CEO & Business Development Update | June 2018

CEO & Business Development Update | June 2018

CEO Updates

Exciting news as we work to attract and grow technology in the region: 5 Reno startups recognized for bringing 125 tech jobs, RGJ – June 5.  Five Reno startups, including a company that caters to endurance athletes and one that specializes in connected products, were recognized by officials for creating high-paying jobs in the Biggest Little City. BreadwareThe SufferfestTalage,  MyVR and Bombora were touted by Governor Brian Sandoval and Reno Mayor Hillary Schieve for bringing 125 new tech jobs to the area and successfully raising more than $10 million dollars in funding. The average annual wage for these jobs is $77,000.  Here is the full article.
Congratulations to our Powerful Women! More than 700 people gathered at the Atantis Resort Spa Casino for Northern Nevada Business Weekly’s 2018 Sierra Nevada Powerful Women Awards luncheon on May 30.  The event honored the Sierra Nevada Top-20 Powerful Women winners. Additionally, the Top-10 Women of Exemplary Achievement were also recognized. Our very own, Nancy McCormick, Senior VP Retention, Expansion and Workforce Development, Economic Development Authority of Western Nevada (EDAWN) was one of the winners.  Go Nancy 911 and all the other amazing powerful women in our community.  Here is the article.
We’re In the Top 10 Best Small Cities at #6 – according to Resonance Consultancy.  Buzz, recreation and an emerging tech industry launched Reno to No. 6 overall among small cities.  “By incorporating user-generated metrics, instead of just relying solely on economic indicators, one can get a more complete picture about a city,” said Chris Fair, Resonance Consultancy president. Reno’s strong showing in this year’s rankings made it one of eight small cities that Resonance Consultancy is especially keeping an eye on as an up-and-comer in the destination space, Fair said.  Here is the RGJ Article.
Another option for Air Travel to the Bay Area: JetSuiteX is starting air service to Oakland, with 12 flights per week starting at $129 one way.  “The arrival of companies such as Tesla, as well as Northern Nevada’s increased focus on startups, has led to an increase in business travelers flying between Reno and the Bay Area,”  said Rachel Porges, JetSuiteX, Vice President, of marketing and business development. Porges believes that JetSuiteX’s semi-private approach to flying and competitively priced fares provide an advantage that many travelers will find appealing. Here is the RGJ Article.
Meltwater – May 15, 2018 – Innovative Approach Helps Reno Lure High-Growth Companies – Cities that want to attract high-growth companies for their energy and job openings now have a new tool. Bombora and the Economic Development Authority of Western Nevada, aka EDAWN, announced today that Reno, Nevada, has used Bombora’s data to find startup companies that are thinking of expanding – and a number of those companies are now considering Reno offices and headquarters along with other competing cities. Here is the article.
The Dorms On Sage Street needs community support: Dorm-style housing project proposed for vacant Sage Street lot in Reno – Channel News 4 – April 25, 2018.  The Reno City Council is moving forward with a dorm-style housing project proposed for the vacant lot at 250 Sage St. Council voted unanimously, Wednesday, April 25, to take the next steps in getting the project underway. The project will provide about 200 people with affordable housing but needs $3.2 M in financial support for the $8M effort. Here is the full story.  Please go to https://nevadafund.org/housing/ to provide support.

The EPIC Report with actual numbers updated. RCG Economics has update the chart using the most recent census numbers with seasonal adjustments.  While very close to projections, given the anticipated growth this year we expect to exceed the projections by the end of this year. Actual numbers graphs.

There is a housing shortage nationwide. According to the National Association of Realtors, “Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.”  Nevada has one of the hottest markets for sellers.  This month, the index showed (again) that home buying demand continued to outpace the supply of homes available in January. Here is the article.
Housing remains a concern: The chart below shows the number of permits for new housing units (including apartments and condos) pulled in the past few years, compared to the goal of 6,000 per year. Note that 12 years ago, in 2005, we were over 6,700 permits.  The 6,000 units a year goal just meets the projected demand for housing, so we continue to fall short of the number needed.
Here is the latest RGJ article:
Water is not a constraint to our growth! The good news is that for the Reno-Sparks metro area, primarily managed by Truckee Meadows Water Authority (TMWA), there is little reason to be concerned about water. Actually, water availability is one of our competitive advantages as we look at continued growth and economic diversification. In fact, we could almost double the Reno-Sparks population and have no real water constraints. . Here is the full article.
 
EDAWN articles, published in the RGJ, are stored on our website. Here is the link to the library.

Business Development Updates

The Business Development team met with 8 companies in May. Two have made multiple visits to meet with EDAWN and are expected to make final decisions in the coming months.
The BD team had 18 new leads and projects that were added to the pipeline. They continue to identify clients who are looking to grow their business in the Western U.S., locating them in closer proximity to market and as suppliers to manufacturing.
Stan Thomas attended the Industrial Asset Management Council conference and met with 16 site consultants. This also resulted in discovery of 3 companies that are currently looking at Nevada and an opportunity to connect with them.
To contact the Business Development team, please email EVP, Stan Thomas, VP, Chris Ault, Jr. or Program Manager, Norma Yamaji

Partner Update

World Class companies use Lean Manufacturing principles to gain a competitive edge and higher profit. Consider attending Lean Manufacturing 101, presented by NVIE, on Wednesday, June 27, 2018 in Carson City. For more information and to register, go here.
The Veterans and Senior Citizens Small Business Loan Program offers loans from $500 to $20,000, with very favorable interest rates and terms, to businesses that are majority owned by Nevada veterans or seniors (62 or over). These loans are 0% interest for the first year, the term can be up to four years, variable interest for year 2-4 currently at 6.25%, and available to start-up businesses. Contact Leanna at 702.734.3555 or go here.
If you are interested in green building techniques, sustainable practices and strategies, energy, resource and water conservation, and healthy interiors it’s time to get your professional green credentials. Your first step is to pursue your LEED Green Associate accreditation and this in-person, live webinar will set you up for success! ReEnergize Reno is proud to co-sponsor this exciting opportunity for a FREE exam preparation course for the LEED Green Associate credential. Important course details are contained in the Eventbrite invitation. Please REGISTER for either the in-person class or WebEx. In-person, space is limited.
The Nevada Procurement Technical Assistance Center (PTAC), Procurement Outreach Program (POP) provides a wealth of information related to contracting with the State and other government entities. Get the latest information about government purchasing changes or learn more about best practices when dealing with the government or government contractors by participating in their ongoing seminars.  For more information, go here.
NVIE will also present “Keys to Successful Leadership” on Wednesday, June 20th in Reno. This course is designed to share important strategies for optimizing your success. For more information, go here.
The Stat Pack is a monthly business e-report, co-authored by Mike PeQueen of HighTower Las Vegas and John Restrepo of RCG Economics, with input from Brian Bonnefant of UNR. It combines important metrics relevant to business decision makers and financial commentary on current issues facing the Nevada economy. The Stat Pack features data and dialogue about the Southern and Northern Nevada economies.  Here is last Friday’s Fact Pack!

Major Investor of the Week

Priority1 – Pre-Employment Screening Services – Priority1’s main goal is to provide each client a unique and fast experience in all pre-employment testing needs in days not weeks. We are the only company in the State of Nevada that can provide our clients with both Certified Background Checks compliant with the FCRA and a full spectrum of drug screening options (including Urine, Hair, Swab, and 80-Hour Alcohol Look-Back) in a fraction of the time. (PILB 1782 and Cali Pi 188095)

EDAWN Events

Nominations Closing June 15th for EDAWN’s Arts & Business Awards!
The EDAWN Arts & Business Luncheon & Awards, to be held on September 13, 2018, will highlight and recognize businesses and individuals who have shown outstanding support and engagement with the local arts community. To nominate a deserving business, organization or individual, visit: www.edawn.org/news-events/arts-business-awards. Nominations are open from May 1 through June 15. Winners will be announced at the luncheon on September 13, 2018. For more information, please contact Sheila Imsdahl or call 775-829-3704. For more information, go here.
Thank you to our Title Sponsor:
 
Ready, Set, Go! – Mark your calendars for the 7th annual EDAWN Existing Industry Awards, scheduled for Thursday, October 18, 2018, at the Grand Sierra Resort. Take this opportunity to highlight and recognize the accomplishments of the many great primary employers in the region. Be ready to nominate yourselves, a client, or a company you may know when nominations open on Monday, June 18th. Attention Existing Primary Companies…. now is the time to take advantage of free recognition for your company and to spread the word about your many contributions to the region. Award categories and General Criteria are posted on the EDAWN website here.

 

To view EDAWN’s 2018 list of events, go here. For more information, please contact Sheila Imsdahl or call 775.829.3704.
For a calendar of additional 2018 EDAWN  Entrepreneurial events, please visit Startup Digest Reno. For more information, please contact Katie Romanko or call 775.829.3702.
2018-06-13T12:07:21+00:00