CITY OF RENO NEWS RELEASE
Startups in Reno have a new financing option now that the city of Reno, in collaboration with NewBean Capital and the Economic Development Authority of Western Nevada (EDAWN), has launched the new Reno Accelerator Fund convertible note program.
“We’ve been hearing from members of the startup and business community that what is needed is access to early-stage capital,” says Reno City Manager Andrew Clinger. “Helping startups succeed will ultimately create more jobs and boost our economy.”
The goal of the program is to provide early-stage capital to eight promising startups, especially businesses that focus on technology. “We’re looking for the kind of companies most likely to create jobs, so we know that’s technology,” says Nicola Kerslake with NewBean Capital. “But that could be across all sectors – technology for agriculture, for example, or software for veterans. There are no restrictions in terms of the type of technology.”
The Reno Accelerator Fund plans to invest up to $20,000 each in the eight businesses by the end of June. Doug Erwin, EDAWN vice president of entrepreneurship development, says he envisions the program expanding on Reno’s already burgeoning Startup Row along First Street, where at least ten young tech companies, including TrainerRoad, Pinoccio and Inqiri.com, reside.
The new program advances the Reno City Council’s goal of promoting a vibrant and sustainable economy and ties in with the Kauffman Foundation’s One Million Cups program in Reno, which kicked off last March.
For more information about, and applications for the Reno Accelerator Fund, please go to http://acceleratereno.com or contact Nicola Kerslake, the program administrator, at (775) 623-7116 or [email protected].