Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Las Vegas redevelopment agency approves Startup NV to manage International Innovation Center
Summary
The redevelopment agency approved a one-year operations and management agreement with Startup NV for the International Innovation Center at 300 S. Fourth St., including a 50/50 revenue split after utilities and performance reviews.
The City of Las Vegas Redevelopment Agency on Aug. 20 approved a one-year operations and management agreement with Startup NV, a Nevada nonprofit, to operate the International Innovation Center at 300 South Fourth Street, Suite 180.
The agreement is intended to reduce city subsidies, share revenues and bring programming and partnerships to the 11,000-square-foot innovation center, Deputy Director of Economic and Urban Development Christopher Butte told the agency. “We expect [the] outcome of this agreement to basically improve our financial stability through shared revenue and reduce subsidies and enhance the startup ecosystem impact through curtailed programming that Startup NV brings in partnerships and then streamline operations and reduce personnel strain on city staff,” Butte said.
Startup NV will operate under a one-year contract with an option for an additional year and periodic performance reviews, and will split revenues with the agency 50/50 after utilities are paid, Butte said. Maggie Snelling, chief operating officer for Startup NV, described the organization’s statewide programming and said the nonprofit has worked in the city’s innovation center since 2018.
“As of 02/2017, we’ve worked with about 400 startups, they have raised about $80,000,000 in capital, created over 600 jobs,” Snelling said. She also described Startup NV’s programming including an SBIR accelerator, coaching for incubator companies and an investor education program that aggregates smaller investments into larger matched funds.
Councilwoman Diaz moved to approve the item; the motion carried. The agency’s agenda packet ties this item to a related city council item (R-58-2025). The agreement includes performance review provisions to allow the agency to assess results during the contract term.
Agency members and presenters framed the agreement as a way to activate a city-owned asset, increase programming for entrepreneurs, and reduce personnel burdens on city staff. The agency did not provide a vote tally in the meeting minutes; the motion was recorded as approved.
