Nevada: Seeing The Future
When Governor Joe Lombardo signed AB77 in July, Nevada made history by becoming the first state in the nation to sign “‘Right to Start” legislation. The bill aims at fostering entrepreneurship and economic growth, marking a significant milestone in the state’s commitment to empowering individuals and spurring young company growth. AB77 establishes a dedicated Office of Entrepreneurship within the Nevada Governor’s Office of Economic Development (GOED).
“AB77 is a testament to Nevada’s commitment to creating an environment that fosters entrepreneurship and fuels economic growth,” said Gov. Lombardo. “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. This legislation reinforces our state’s reputation as a destination for new businesses and sets the stage for future success.”
AB77 embraces Right to Start principles that foster entrepreneurship growth and expand tactical opportunities for all, unburdened by unnecessary regulations and barriers. By looking at ways to eliminate red tape and streamline the process for starting a business, Nevada is paving the way for a vibrant entrepreneurial ecosystem.
“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. “AB77 stands in the tradition and history of Nevada as a trailblazing, pioneering, and entrepreneurial-at-its-core-state. To support its successful execution, GOED will have a dedicated Office of Entrepreneurship with two full-time employees working to strengthen policies and programs supporting the growth of entrepreneurship in the state.”
The Office of Entrepreneurship 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 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.
Victor W. Hwang, the Founder and CEO of Right to Start, stated, “Entrepreneurship is the cornerstone of economic prosperity in the 21st century. With the passage of this bill, Nevada takes a huge stride towards empowering its citizens and propelling economic growth. The dedication of Nevada’s leaders to creating a nurturing environment for entrepreneurs is a testament to their forward-thinking vision. The Right to Start Act will unlock opportunities for Nevadans who are striving to build their dreams, create jobs, and make an impact.”
