Economic Development Investment Strategy - City of Las Vegas

C i t y o f L a s V e g a s | E c o n o m i c D e v e l o p m e n t I n v e s t m e n t S t r a t e g y
3. GOAL: Pursue new development & redevelopment opportunities.
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APPROACH
STRATEGY. Continue efforts to construct a new downtown convention center.
→ A new convention center has the potential to further revitalize the downtown area. With the right dimensions,
amenities, and location, such a facility would bolster Las Vegas’ entertainment sector and support conferences
and events focused on digital media, film, music, education, and e-commerce.
→ Ideally, the facility would be located in between Symphony Park and the Downtown Project. Such a location would
provide it close proximity to the existing hotel base and allow it to physically connect the two areas.
STRATEGY. Connect and integrate the downtown’s key buildings and districts.
→ Work with land owners, developers, institutions, and other stakeholders to develop greater physical,
transportation, and programmatic links.
→ Strategically target the location of new developments to help bridge gaps in downtown development.
→ Emphasize connectedness in an updated Downtown Investment Strategy and other planning efforts.
STRATEGY. Encourage and support the private development of new high-tech commercial office space and flex-tech space.
→ Market planned commercial office properties (e.g., Symphony Park and Forest Cities) to investment prospects.
STRATEGY. Work with local entrepreneurs and investors, UNLV, and business technical service providers to develop a
new incubator/accelerator hybrid facility for young high-growth tech companies in need of office space and mentoring.
→ Such a facility would be designed to provide small open (co-working) spaces for young, growing companies,
especially those that may have graduated from an accelerator without significant VC funding and in need of a
“soft landing” location. To be successful, it should be more than just a commercial real estate development that
provides low-cost office space. It should have a strong value proposition for its potential users, including expertise
and assistance, access to capital, and networking and mentoring. It could be formed as a non-profit organization,
programmatically tied to a higher education institution, or funded and managed by private investors/mentors.
FOCUS ON VALUE-ADDED SERVICES
Access to expertise and capital are two of the most valuable services incubators and accelerators can provide. Assembling a
network of experts—as part of the management team, board of directors, or by establishing a team of mentors—can improve
the value of services and increase the chances of successful outcomes. The Austin Technology Incubator has built a team of
experts composed of at least one staff person and a group of advisors in four target industry sectors. Some incubators, such
as the Ann Arbor SPARK Business Accelerator, actually provide financing. Others, like the North Texas Enterprise Center, in
Frisco, Texas, spend time building relationships with venture capitalists and angel investors to facilitate their clients access to
these sources of capital. The Power Plant (an Ocala, Florida, incubator) uses monies raised locally from banks, retirees, and
businesses to provide seed funding and angel investing to member companies.
Source: TIP Strategies research
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