Nevada adopts ‘Gener8tor’ program to fund small businesses

March 12, 2022 GMT

RENO, Nev. (AP) — Nevada is backing a bid to boost entrepreneurship and improve access to funding for small business and startup accelerators in two of its largest cities.

Gov. Steve Sisolak announced the effort on Tuesday with Mayor Carolyn Goodman of Las Vegas and Mayor Hillary Schieve of Reno.

The programs dubbed Gener8tor are partnerships with a Madison, Wisconsin-based venture capital firm.

The governor, a Democrat, said one-person and two-person enterprises are important to the Nevada economy, and the idea is to develop what he termed “home-grown innovation.”

The Reno and Las Vegas Gener8tors will partner with the Nevada State Small Business Credit Initiative to invest in at least 10 small businesses and startups each year, the Reno Gazette Journal reported.

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Companies that get a spot will receive $100,000 in funding, and the program will provide mentorship and growth planning.

Gener8tor co-founders Joe Kirgues and Troy Vosseller said they want to cross race, place and gender boundaries with a national network of companies that have an incentive to “start here, hire here and stay here.”