CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Shani Coleman, Director of Community and Economic Development |
Recommendation:
title
Approve an Amendment to the Agreement with StartUpNV for a Startup Business Incubator and Seed Fund Program; and authorize the County Manager or his designee to sign the Amendment; or take other action as appropriate. (For possible action)
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FISCAL IMPACT:
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Fund #: |
2981.600 |
Fund Name: |
State and Local Fiscal Recovery Funds |
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Fund Center: |
9990108721 |
Funded PGM/Grant: |
2.9 SMALL BUS ASSIST |
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Amount: |
No fiscal impact |
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Description: |
Startup Business Incubator and Seed Fund Program |
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Additional Comments: |
N/A |
BACKGROUND:
On November 1, 2022, the Board of County Commissioners approved an award of $600,000 in Clark County Fiscal Recovery Funds to local non-profit, StartUpNV, to develop a new entrepreneurship assistance program focused on underserved communities most impacted by COVID-19.
The Startup Business Incubator program, which focuses on disadvantaged communities, was to run for a two-year period until December 31, 2024, to provide hands on training for first-time entrepreneurs to evolve to venture capital worthy businesses. Participants attend a five-week bootcamp with subject matter experts and mentors in a co-working facility designed to foster innovation.
Amendment No. 1 extended the contract through July 1, 2026, as well as increased the award by $1,675,079.97. This allowed the subrecipient to offer up to three additional five-week bootcamps and provide 50 seed funding grants of up to $25,000 for graduates of the bootcamp program.
Approval of this Amendment will allow the subrecipient to administer the redeployment of grants for the Seed Vegas Program to companies that have demonstrated commercial scalability and growth in their business operations. Companies that meet or exceed Key Performance Indicators (KPIs) are eligible for additional tranches from the remaining redeployed funding of $758,185.95 with grants ranging from a minimum of $25,000 up to $75,000 for Seed Vegas Program companies.