NCET

How has the Target2010 economic development plan introduced four years ago progressed toward the goals set forth by the community-based business, educational and government group that spearheaded the effort?  Residents and business owners will hear what’s worked, what’s changed and begin the development of a new action plan to re-build and diversify the Greater Reno-Tahoe economy at the Business BUZZ “Beyond Target2010” economic forum, Thursday, March 31 from 5 p.m. to 8 p.m. at the Atlantis Casino Resort Spa. The program is sponsored by the Economic Development Authority of Western Nevada (EDAWN).

Original members of the Target2010 Steering Committee, and new committee members, will be in attendance for a brief Target2010 economic review, including new initiatives currently underway in education, innovation and fiscal policy impacting economic development.  The priority areas recommended in the Target2010 plan for the region to focus its efforts include:

Business Climate

Workforce/Education

Quality of Life

Sites/Infrastructure

Economic Development

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A study from the Nevada Secretary of State’s office suggests that the worst of the economic decline may be in the rear-view mirror as new business entity filings rose for the first time since mid-2006.

The report, prepared by Las Vegas-based Applied Analysis business advisory firm, showed 13,801 filings during the fourth quarter, a 2.4 percent increase from the previous quarter and 2.8 percent over the year-ago period. Read full story:

Nevada’s legislature was visionary in 1959 when it created Desert Research Institute (DRI) as the environmental research campus of the state’s university system. DRI has flourished as an entrepreneurial campus of 500 scientists, engineers and technicians who leveraged the state’s $8.2 million allocation last year into $45.5 million in revenue. In addition, DRI’s research faculty are self-supported and do not receive state funding or tenure. By way of reference:

-Currently there are 379 employees in Reno and 191 in Las Vegas. Our payroll is $31.4 million with $6.2 million for research administration coming from the state and the remainder being self-generated.

-DRI faculty, staff, postdoctoral scholars, and graduate students currently hold 193 graduate degrees in more than 50 fields.

-In the last five years, DRI supported 245 graduate students with $6.7 million in non-state funds. DRI provided $655,000 in tuition for those students who were also awarded $176,741 in scholarships and fellowships. In addition, DRI paid $4.4 million to postdoctoral scholars.

-DRI’s direct return on state-funded investment is $5-to-1 with $45.5 million in revenue leveraged from $8.2 million in state funding last year.

-Moving DRI into the universities would cost the state approximately $3 million annually because of the change in federal tax and grant status.

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Nevada and Georgia tied as the two states with the highest entrepreneurial activity rates in the country, according to the “Kauffman Index of Entrepreneurial Activity,” a leading indicator of new business creation in the United States.

The annual index shows that Nevada and Georgia both had 510 per 100,000 adults creating businesses each month. They were followed by California at 470 per 100,000, Louisiana at 460 and Colorado at 450.

Nevada is struggling to emerge from a historic economic downturn. The state leads the nation in unemployment and home foreclosures.

Gov. Brian Sandoval has made job creation a top priority to help grow Nevada out of its economic funk. State lawmakers are working on their own job creation initiatives as well. Read full story:

Nevada’s Alternative Energy sector remains at the forefront as a possible way for the Silver State to diversify.  One of the biggest concerns is whether or not that diversification will be sustainable after the solar and wind farms are actually built.  Recently, executives representing alternative energy companies in Nevada met at the law offices of Holland & Hart in Reno to discuss the issues facing this developing industry.

Connie Brennan, publisher of Nevada Business Magazine, served as moderator for the event.  These monthly meetings are designed to bring leaders together to discuss issues pertinent to their industries.  Following is a condensed version of the roundtable discussion. Read full story: