CARSON CITY – When Governor Joe Lombardo signed AB77, Nevada made history by becoming the first state in the nation to sign ‘Right to Start’ legislation, according to a news release from the Governor’s Office of Economic Development (GOED).
The bill aims at fostering entrepreneurship and economic growth, according to Lombardo.
“AB77 is a testament to Nevada’s commitment to creating an environment that fosters entrepreneurship and fuels economic growth,” he said. “By working to remove unnecessary hurdles for new, young companies, we are empowering all our residents to bring their innovative ideas to life and contribute to our thriving economy. “
The bill creates the Office of Entrepreneurship, which will work with stakeholders and organizations supporting entrepreneurship in the state to enhance the skills of entrepreneurs and provide support and guidance, according to the news release. The Office will serve as the point of contact to assist businesses in operation for five years or less in their interactions with state agencies and, where appropriate, refer businesses to other state and local agencies that help businesses.
The office will submit an annual report to the Legislative Commission that will include many key indicators and metrics for new, young companies such as state government contracts obtained, demographic, regional data, and recommendations for improving overall entrepreneurship in the state. The legislation encourages 5 percent of the total number of state government contracts to be awarded to businesses principally located in Nevada that are less than five years old.
“GOED will play a pivotal role in implementing AB77,” said Karsten Heise, GOED’s Senior Director of Strategic Programs and Innovation who will oversee the office, which is expected to commence operation before the end of the year. The GOED will house a dedicated Office of Entrepreneurship with two full-time employees.
The office will be tasked with developing and tracking relevant data and metrics culminating in an annual status assessment of entrepreneurship in the State which will be crucial in informing legislators and economic developers.
“So far, we only have sporadic and anecdotal evidence at best and this dynamic regular assessment will be groundbreaking,” Heise said.