Las Vegas’ budding high-tech sector is long on ideas, short on cash
Posted by Dave Archer | Published on November 14, 2012
The Las Vegas tech scene is a lot like other startup hubs around the country.
Grown men in hoodies and sneakers tap away on laptops in coffee shops designing websites, iPhone apps and social media sites. Their companies’ names consist of mashed letters and numbers and made-up words, such as8byte8, WinTech and Mindelusions.
But unlike in other regions, Las Vegas’ tech industry is short on a key ingredient: money.
In spite of the city’s recent startup boom, there remains a small number of local investors willing to put cash into tech companies. And the funding gap could stanch tech development in the valley, as most startups earn paltry revenue and could easily flop or stagnate without outside capital.
Local entrepreneurs and investors point out that it’s always hard for tech startups to raise money and build thriving businesses, no matter where they are based. It’s also common for startups to look beyond their home cities for funding. But if the number of financiers in Las Vegas kept better pace with the number of startups in the valley, it would be easier for local entrepreneurs to hire employees, develop products and diversify the state’s economy.
Las Vegas’ budding high-tech sector is long on ideas, short on cash
Grown men in hoodies and sneakers tap away on laptops in coffee shops designing websites, iPhone apps and social media sites. Their companies’ names consist of mashed letters and numbers and made-up words, such as8byte8, WinTech and Mindelusions.
But unlike in other regions, Las Vegas’ tech industry is short on a key ingredient: money.
In spite of the city’s recent startup boom, there remains a small number of local investors willing to put cash into tech companies. And the funding gap could stanch tech development in the valley, as most startups earn paltry revenue and could easily flop or stagnate without outside capital.
Local entrepreneurs and investors point out that it’s always hard for tech startups to raise money and build thriving businesses, no matter where they are based. It’s also common for startups to look beyond their home cities for funding. But if the number of financiers in Las Vegas kept better pace with the number of startups in the valley, it would be easier for local entrepreneurs to hire employees, develop products and diversify the state’s economy.
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