Nevada State Senator Kieckhefer introduces entrepreneurship and startup Initiative

Senator Ben Kieckhefer, whose district includes Reno and Carson City, introduced a legislative package Tuesday to strengthen Nevada’s entrepreneurial ecosystem and ensure Nevada is the destination of choice for business startups and entrepreneurs. The package includes a first-of-its-kind $45 million venture capital fund for businesses in the state.

The legislation includes efforts surrounding:
● Blockchain Technology: Senate Bill 398 will ensure Nevada’s laws provide a stable, predictable, and welcoming environment for businesses using blockchain as well as entrepreneurs developing its potential in future businesses.

● Venture Capital: Senate Bill 349 will create a professionally managed venture capital fund that incentivizes legacy Nevada businesses to invest in Nevada startups and builds the knowledge base to further develop technology and innovation businesses in Nevada.

● Professional Licensing: Senate Bill 354 will reform the state's professional licensing structure to remove barriers that prevent people from relocating to Nevada to start new businesses and break down industry’s use of licensing for protectionism rather than public safety.

● Non-compete Covenants: Senate Bill 222 establishes reasonable guardrails around businesses’ ability to restrict a worker’s future employment or ability to start a new business in their area of expertise.

“We have had tremendous success in recent years attracting new businesses to Nevada through our economic development efforts,” said Kieckhefer. “This package of bills is designed to foster and support the state’s entrepreneurial ecosystem moving Nevada into a new stage of economic development which focuses support on our entrepreneurs as they seek to start and grow the next big thing.”

Business startups and economic development agencies from across the state helped to craft these bills and know firsthand the importance of supporting the entrepreneurial ecosystem.

The Reno-based technology company Filament recently received significant capital investment and is basing its company on blockchain technology.

“This entrepreneurship and startup initiative is an important step in making Nevada a more competitive and friendly place to start new high-growth businesses,” said Filament Founder and CEO Allison Clift-Jennings. “Nevada’s willingness and interest to nurture new technologies, including the blockchain, shows that this initiative is more than talk - this will literally help Filament further establish itself as a leading tech startup in northern Nevada.”

Robert Goldberg, a serial entrepreneur, early stage technology investor, and long-time Nevada resident, said SB349 will make many improvements to Nevada’s startup ecosystem.

“SB349 is a true partnership that leverages funds and efforts across the private and public sectors,” said Goldberg. “It will have a tremendous impact on the ability of our state to support local entrepreneurs, attract high-wage and job producing technology companies, and cultivate the emerging investor ecosystem, all of which is critical to build on and extend the successful economic development track record of Nevada.”

Both the Las Vegas Global Economic Alliance (LVGEA) and the Economic Development Authority of Western Nevada (EDAWN) have made commitments to helping small and startup businesses.

“SB 349 addresses the access to capital problem, which is one of the key challenges in Nevada’s entrepreneurial ecosystem,” said Doug Erwin, Vice President of Entrepreneurial Development at EDAWN. “This bill will help startups attract local capital, improve the capital ecosystems, and fuel startup job creation statewide.”

“Startups and small businesses are the foundation of our economy,” said Jonas Peterson, President and CEO of the LVGEA. “This package of bills would help Nevada strengthen that foundation by creating an even more attractive operating environment, providing capital, and creating jobs.”

Senate Bill 222 regarding non-compete covenants had its initial hearing in the Senate Committee on Commerce, Labor, and Energy on March 8. Sen. Kieckhefer is working with the committee chairman on a schedule for moving the bill out of committee and to the Senate floor for a vote.