By Jennifer Rachel Baumer
A diverse economy is stronger than one based on only one or two industries. Traditionally, Nevada’s economic foundations have depended on mining and travel, tourism and hospitality. When the last recession hit even the hospitality industry, a serious move to diversify the economy began.
“The biggest impetus that started everyone down the path of the new innovations and technologies or trying to develop new industries, is the recession,” said Zach Miles, associate vice president, Economic Development, University of Nevada, Las Vegas (UNLV). “Obviously supporting the industries that are here is important, but looking at a diverse set of companies or industries can bolster our main industry of hospitality and entertainment.”
Nevada’s technology industry itself is already diverse, which is one of its strengths. Dave Archer, CEO, Nevada Center for Entrepreneurship and Technology (NCET), an education and networking organization, has lived in San Francisco, Los Angeles and New York.
It’s Reno where he’s found a tech industry without dominant sectors. “In Silicon Valley there’s the same kind of companies, or in Seattle, or Detroit. But come to Reno and you have a little bit of everything,” said Archer.
Ironic might not be the right word for it, but one of Nevada’s traditional industries is investing heavily in cutting edge technology. Casinos are moving into robotics, virtual and augmented reality and esports, online video game competitions played by professional players.
Casinos are also getting more into artificial intelligence (AI), said Debbie Banko, CEO, Link Technologies. Sometimes that’s automating processes to run autonomously, freeing up the person who once performed the tasks.
Read the rest of the story at nevadabusiness.com.