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The Nevada Office of Economic Development, with guidance and funding from the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI), has launched the Battle Born Venture Program. “Battle Born” is a state venture capital program that makes equity and equity-like investments in early stage, high-growth Nevada businesses. The fund will invest in a wide range of sectors that represent the economic base of the state, and returns on investment will be recycled back into the fund.  The Nevada program is the newest venture capital program established by the U.S.

Governors in several states recently unveiled spending proposals for the upcoming fiscal year or biennium. While fiscal conditions in most states remain fragile, new or continuing investments focused on science, technology and innovation were introduced as pro-growth measures to aid in states' recovery efforts. With the exception of New York Gov. Andrew Cuomo's ambitious economic development plan (see the Jan. 9 issue of the Digest), most of the proposals were on the modest side.

The Department of Commerce announced the winners of the Strong Cities, Strong Communities (SC2) Challenge, the Economic Development Administration-led competition seeking to help cities and regions develop a comprehensive economic development strategy. Greensboro, North Carolina, Hartford, Connecticut, and Las Vegas, Nevada each were awarded $1 million to assist in the refinement and implementation of their respective plans.

In response to an economic development study calling on the state to diversify its operating system, support regionalism and invest in innovation, Nevada's newly established Governor's Office of Economic Development (GOED) released a plan of action to align resources and establish partnerships for meeting those goals over the next three years. The statewide plan builds on legislation passed last session to unify economic development efforts through a regional approach and private sector engagement.

Jeffrey Brancato has recently joined NorTech as vice president. Prior to joining NorTech, Brancato was the associate vice president for Economic Development at the University of Massachusetts.

Randal Charlton has announced his retirement as executive director of TechTown, the Wayne State University research and technology park. Leslie Smith, the general manager of TechTown has been appointed to fill the position beginning Nov. 1.

Much of the recent economic recovery plans coming from governors across the country have focused on growing and nurturing existing businesses through a regional approach to economic development. The idea is that by identifying and defining the unique needs of a region, policymakers and practitioners can then provide the necessary tools and resources to grow industries likely to succeed within a given region, thus improving the overall economic landscape of the state. This approach is happening both in states and at the local level.