Blog Posts

Introduction

Team building inspired by self-organizing systems in nature, like ant colonies, can foster innovative and harmonious collaboration in start-up teams. Just as natural systems autonomously organize for efficiency, empowering team members to self-organize and make collective decisions based on their strengths enhances creativity and adaptability. 

Individual and team innovation complement each other, with introverted thought leaders like Susan Cain and J.K. Rowling showcasing the power of introspection in driving groundbreaking ideas. 

Team building and innovation are essential for startups’ success in the rapidly evolving entrepreneurial landscape. Effective team building lays the foundation for a strong organizational culture, supporting innovation and aligning the workforce with the company’s mission. Balancing individual strengths with collaborative dynamics ensures a holistic approach to progress and creativity, enhancing the ever-evolving landscape of innovation and team building in today’s competitive business world.

Out of the Box: My Creative Process as a Founder, Biohacker and Artist

As a founder, innovator, creator, inventor, and artist I delve into my process of unleashing creativity beyond conventional limits. I have formulated this methodology into a simple but deep process that I summarize formulaically as A+I+A = manifestation. This is a formula for individual ideation appropriate for founders, thought leaders, visionaries, and creators. This process sets the stage for “out-of-the-box” ideation.

1. Opening the Portal: Initiating a connection from the subconscious to the conscious by adopting the perspective of a beginner (the Beginner’s Mind) and suspending the conventions of consensus reality. Then, through meditation and focused attention, accessing creative states of consciousness. 
2. AI Integration: Welcoming the era of AI collaboration to enhance creativity and ideation, enabling innovators to thrive in this dynamic age of creation. 
3. Anthem, Image, Action (AIA): Engaging with the morphogenetic field to receive images and anthems that spark readiness for unique actions, transcending traditional notions of creativity.
4. Union of Yin and Yang or the Above and Below: Embracing diversity and honoring polarities and seeking unity of the conceptual left and right, above and below, divine and secular. Fostering a surge of innovative ideas while ensuring balanced manifestation into reality.
5. Moonshot Exploration: Propelling towards conquering audacious death-defying, world-changing ideas and the quest for innovation and exploration drives creativity, amplifying through intricate alignment with separate but symbiotic living systems extending from the mitochondria the source of the life force in the body to impressions received and transmitted through quantum fields and received at the genetic level.
6. Live Long and Prosper: Encouraging a continuous state of receptivity and amplification of creativity, I envision a future where individual, team, and community alignment and innovation lead to transformative impact and shared knowledge.

For the full presentation [https://youtu.be/XSpx2gi0-z4?si=-hpPgY0iCjoSA7Wo ]

A Proven Process for Establishing Core Values

My process was inspired by Zappos, a multi-billion-dollar online retailer known for its customer-centric culture. I learned and adapted their unique and engaging process to establish core values that set the stage for innovation and collaboration. I mirrored the following steps of their process which is the ultimate team-building exercise to unlock creativity in start-ups and modern companies of any size in any industry:

1. Involvement of All Employees: Zappos engaged all employees, from top executives to frontline staff, in the core values creation process. This inclusive approach ensured that the values represented the collective beliefs and aspirations of the entire organization.
2. Brainstorming Sessions: Employees participated in brainstorming sessions where they could freely suggest values that they believed were essential to Zappos’ culture and success. This open exchange of ideas fostered creativity and collaboration among team members.
3. Voting and Consensus Building: After generating a list of potential core values, employees were given the opportunity to vote on the values they thought were most important and resonated with them. This democratic process helped prioritize values that were widely supported by the team.
4. Refinement and Definition: The values that received the most votes were further refined and defined collaboratively. Employees discussed and clarified the meaning and relevance of each value to ensure a shared understanding across the organization.
5. Integration into Company Culture: Once the core values were finalized, Zappos actively integrated them into various aspects of the company, including hiring, performance evaluations, and decision-making processes. The values became a central part of the organizational culture and guided behavior and decision-making at all levels.
6. Continuous Evaluation and Evolution: Zappos recognized that core values should not remain static. Therefore, the company regularly evaluates the relevance and effectiveness of its values, soliciting feedback from employees and revisiting the values as needed to ensure alignment with the evolving needs of the organization.

By involving all employees in the process, emphasizing collaboration and consensus-building, and integrating the core values into the fabric of the organization, Zappos successfully established a set of core values that reflect its unique culture, drive employee engagement, and guide innovation and decision-making to create a positive and thriving work environment.

The Ingram Evaluation Matrix: A Risk/Opportunity Evaluation Model Summary

Innovation without manifestation is unfulfilled, and therefore empty. Chapter 12 of my book, *Neobank – Navigating the Future of Banking*, covers the linear analytical part of the innovation process that guides decision-making and governance. This chapter focuses on evaluating and prioritizing creative outputs, new products, and business ideas. The process is designed for individual founders, investors, and bankers, and is scalable for both startups and large organizations, including for-profit and non-profit entities, angels, and institutional investors. It can be applied for in-depth due diligence or quick reviews. The chapter emphasizes the importance of risk mitigation over complete risk elimination when evaluating financial products, whether for individuals or large organizations. Scaling the principle of risk mitigation is crucial, with a model that focuses on financial impact and risk applicable across a wide range of stakeholders. 

About the Book: https://usinsider.com/revolutionize-banking-and-health-with-kiron-ais-neobank/

1. Strategy/Strategic Fit: Strategy encompasses plans, goals, means for accomplishment, and tactics, reflecting desired outcomes and the journey. Strategies evolve and adapt as decisions deviate, impacted by the dimensions of Financial Impact, Feasibility, and Risk.
2. Financial Impact: Vital to survival, financial impact is a foundational resource influencing thought, innovation, and function. Decisions prioritize immediate needs over potential future gains, aligning with strategic fit and survival before passion.
3. Feasibility: Concerned with practical enterprise aspects, feasibility evaluates resources and expertise alignment for ventures, advocating following one’s passion and accepting risks to step into the unknown with inspired vision given commensurate rewards.
4. Risk: Fear of risk exists at various levels, requiring mitigation rather than elimination. Risks span regulatory, legal, compliance, reputational, and economic factors, necessitating constant reassessment and adaptation in response to evolving circumstances.

The chapter also touches on character assessment methods, highlighting the Five Cs of Credit used by investment bankers.

Use Case: Putting Jack Back Into the Box

Truly scalable and enduring principles are observable in nature. This is what inspires my vision of innovation and creation within a community called a “start-up” or any other living entity, organism, or organization. I was intrigued and inspired by Tony Hsieh and his team when I moved to Vegas and Tony’s attempts to incorporate concepts of self-organizing complex systems into the fabric of his corporate Zappos culture. One perennial artifact of his organization was its core values. At first, I thought I would just take their brilliant core values and adopt them for my own startups but after talking with his key lieutenants I realized that the journey or the process was as important, if not more, important as the final output.

Our core value team building method went like this…

1. I sent a brief email to all staff (18 at the time) asking them to write in narrative or bullet form in as much or as little detail as they wanted to express their personal values, hopes, dreams, and aspirations not only in work but in life in general. I told them this was the first step in what would provide the foundation for our culture going forward and that everyone’s input was equally valuable. There was no agenda or right or wrong answer. The only requirement was participation.
2. Next, I gathered all the responses into one long anonymized indexed document and set half a day aside to review as a team with the entire team.
3. I handed out the document on paper for all participants an hour or two before the meeting, enough time for everyone to read and think through it.
4. We held a meeting. I facilitated and we whittled the list down to about a dozen unique items. We were all a little surprised to see the extent of consensus and overlap in values. With brainstorming, debate, and discussion we found 100% consensus around a list of 10 core values that encompassed everything that everyone wanted. Everyone was heard and bought in. This buy-in established goodwill and an immeasurable surge in initiative, innovation, responsibility, and commitment to corporate goals and set the tone for the culture going forward. 

The original core values agreed to were as follows:

1. Dare to dream and be inspired – because opening our minds to possibilities is the first step towards realization.
2. Think like a customer – what would “wow” you in any situation? Try to do that.
3. Take responsibility for what is – we take initiative and find solutions; we think like owners.
4. Embrace and drive growth and learning – we move forward to embrace positive change.
5. Preserve and protect integrity – we provide safety and security for our people, systems, and customers.
6. Edify and emulate excellence with passion and determination – we seek the best and when we find it, we feed it, celebrate it, and emulate it.
7. Determine needs before solutions – we listen, evaluate, and prioritize before acting.
8. Build a positive team and family spirit with communication.
9. Take time to rest, play, and recharge – we make time to play.
10. Be real – even if it is a little bit weird.

Wrapping Up: Team Building and Innovation for Start-Ups

The master key to unlocking innovation within the organization is collective, unanimous agreement on the journey and the destination. With this established, everyone finds their natural role within the organization vacancies and gaps reveal themselves and the solutions follow relatively naturally. The next step after ideation is creation and manifestation which requires rigorous and vigorous action. Core values will keep the team engaged through this part of the start-up journey, feeding the seeds of ideation so that they may take root and begin the cycle of robust sustainable growth. 

In the realm of innovation, individual creativity, and team collaboration serve as distinct yet complementary forces driving progress. While team innovation thrives on diverse ideas and collective expertise, individual innovation offers a unique perspective shaped by personal insights and introspection. Introverted thought leaders like Susan Cain and J.K. Rowling exemplify the power of solitary reflection in sparking groundbreaking ideas. Their ability to honor individual strengths and delve into quiet contemplation showcases the depth and authenticity that individual innovation brings. Balancing both individual introspection and team dynamics ensures a holistic approach to creativity, appreciating the richness that each avenue contributes to advancing innovation and fostering transformative growth.

Written by Ronald Ingram 

I am a multidisciplinary innovator, artist and entrepreneur with over 25 years of experience innovating and creating. As the Executive Chairman of Maxwell State Bank, I lead teams of experts in delivering state-of-the-art financial services, private banking, and financial wellness education to businesses and consumers. I also founded multiple fintechs and neobanks that leverage artificial intelligence, cybersecurity, and web 3 technologies to create and disrupt markets.

Team Motivation: An AI + Human Perspective 

Today’s question is, how do we maintain team motivation during turbulent times?

In this blog by Las Vegas based FarsideHR Solutions, we’re going to take a modern approach to this age-old question. First we’re going to ask ChatGPT to summarize the basics. Then we’re going to add human experience and insights.

As a husband and wife CHRO and organizational effectiveness consulting duo, we’ve helped 70+ private and public companies solve for scaling, efficiency, productivity and performance.

Let’s see how AI + human experience tackles this perpetual management challenge.

ChatGPT:

Maintaining team motivation during turbulent times requires a multifaceted approach centered on clear communication, support, and adaptability. Firstly, ensure open and transparent communication. Regularly update the team on the situation, goals, and any changes, fostering a sense of security and trust. Encourage team members to voice their concerns and ideas, ensuring everyone feels heard and valued.

Secondly, reinforce a shared vision. Remind the team of the larger purpose and how their efforts contribute to the overall goals. This can help maintain a sense of direction and collective purpose.

Thirdly, provide support and resources. Offer training, tools, and mental health resources to help the team navigate challenges. Show empathy and understanding, acknowledging the difficulties they face.

Fourthly, promote a positive and inclusive culture. Celebrate small wins and recognize individual and team achievements. This boosts morale and fosters a sense of accomplishment. Encourage collaboration and teamwork, creating opportunities for team members to support and learn from each other.

Finally, be adaptable and flexible. Allow for adjustments in work processes and expectations to accommodate the changing circumstances. By implementing these strategies, leaders can sustain team motivation and resilience, even in the face of turbulence.

Jennifer:

As always, a solid checklist from our AI co-pilot.

Derek:

Of course, it’s missing a lot of context. So much of what goes into maintaining team motivation started way back during the recruiting process for each team member. My default belief is that creating a ‘Theory Y’ culture (that employees want to work, want to take responsibility and do not need much supervision) is best. That starts with screening and selecting who gets through the front door following intentional communication about the needs and interests of both the organization and the employee. A big shout out to Talent Acquisition teams who understand their strategic importance vs. just order taking!

Jennifer:

100%. The ‘deal’ for every organization sets expectations at the beginning of the relationship. Those expectations are either met or not met. A large gap in expectations vs reality creates a massive “I didn’t sign up for this!” mental deficit. And that can create a mental brick. There’s a big difference between working on a factory line, joining the army, working for private equity owned firms or venture capital firms. The deal is just different. If you’re entrepreneurial at heart, don’t join a 150,000 person organization and expect it to change fast. 

Derek:

I suppose managing expectations falls under the broad category of ‘culture’ and when we talk about culture, we have to talk about manager consistency and competency. Culture is ‘how we do things around here’ and if we have managers leading with inconsistent or random operating principles, it can add to confusion and the breakdown of trust. 

Jennifer:

And when I think of the highest performing and most motivated teams I’ve worked with, the presence or absence of trust has been the #1 differentiator. Some of the most motivated teams were fighting impossible odds to make the organization just survive. Some of the most demotivated teams no longer ‘assumed good intent’ whenever ANYTHING was said (goals, recognition or changes in direction).

Derek:

Which brings up the inconvenient truth – you can be doing everything ChatGPT suggests, but if you misrepresented expectations to people coming in the front door and then some/all managers act in erratic trust busting ways, then you can provide updates, talk about your vision, show support and celebrate wins at every all-hands. But your engagement scores are going to stay stubbornly in the red as people perceive the say/do gap in their day to day experiences. We’ve said it again and again, just focus on Making Managers Awesome

Jennifer:

This is the true change management/culture reset zone. Get the right people and managers on the bus in the right seats doing the right things. Then get the wrong people off the bus. Intentional organizational re-planning is necessary when full trust breakdown has happened. Some people can’t let things go, won’t trust new leaders with fresh momentum, or continue to obsess on marginal special interest goals that are no longer a priority. It’s not a popular thing to say, but the most motivated people can become quickly demotivated when management tolerates these unproductive behaviors. You have to also include removing the folks that can’t evolve as part of your motivational strategy.

Derek:

So we have:

1. Proper recruiting and aligning on a clear deal/expectations at the front door.
2. Focus on trust and confidence building across all management layers (Say it, do it, talk and tell success stories). Some of the ChatGPT suggestions may help guide managers who are still honing their craft.
3. And don’t be afraid to actively exit those who don’t want to be on the bus or won’t get into the right seats doing the right things. It’s not your first choice, but don’t be afraid to do so.

Anything else to add?

Jennifer:

We can’t ignore the value of pay and rewards as a proper hygiene practice vs emergency response. This is a trust thing too. You just can’t get into the habit of saving people who have resigned with last minute bonuses and creating an environment where you have to quit to get recognized. Avoid ‘the squeaky wheel gets the grease’ trap.

Derek:

That’s a whole master class. Retention bonuses and stay bonuses alone are not a solution without the corresponding system wide reset on performance expectations. As with all complicated problems, a highly motivated team is the by-product of a well designed and executed management system.

Jennifer:

And that rounds out our additional insights:

1. Pay and rewards are best set up as a proactive and fair system that people understand and can achieve.
2. There are no simple listicles here. The key to success is an intentional high performing and motivational life-cycle system based on predictable/repeatable and trustworthy inputs and outputs. People need to understand how to be successful in this system. And if we take the ‘Theory Y’ approach, people will be motivated to achieve their highest potential if the system is well designed and consistently executed.

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About FarsideHR Solutions

As a husband and wife CHRO and organizational effectiveness consulting duo, we’ve helped 70+ private and public companies solve for scaling, efficiency, productivity and performance.

About Jennifer Farris 

Jennifer is a seasoned HR executive and consultant. She has been a part of the technology start-up scene for close to 20-years and has led many of her organizations through some of their highest growth and infrastructure scaling needs. Jennifer is currently the Chief People Officer at Verana Health. Prior to joining Verana, Jennifer was the Chief People Officer for Terminal. Before that she ran her own consulting firm where she worked with companies such as Virgin Galactic, Flexport, Grammarly, Ampush & Udemy.

Jennifer has her Masters from University of Edinburgh, Scotland and her BA from Santa Clara University.

About Derek Sidebottom 

Derek is a multi-industry 20+ year high growth HR executive with extensive talent, consulting and HR Tech product advisory experience. With multiple IPO’s, M&A’s, hyper growth scaling and top employer awards across diverse industries, Derek continues to lead and embrace excellence within talent dependent organizations. Derek holds a BA is Psychology from L’Université d’Ottawa, a Graduate Diploma in Human Resources from Humber College and an MBA from Athabasca University

 

 

Winning a pitch competition is an exciting accomplishment for a startup, even if an investment doesn’t immediately follow. It means the company has convinced judges that it has a compelling idea, large market opportunity, and an experienced team to bring the product or service to market successfully.

The Basics

Winning a pitch competition is not the same thing as getting an investment. The goal is different; as is the way it is presented. Knowing who the judges are is an important element in planning the strategy. If the judges are investors, then the pitch should be similar to one that would be presented to them. If the judges are other founders or people from entrepreneur support organizations, another strategy is called for. If the judges are from an organization that is sponsoring the event, depending on what their business is, a completely different strategy is needed.
For all of the above audiences, it is assumed that the pitch competition is being held in front of an audience, probably in a large room. In this situation, the slides should be engaging with photos or graphics that are easily discerned. If charts are used, they should also be large enough to be seen from the back of the room.
The pitch competition is a performance. It should be exciting! The presenter should be confident and want the attention to remain on his voice and persona, with the slides serving as enhancements to the story he is telling. And it is a story. It should have a beginning, middle and end. The story is about what the company does that is amazing and saves people time, money, sorrow, lives, or making people happy.
Let’s assume there is a 10-minute time limit. Ten minutes is enough time to tell the audience why the company was started, who started it, how the product or service works, what industry the company fits into, how the company will attract the people they are helping (customers), why the company will be successful, the impact it is currently having, and how an investor can play an important role in bringing the solution to others.

We’ll take each necessary slide in turn, but first let’s set the stage…
In a pitch competition, there will be several pitches in the lineup. Going first or last is desirable because the first pitch is when people are the most focused and the last pitch leaves an impression with the judges. The in-between pitches must stand out to be remembered by the audience at large. The goal is that the judges are taking the competition seriously and taking copious notes to recall what they liked or not about each pitch. Even the serious, dedicated judge will have his/her attention flag if there are more than 4 pitches to score. It’s inevitable. The middle presenters must do what they can to capture the attention of the judges and keep it for the duration of the pitch.
Understand that this is a performance. Do actors write a script and then go out and perform it for the first time in front of an audience? They do not. They practice and rehearse. They tape themselves and ask for input. They memorize the lines and then practice the intonations and the gestures they will use. They practice movement. They have marks on the floor to hit for certain points. This applies equally well for a pitch presentation. First, hone the slides. Then practice the script. Yes, it’s a script. Script it all: the pauses, the jokes, the pregnant pauses; all of it.

Practice 10 times by reading it, without slides. Practice 10 times in front of a mirror, without slides. Practice 10 times with the slides. Record the 11th time. Go perform it in front of a critical judge (no mothers please). Ask what they liked or not. Ask them to summarize what your product does and who it helps. Ask what was the best part; what was the worst part, hardest to understand or seemed disjointed. Now, go view the recording. Does what your “judge” critiqued as rough parts show as rough parts in the recording? Can you match what the person said to the recording? Can the script be changed to add clarity, humor or understanding? If so, do it then practice again, first reading, then in front of the mirror and then with the slides. Record yourself again. Practice a minimum of 40 times prior to pitch day.

To stand out and win, a pitch needs to tell an engaging story that paints a clear picture of the problem the startup is solving, why it’s important, and how its solution works. Simply reciting facts and figures is a surefire way to lose the judges’ attention. Most founders start a company because they have experienced some pain point and want to solve it for themselves. This is a good starting point for the story of why the company was created and the people it will serve. There should be some drama in the origin story, so if it didn’t naturally have drama, edit the story so that it does. Saying that “I could never send my large files through email and hated breaking them into smaller files” is much more boring than “I kept having to send large files to other tech companies and it was costing me an arm and a leg and 2 days to have a courier pick up a drive and deliver it to the customer, so I created an online place with unlimited storage and made it easy for others to access my files. That’s DropBox. One is completely accurate, the other paints a picture. Work on creating a vibrant picture of the problem, and the solution.

Let’s get into the key slides of a pitch deck…

The Problem

The presenter should start by vividly describing the problem the startup is solving in a way that resonates emotionally with the judges. They want the judges feeling the pain and frustration their target customers experience. The best problems to solve are big, obvious “gushing artery” type issues rather than minor “paper cuts.” The audience should be able to see the slide and recognize the problem. If it’s a technical problem, the problem should include how much time/money is wasted because the brilliant solution has not existed in the market yet. The problem is only one slide, two at most. If the problem cannot be made clear in two slides, it is not a big enough problem to spend time solving.
The Solution
Once the problem is clear, the startup’s solution should be explained in a straightforward, easy-to-understand way. If there were 3 parts to the problem, the solution should address each one of them.
Now the story can be finished and the startup takes the hero role by providing the solution to the story that ended in frustration at the top of the pitch. Warning: Do not show screenshots, do not show graphs for this. Tell the audience how it works, do not show the steps. Instead, show the happy users of the solution.
The Market
The pitcher needs to convince the judges there is a massive market opportunity by quantifying the total addressable market size with credible third-party data. Investors are used to hearing about TAM SAM and SOM. TAM is the total addressable market and it should be a researched number. This is the total amount being spent in the world for this industry. SAM is the Serviceable available market, and is a subset of TAM. This also should be a researched number. It will often be the beachhead market the company intends to attack. If the TAM is worldwide sales in an industry, SAM will often be the US market. Finally, SOM is the Obtainable Market and is a projection of Revenue in a time bound period, say 5 to 7 years. SOM is hard because it involves sales projections, but more than that it is forward looking at how the business will grow and what markets it will attack second and third. It involves making an estimation of how much revenue the first market should be generating before attacking the next market. There is a lot of research to be done to get to a reasonable SOM. A slide that shows a percentage of SAM or TAM is evidence that the founder has not done the research necessary to plan for business growth and has not done enough analysis to understand where his first several markets are located.

The Business Model

How will the startup make money? The primary way the product is sold should be clear. It is Business to Business, a SaaS, software as a service model or Direct to Consumer. If the product is sold only to the government, it should be clear. This slide should show what the customer pays for the product, costs if it is a physical product and any tiers of pricing.

Traction

Traction is revenue. Anything else is milestones. While milestones are better than nothing, judges will be most impressed by real customer traction and revenue. If the startup has sales to highlight, no matter how modest, the slide should include this information. If the founder knows the CAC, cost to acquire a customer and LTV, lifetime value, it should be on this slide. LTV takes a longer time to establish than the cost to acquire a customer, but this can be noted in narration and a guess can be made as to the number of years the company will retain its customers. Please focus on paying customers rather than downloads or other stats that make the founder feel good, but not an investor.

The Team

Investors invest in the jockey, not just the horse. If the team has founders who have had exits or acquisitions, the slide may be presented earlier than normal. Because investors do invest in the jockey, if the founders have had successful exits, this will cause immediate interest by the investors. If the judges are lay people, it may not. The team slide should have pictures of the founding team. It should include the role each person has within the company, and a few bullet points for each team member that show accomplishments, banner former companies or great institutions. Including logos instead of names of institutions is more interesting and space saving. The purpose of the slide is to create faith that this team of founders can be successful with this company. If the founders are young, they may include up to two advisors, as long as the advisors have given consent and actually do have regular meetings with the founders.

The Ask

If seeking investment, the Ask slide should be very specific about the amount, investment vehicle, and terms. The vehicle can be debt, a convertible note with a discount (or not) and valuation cap, a SAFE (Standard Agreement for Future Equity) or a priced round of shares. Most of these have a component that suggests the current valuation of the company. This should be on the slide and not left to the imagination. When pitching to investors, it absolutely must be on the slide, or the investors will think the company is hiding something. Use of Funds should also be on the slide as either bullets or a pie chart with amounts of the raise and where and to what the funding will be allocated. One bullet can show the length of the time the funding is planned to carry the startup forward. In narration, milestones the funding will achieve can be shared.

The Close/Thank you

As the last slide is visible, the presenter should tie the opportunity back to the original problem and reiterate in a memorable way by rallying the audience around the startup’s vision for change and the bright future it will create. The last slide should have the logo, “Thank You”, and contact information. The pitcher should make sure to include contact info at the end so investors can easily follow up.

Above all, the pitcher should practice diligently, watch their pacing and timing, create visually impactful slides, and bring relentless energy and enthusiasm to the pitch. By nailing the key elements above in a compelling presentation, a startup will bolster its chances of winning over the judges.

Written by Maggie Saling, COO of StartUpNV

The Silver State isn’t just an oasis of entertainment; savvy entrepreneurs know that Nevada offers a winning hand for business ventures. From cutting-edge innovations in blockchain and artificial intelligence to traditional industries like mining and agriculture, Nevada is where tech meets tradition in the most unexpected ways. It’s like being on the frontier of discovery—only with air conditioning!

Discover the top 8 reasons why Nevada is the ultimate destination for startups looking to thrive.

 

Something (or Somewhere) for Everyone

Nevada’s varied landscapes make it an outdoor enthusiast’s paradise and a thriving scene for city dwellers alike. The state offers everything from hiking and skiing in Great Basin National Park and Tahoe to world-class entertainment and dining in Reno and Las Vegas. This blend of natural beauty and urban sophistication caters to all lifestyles and can be a great bonus for businesses looking to entertain or team-build.

Choose Your Climate:

If you love four seasons or winter sports, Northern Nevada has you covered. Need a break from the startup grind? Take the afternoon to ski at one of the many world-class ski resorts, paddle board on Lake Tahoe, or hike up to Angora Lakes for a refreshing jump off the cliffs.

Do you prefer never to touch a snow shovel, and podcast poolside all year long? Southern Nevada boasts over 300 days of sunshine per year. When you need a break from the startup grind, you can take a hike in Red Rock Canyon, catch a show on the Strip, or try your luck at the blackjack table (but not with your investors’ money!).

It’s not just the landscape in Nevada that is diverse, the breadth of industries that thrive in Nevada is almost as wide as the desert stretches.

 

Growing Economies

Nevada is home to rapidly growing industries, providing ample opportunities for startups to scale. The state’s economy is diversified with key industries including technology, tourism, healthcare, manufacturing and logistics. The presence of major companies and industry leaders in these sectors creates a favorable ecosystem for startups to tap into existing networks and leverage partnerships, plus help to attract more investors and venture capitalists, increasing the availability of funding for startups.

Here are some emerging sectors in Nevada and why they’re attracting startup innovation:

1. Renewable Energy:

Nevada’s abundant sunshine and open spaces make it an ideal location for renewable energy innovation, particularly solar power. With ample opportunities for solar farms and rooftop solar installations, startups in the renewable energy sector are capitalizing on the state’s favorable climate conditions and supportive policies to drive innovation in clean energy technologies. Additionally, initiatives like the Renewable Energy Tax Abatement Program incentivize investment in renewable energy projects, further fueling growth in this sector. 

One of the most significant contributions of Elon Musk to Nevada is the construction and operation of the Tesla Gigafactory located near Reno. The Gigafactory is a massive lithium-ion battery and electric vehicle (EV) production facility that plays a crucial role in Tesla’s mission to accelerate the world’s transition to sustainable energy.

Portfolio Company Feature: Terbine collects data from Internet of Things devices and packages the data into usable information for planning, including creating digital twins of cities.

2. Aerospace and Defense:

Nevada’s vast airspace and proximity to military installations like Nellis Air Force Base and the Nevada Test and Training Range make it a prime location for aerospace and defense startups. With opportunities for research, development, and testing of unmanned aerial vehicles (UAVs), space exploration technologies, and defense systems, startups in this sector benefit from access to specialized facilities and expertise. 

Portfolio Company Feature: SEEID

SEE ID is a real-time asset tracking, edge data source and secure access controller company. They leverage the latest technologies including their own patented passive RFID tracking solutions, low-power BLE, GPS, AR/VR, Edge Camera Platforms utilizing AI, and more to build the future of real-time tracking.

3. Advanced Manufacturing:

Nevada’s strategic location, transportation infrastructure, and skilled workforce position it as a hub for advanced manufacturing startups. With opportunities in industries such as electronics, aerospace, and biotechnology, startups are leveraging technologies like 3D printing, automation, and robotics to drive innovation and efficiency in manufacturing processes. Moreover, initiatives like the Workforce Innovation for the New Nevada (WINN) Program provide funding and support for advanced manufacturing projects, fostering growth and competitiveness in this sector. 

4. Healthcare and Biotechnology:

Nevada’s growing population and demand for healthcare services create opportunities for startups in the healthcare and biotechnology sectors. With access to research institutions like the University of Nevada, Las Vegas (UNLV) School of Medicine and the Cleveland Clinic Lou Ruvo Center for Brain Health, startups are developing innovative solutions in areas such as telemedicine, medical devices, and pharmaceuticals. Additionally, initiatives like the University of Nevada Reno’s Nevada Center for Applied Research (NCAR) provide resources and support for healthcare and biotech startups to accelerate their growth and commercialization. 

Portfolio Company Features: 

Adaract: Adaract introduces a stronger and lighter solution with their artificial muscle actuators. 

SurgiStream: Surgistream offers a digitized platform for healthcare professionals to manage patient communication, scheduling, and medical clearance tracking. 

5. Artificial Intelligence:

Nevada’s AI industry has been gradually expanding, driven by factors such as the increasing adoption of AI technologies across various sectors, including gaming, entertainment, hospitality, healthcare, and autonomous systems. Nevada has been at the forefront of autonomous vehicle testing and deployment, thanks to its supportive regulatory environment and infrastructure. AI startups focusing on autonomous systems, robotics, and drone technology may find Nevada an especially attractive location for development and testing.

These industries represent just a glimpse of the diverse opportunities for startup innovation in Nevada. With its supportive business climate, skilled workforce, and strategic advantages, Nevada continues to attract entrepreneurs and startups looking to turn their innovative ideas into reality.

Portfolio Company Features: 

AI.xyz: AI.XYZ is a life management tool providing customized suggestions, ideas and support through a personalized AI.

Lucihub: Lucihub lets brands create affordable, professionally edited videos at speed and scale without a production team

TensorWave: The next wave of AI compute for all your AI workloads powered by AMD’s Instinct™ MI300X accelerators.

 

Tax Advantages

One of the major advantages of starting a business in Nevada is the favorable tax environment. The state has no personal income tax, no corporate income tax, and no franchise tax. This means that startups can retain more of their hard-earned cash and allocate it toward business growth and development. Additionally, Nevada offers various tax incentives and exemptions for businesses, such as sales tax abatements and property tax abatements, further reducing the tax burden on startups.

It’s like hitting the jackpot without even stepping foot in a casino!

Thriving Business Ecosystem

Nevada offers a business-friendly environment with low taxes and minimal regulatory hurdles, facilitating swift startup launches and expansions.

Extremely Business-Friendly Environment

Nevada’s business-friendly policies, including low taxes and minimal regulatory hurdles, create an attractive environment for startups. With a streamlined process for business registration and licensing, startups can quickly establish a presence in Nevada and focus on driving sales growth without unnecessary bureaucratic delays.

Infrastructure and Connectivity

Nevada’s metro cities boast modern infrastructure and connectivity, including transportation networks, telecommunications infrastructure, and access to high-speed internet. These assets facilitate commerce, logistics, and communication, enabling businesses to operate efficiently and compete on a global scale.

The Boring Company and Hyperloop have the potential to impact transportation infrastructure in Nevada and beyond. While these projects are still in the development and testing phases, they represent Elon Musk’s vision for futuristic transportation systems throughout the state, including underground tunnels and high-speed hyperloop networks.

Economic Diversity and Innovation

The state’s efforts to diversify its economy beyond gaming and hospitality have garnered attention, leading to rankings among the top states for economic diversification and innovation, contributing to stability and resilience even in times of economic uncertainty. 

Organizations such as the Nevada Governor’s Office of Economic Development monitor and highlight Nevada’s progress in various fields. 

Supportive Government Programs & Legislation

Nevada’s government offers a range of programs and incentives designed to support businesses at every stage of development. From grants and tax credits to workforce training and infrastructure investments, these initiatives provide startups with the resources they need to succeed and thrive.

In 2023, Nevada became the first state to pass two important pieces of legislation for entrepreneurial growth; AB77 & AB75. 

AB77, also known as the Right to Start Act, established a dedicated Office of Entrepreneurship within the Governor’s Office of Economic Development (source: https://thenevadaindependent.com/article/new-initiatives-propel-entrepreneurship-in-nevada)

AB75, or the Nevada Certified Investor Act, makes startup investing more accessible to Nevadans by reducing the income levels required to invest in Nevada-based startups. More on this later!

Startup Community

With a strong and growing network of industry professionals, mentors, and resources, startups in Nevada have access to the guidance and support they need to succeed. The availability of co-working spaces, incubators, and accelerators further enhance the opportunities for startups to thrive in Nevada, and many programs for startups, like all of StartupNV’s, are no-cost to founders. In addition to a robust presence in Nevada’s more populated cities, Nevada has increased funding and resources for entrepreneurial organizations, including StartupNV, to provide resources to rural communities. 

Curious about Nevada’s startup ecosystem? 

• Check out the scene for free at https://nevada.dealroom.co/intro
• See some of the innovation happening in the state by watching StartupNV’s fortnightly pitch days, where Nevada-based companies pitch their startups for acceptance into AccelerateNV and a $100k investment from FundNV. In addition to these past YouTube videos, you can join us live in person or virtually for upcoming pitch days!
• Attend a Startup Week this fall in Reno or Las Vegas and immerse yourself in Nevada’s startup scene
  • Reno Startup Week
  • Las Vegas Startup Week

Plus, Nevada’s public sector is notoriously collaborative with in-state innovators. Take the city of Las Vegas, for example, which has two International Innovation Centers, and check out two ongoing partnerships with Nevada-based startups to make the city safer and more innovative.

Databuoy’s SHOTPOINT shot detection technology has been installed in Las Vegas to notify emergency services the minute a gunshot is detected instead of relying on civilians to report it.

Halo Car has partnered with the city of Las Vegas, rolling out its remote-piloted electric car sharing service in 2023.

The presence of research institutions, universities, and industry associations further enhances the supportive infrastructure in Nevada and encourages partnerships and collaborations. Startups can leverage these resources to access cutting-edge research, talent, and industry expertise, driving innovation and growth.

University of Nevada’s Innevation Center in downtown Reno offers a centralized collaboration space with co-working, events, resources, and a makerspace for University and community members to come together. 

Originally a collaboration with Caesars Entertainment, University of Nevada Las Vegas’s Black Fire Innovation center located in the Harry Reid Tech Park welcomes University students, alumni, researchers, and entrepreneurial community members for co-working, events, and bootcamps with an emphasis on gaming, hospitality, and entertainment.

 

Quality of Life

Nevada offers an exceptional quality of life, making it an attractive destination for startups and their employees. The state boasts a diverse range of recreational activities, from outdoor adventures in stunning natural landscapes to world-class entertainment in Las Vegas. 

 A Lifestyle That’s Anything But Deserted

Who says startups have to sacrifice work-life balance? With stunning natural landscapes just a stone’s throw away, weekend getaways to majestic mountains or tranquil lakes are always on the table. And let’s not forget about the world-class entertainment, dining, and nightlife options that make living in Nevada a constant adventure.

Low Cost of Living That’ll Leave You Feeling Like a High Roller

Compared to coastal counterparts like California and New York, Nevada boasts a significantly lower cost of living, allowing startups to stretch their runway further without sacrificing quality of life. From affordable housing and office space to budget-friendly amenities, entrepreneurs in Nevada can enjoy all the perks of big-city living without the hefty price tag.

Outdoor Recreation

Nevada offers residents and visitors a high quality of life and abundant outdoor recreational opportunities, including national parks, scenic landscapes, and recreational activities such as hiking, skiing, and boating. The state’s natural beauty, mild climate, and access to outdoor amenities consistently earn Nevada top rankings for quality of life and outdoor recreation. 

Access to Funding

Startups in Nevada have access to an increasing range of funding options, an often necessary step to grow their businesses. The state offers various grants, loans, microloans, and tax incentives specifically designed to support startups. Additionally, Nevada has a growing network of angel investors and venture capitalists that provide funding opportunities for companies to scale. The presence of investment funds and accelerators is on the rise, further enhancing the access to funding for startups in Nevada.

As of April, 2024, StartUpNV has invested $8.6m into 25 Nevada-based companies, which has a current portfolio of more than $24m.

Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development (GOED) is the result of a collaborative effort between the Nevada Legislature and the Governor’s Office to restructure economic development in the state. In 2021, as part of the American Rescue Plan Act, Biden reauthorized the State Small Business Credit Initiative to create job opportunities and fund entrepreneurship. 

Nevada invests this money directly into Nevada-based scalable startups. The state’s SSBCI Battle Born Venture fund, championed and overseen by GOED, is an initiative that invests alongside established venture and accelerator firms, including StartupNV, with a dollar-for-dollar match on approved investments. Learn more about Nevada’s small business capital programs here.

In addition to increasing access to funding, Nevada is also addressing access to investing and reducing barriers, and offering education for individuals to become savvy startup investors.

Access to Investing

As mentioned briefly earlier, legislation AB75 has become the first-in-the-nation state to create access-oriented investor laws beyond the SEC’s definition of an accredited investor. StartUpNV is proud to have been involved in championing this historic bill. As defined by the SEC, an accredited investor must have a net worth of $1m, not including their primary residence, or have made >$200,000 for the past two years and expect to do the same for the upcoming year. About 4% of Nevadans meet the federal standard – compared to 13% nationally and over 16% in California. As a result, it is significantly more difficult for Nevada startups to raise local capital. It’s also significantly less likely for Nevadans to grow personal wealth from startup investments – being “forbidden” to invest in this risky but lucrative investment cohort.

AB75 introduced a new standard for intrastate investing: The Nevada Certified Investor (NCI). NCI allows investment in Nevada startups by Nevadans who earn more than $100K per year in wages. If you own a business or do gig work, the standard is $200K in gross sales. The NCI standard enables about 30% of Nevadans to be eligible as startup investors. At the same time, it greatly expands the group of possible investors for Nevada startups.

Access to Investor Education & Dealflow

StartupNV’s AngelNV program is an annual conference fund that invites new and experienced investors to invest at a low minimum of $5k. Not only is the minimum significantly lower than the majority of angel or venture funds, but the investments strictly go to Nevada-based companies. For many, one of the great values as an investor is (optionally) participating in weekly sessions as an investor group evaluating, doing diligence, and interacting with applicant companies alongside seasoned startup investors and analysts to narrow down the potential investments. 

This is a great way to dip your toes into startup investing and learn how to make educated investments, find a new community of like-minded friends, and start building that portfolio! I also recommend (if/when they can afford to) this program as a great low-risk opportunity for startup founders to spend some time on the other side of the table.

StartUpNV facilitates a number of opportunities to engage in startup investing, either as an angel or as part of a venture fund. Investors in any of our initiatives are then added to our InvestorNV syndicate, receiving ongoing deal flow of investment opportunities. 

Strategic Location & Access to Talent

Location, Location, Location

Nevada’s strategic location in the western United States offers several benefits for startups. The state provides easy access to major markets and transportation hubs, making it convenient for startups to distribute their products and reach customers across the country. The proximity to major cities like Los Angeles, San Francisco, and Salt Lake City allows startups to tap into the talent pools and resources available in these areas. 

Expansion

Additionally, Nevada’s central location in the western region makes it an ideal base for expanding into other states. Nevada’s close proximity to international markets, such as Canada and Mexico, provides additional opportunities for startups to expand their customer base. The state’s robust infrastructure, including transportation networks and logistics facilities, enables startups to distribute their products and reach customers worldwide efficiently. 

With a growing population and a steady influx of newcomers attracted by job opportunities and quality of life, Nevada also offers businesses access to a diverse pool of talent. 

An Easy Sell

The low cost of living and absence of state income tax makes it easier for startups to attract and retain top talent. Whether in technology, hospitality, healthcare, or other industries, startups can recruit skilled professionals from around the world to fuel their growth and innovation. Feel free to send potential candidates to this blog to aid in your recruiting efforts ;). 

Melting Pot of Cultures

Nevada’s rich cultural tapestry is as diverse as it is vibrant. From the Native American tribes who have called the state home for centuries to the influx of immigrants who came seeking their fortunes during the Silver Rush, Nevada is a melting pot of cultures and traditions. 

Remote or In-Person Teams

Nevada offers flexibility for startups in terms of team setup. Whether startups prefer remote teams or in-person collaboration, Nevada provides options to accommodate different work styles. The availability of advanced communication technologies and high-speed internet further facilitates remote work and virtual collaboration. Nevada’s airports are easy to fly in and out of, and there is no shortage of accommodations, meeting space, and options for in-person summits, bringing in all your employees from around the world. 

 

Global Sales Funnel

Nevada’s business-friendly environment and strategic location make it an ideal gateway for startups to access global markets. The state’s strong trade relationships and favorable business climate make it easier for startups in Nevada to engage in international trade and establish a global sales funnel.

Las Vegas offers several compelling advantages for startups looking to establish sales and business development teams in the city:

Networking Opportunities

Las Vegas hosts numerous industry conferences, trade shows, and networking events throughout the year, providing valuable opportunities for sales and business development professionals to connect with potential clients, partners, and investors. Events like CES (Consumer Electronics Show) and various industry-specific conventions attract a diverse range of attendees from around the world, making it easier to expand professional networks and generate leads.

Entertainment and Lifestyle Amenities

Las Vegas’s renowned entertainment and lifestyle amenities make it an attractive destination for sales and business development employees. With world-class dining, entertainment, and recreational options available year-round, employees can enjoy a high quality of life outside of work, enhancing retention and job satisfaction.

 

This Blog, Wrapped

Overall, Las Vegas offers startups a strategic location, affordability, a business-friendly environment, networking opportunities, lifestyle amenities, and access to a talented workforce, making it an excellent choice for establishing sales and business development operations.

My personal ask is that if you do settle in the Battle Born state, that you join our startup community! There are several organizations and opportunities to find community throughout the state. If you’ve had success as a startup founder, senior exec, or subject matter expert, please pay it forward by investing your time, knowledge, and/or capital into future generations of innovation. If you’re taking the leap on your first venture, please surround yourself with people who “get it”. Community is important, and while entrepreneurs are known in many ways for their knack for bold independence, I promise we’re all better when we come together.

Let’s face it—Nevada is just plain cool. From its iconic landmarks like the Hoover Dam and Area 51 to its quirky roadside attractions and colorful characters, Nevada is a place where anything is possible. So why choose Nevada for your startup? Because when it comes to chasing your dreams, there’s no better place to roll the dice.

 

Written by Madeline Feldman, VP of Southern Nevada for StartupNV

As an entrepreneur navigating the complex landscape of startup funding, encountering a term sheet is a significant milestone on the journey to securing venture capital investment. Term sheets serve as the blueprint for the terms and conditions of investment deals, outlining crucial details that shape the future relationship between investors and founders.

Understanding these documents is important for entrepreneurs, as they signify the height of rigorous negotiations and mark the beginning of a partnership that can profoundly influence the trajectory of a startup. In this blog post, we delve into the intricacies of venture capital term sheets, decoding common themes and key terms that every entrepreneur should understand. By familiarizing yourself with these essential components, you can approach investment discussions with confidence and strategy, ensuring that you’re well-prepared to seize opportunities and navigate the complexities of startup financing.

What is a term sheet?

A term sheet is a foundational document that outlines the key terms and conditions of a proposed investment deal between entrepreneurs and investors. Think of it as a preliminary agreement that serves as the basis for further negotiation and due diligence. While not legally binding in itself, a term sheet outlines the framework upon which the final investment agreement will be built. It covers a wide range of aspects, including valuation, investment amount, ownership stakes, governance rights, and potential exit strategies.

Essentially, the term sheet acts as a roadmap for both parties, guiding them through the complexities of structuring a mutually beneficial investment arrangement. Understanding the nuances of a term sheet is crucial for entrepreneurs, as it lays the groundwork for the partnership and sets the tone for future interactions with investors.

 

Key Ideas Found in Term Sheets

 

There are many ideas usually outlined in term sheets. Each term sheet is different and personalized for each individual investment. We’ve outlined the most common and need-to-know terms that will have your company flying through term sheets in no time. 

Pre- and Post-money Valuation:

Before diving into the specifics of a term sheet, it’s essential to understand the concepts of pre-money and post-money valuation. Pre-money valuation refers to the value of a company before any investment is made, while post-money valuation includes the investment amount added to the pre-money valuation. Investors typically use these figures to determine their ownership stake in the company. As a startup founder, you should consider pre and post-money valuation because they directly impact the dilution of your ownership stake and the overall attractiveness of the investment deal.

Warrants & Dividends:

Warrants and dividends are additional components that investors may include in a term sheet to sweeten the deal or provide additional incentives. Warrants grant investors the option to purchase additional shares at a predetermined price within a specified timeframe, allowing them to capitalize on future growth. Dividends, on the other hand, entitle investors to a portion of the company’s profits. While warrants and dividends can enhance the attractiveness of an investment for investors, founders should carefully consider their implications on ownership dilution and future financial obligations.

Liquidation Preferences:

Liquidation preferences outline the order in which proceeds from a company’s sale or liquidation are distributed among shareholders. Investors often negotiate for preferences that prioritize the return of their investment capital before other shareholders receive payouts. While liquidation preferences provide downside protection for investors, founders should be mindful of their potential impact on the distribution of exit proceeds and the alignment of incentives between shareholders.

Option Pool:

An option pool is a reserve of shares set aside for future employee stock options and equity incentives. Investors may insist on the creation of an option pool as part of the investment terms to ensure that the company has adequate resources to attract and retain top talent. While option pools are essential for employee incentivization and talent acquisition, founders should carefully consider the size and allocation of the pool to avoid excessive dilution of existing shareholders.

Dilution & Anti-Dilution:

Dilution occurs when the issuance of new shares reduces the ownership percentage of existing shareholders. Investors may seek anti-dilution provisions in the term sheet to protect their ownership stake in the event of future equity financing rounds at lower valuations. While anti-dilution clauses safeguard investor interests, founders should be aware of their potential impact on the company’s flexibility in raising additional capital and the dilution of founder equity.

Addition of Board Members:

Investors often negotiate for the right to appoint board members or observers as a means of exerting influence and oversight on company operations. While having investor representation on the board can provide valuable expertise and strategic guidance, founders should carefully consider the implications for decision-making autonomy and corporate governance.

Investors include these key terms in term sheets to safeguard their investment, maximize returns, and align incentives with founders. As a startup founder, understanding these terms is crucial for negotiating favorable terms, preserving equity ownership, and ensuring the long-term success of your venture. By familiarizing yourself with these concepts, you can approach investment discussions with confidence and strategic insight, effectively positioning your startup for growth and success.

 

Benefits To Having a Term Sheet 

 

Securing a term sheet marks a significant milestone in the journey of raising venture capital for your startup. While negotiating and finalizing the terms of a term sheet can be an intense process, the benefits it offers to both entrepreneurs and investors are substantial. Here are several advantages of having a term sheet:

Clarity and Structure: A term sheet provides a clear framework for the terms and conditions of the investment deal, helping both parties understand their rights, obligations, and expectations. By outlining key provisions upfront, a term sheet establishes a structured approach to negotiations and facilitates smoother transactional processes.

Investor Commitment: Receiving a term sheet signals a strong commitment from investors to fund your startup. It demonstrates their confidence in your business model, team, and growth potential, paving the way for further due diligence and closing the investment round.

Time Efficiency: Negotiating and finalizing a term sheet streamlines the investment process by focusing discussions on critical terms and avoiding protracted negotiations on minor details. This efficiency saves time for both entrepreneurs and investors, enabling them to allocate resources more effectively to other aspects of their business operations.

Basis for Due Diligence: A term sheet serves as a foundation for conducting due diligence, allowing investors to assess the legal, financial, and operational aspects of your startup in greater detail. By providing a roadmap of the proposed transaction, a term sheet guides due diligence efforts and accelerates the overall investment timeline.

Investor Alignment: The negotiation of a term sheet provides an opportunity for entrepreneurs and investors to align their interests and expectations regarding the future direction of the company. By discussing key terms and strategic objectives upfront, both parties can ensure that their visions are aligned, fostering a stronger and more collaborative partnership.

Legal Protection: While not legally binding in itself, a term sheet can offer legal protection by documenting the preliminary agreement reached between the parties. It serves as evidence of the intent to enter into a formal investment agreement, mitigating the risk of misunderstandings or disputes during the later stages of the transaction.

Competitive Advantage: Securing a term sheet from reputable investors can enhance your startup’s credibility and appeal to other potential investors. It signals validation of your business model and differentiation in a competitive market, increasing your ability to attract additional funding and strategic partnerships.

 

Venture capital term sheets are indispensable tools that shape the dynamics of investment deals, offering clarity, structure, and alignment for both entrepreneurs and investors. Understanding the key terms and implications outlined in these documents is essential for startup founders to navigate the complexities of fundraising and secure favorable investment terms.

 As entrepreneurs embark on their journey to raise capital and grow their ventures, resources like StartUpNV provide invaluable support and guidance tailored to Nevada-based entrepreneurs and investors. By leveraging the expertise and resources available through startupnv.org, entrepreneurs can access a wealth of opportunities, mentorship, and networking connections to fuel their success in the vibrant startup ecosystem of Nevada. Other tools, like Investopedia or Y Combinator are great resources as well. 

LAS VEGAS (March 26, 2024) – StartUpNV, Nevada’s business accelerator and incubator for scalable startups, announced that three distinguished community and business leaders will join the nonprofit’s board of directors effective April 1. The new board members are Kacy Drury, Parker Werline, and Michael Sherwood.

Kacy Drury, currently senior vice president for customer experience and operations for Everi Holdings, brings to the board a 20-year career in gaming as well as experience on various community organizations, including serving as a commissioner on the Nevada Veterans’ Services Commission, a council advisor on Veteran’s Voices: Were Listening oral history program at the University of Nevada – Las Vegas (UNLV), a board member on the Women’s Research Institute of Nevada, and a board director on the Community Roots Foundation. She has a Bachelor of Arts in business administration from California State University, San Bernardino.

Parker Werline has nearly a decade of experience in the finance industry. Currently, he is the private equity assistance vice president at Fiume Capital, where he is responsible for critical components of the investment process including conducting due diligence, financial modeling, preparing investment memorandums and evaluating market and industry dynamics. Prior to moving to Las Vegas, Werline served as an investment banking associate for mergers and acquisitions at Morgan Stanley in New York City. He has a master’s degree in business administration (MBA) from the Yale School of Management and a Bachelor of Arts in economics from Vassar College.

 

Rounding out the trio of new board members is Michael Sherwood, the chief innovation and technology officer for the city of Las Vegas. Sherwood has more than 20 years of experience in the fields of process improvement, technology, and innovation. Prior to his tenure with the city of Las Vegas, he served as the deputy director of public safety, business services, and city technology for the city of Irvine, California. He received his Bachelor of Science in management from Pepperdine University and a Master of Science degree in executive management from the University of Southern California (USC). 

 

“The diverse background and experience that Kacy, Parker and Michael will bring to the board of directors is unparalleled,” said Jeff Saling, executive director of StartUpNV. “Additionally, they have demonstrated a staunch commitment to fostering Nevada’s startup ecosystem serving as mentors to entrepreneurs and angel investors involved with StartUpNV’s programs.”

About StartUpNV

StartUpNV is a 501(c)3 non-profit statewide accelerator and business incubator for scalable Nevada-based startups that provides expert mentorship and access to a network of capital partners. StartUpNV’s founders, mentors, university connections, investors, and business partners work together to grow and support a robust, inclusive startup ecosystem in Nevada. StartUpNV’s related venture funds, FundNV, AngelNV, and the new 1864 seed fund, provide startups access to local venture capital along with education for entrepreneurs and angel investors. Since inception in 2017, StartUpNV has heard pitches from more than 1,000 startups, held more than 250 education events, and seen nearly $80 million in venture capital raised for more than 55 companies. For information visit: https://startupnv.org/.

By AMY E. S. MAIER

Senior PR Account Executive

amy@twgpr.com

thewarrengrouplv.com