not without its challenges, Reno is filled with a refreshing sense of community at all levels.
Lessons from Reno
Accomplishments
Venture Capital investing has grown in 12 years from $20m to $1.2bn
Right to Start - In this case, AB77, known as the Right to Start Act, established a dedicated Office of Entrepreneurship within the Governor's Office of Economic Development
Diversified startup opportunities that leverage existing industry in the tourism and energy sector
Challenges
Like most communities, finding the right things to measure is always a challenge, but thanks to the Right to Start Act, there is now a focus on standardization at the state government level
How to keep activities and engagement fresh over more than a decade of operations
Changing the narrative of a city from traditional industry to new economic opportunities
Insights
Defining your values early is key in development of a healthy startup culture
Growing from operator to catalyst is a helpful way to avoid and mitigate competitive forces as a community grows to include multiple entrepreneur support organizations
Development of the State of Nevada Office of Entrepreneurship is a game changer for elevating the conversations and resources around entrepreneur ecosystem building
What’s Next?
Reno sees continued growth as a tech economy as it continues to attract new talent and grow the investment ecosystem.
Leveraging the combination of lithium deposits and Tesla, expect to see Reno leading the nation in EV battery development and supply chain
