Clark County Commission Approves $600,000 in ARPA Funds for New Business Incubator Program
Clark County, Nev. – On November 1st, the Clark County Commission voted to approve $600,000 in American Rescue Plan Act (ARPA) funds in support of a new business incubator program, Incubate Vegas. Developed by the Clark County Office of Community and Economic Development (OCED) in partnership with StartUpNV, the program is designed to promote the inclusion of historically underserved populations and communities within the Clark County economy, in addition to fostering general economic development and economic diversification in the region. The program will actively recruit in traditionally underserved communities with a focus on benefitting non-traditional founders, particularly founders of highly scalable technology or tech enabled businesses.
Expected to launch in spring 2023, Incubate Vegas will provide free 10-week educational boot camps and mentorship opportunities twice a year for up to 25 first time entrepreneurs per cohort who are interested in creating scalable startups within Clark County. Subject matter experts, mentors and co-work facilities will also be available to entrepreneur participants during and after the boot camp cohorts and classes, providing year-round support for current and graduate participants.
“Less than 5% of entrepreneurs within Clark County successfully launch their business, owing to a lack of institutional knowledge, confidence and resources that has far-reaching consequences for the county’s economic outlook,” said Shani Coleman, director of the Clark County Office of Community and Economic Development (OCED). “Incubate Vegas is the way we can begin to level the playing field, making sure our most disadvantaged businesses are also the most supported by the community.”
The Incubate Vegas program seeks to reduce typical 95%+ business launch failure rates by at least 10%, and improve general community confidence, knowledge about and comfort with entrepreneurship, raising venture capital, building a scalable business, “deal making” and generational wealth creation. The proposed program will not overlap with any services of existing community programs.
Additional information on program eligibility, the application process and program details will be released in early 2023 in advance of the program’s official launch in spring 2023.
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The Office of Community and Economic Development (OCED) is the primary resource for new, established, and prospective businesses interested in investing, expanding, or relocating to Clark County, Nevada. With a dedicated team of experts, OCED provides businesses and developers with the answers, tools, and resources needed to start a new project or expand an existing business. Home to 2.3 million residents, Clark County covers roughly 8,000 square miles and is the 11th-largest county in the nation. Committed to enhancing and supporting the economic viability of the unincorporated areas of Clark County and advancing inclusive, sustainable growth, OCED is building awareness of the economic opportunities and “bright beyond the lights” of Las Vegas.
StartUpNV is a 501(c)3 non-profit statewide startup accelerator and business incubator for scalable Nevada startups, providing expert mentorship and access to a network of capital partners. StartUpNV’s founders, mentors, university connections, investors, and business partners work together to grow and support a robust, inclusive startup ecosystem in Nevada. StartUpNV’s related venture funds, FundNV, AngelNV, and a new seed fund provide local startups access to a network of capital partners for funding along with education for entrepreneurs and angel investors. Since its inception in 2017, StartUpNV has heard pitches from nearly 700 startups, incubated 52 companies, and raised $70-plus million in venture capital for more than two dozen companies. For more information visit: https://startupnv.org/.