Nevada’s new economic development czar: I need help from experts

Saturday, Sept. 24, 2011 | 6 p.m.

That's the message that Steve Hill, recently tabbed by Gov. Brian Sandoval to be the interim economic development czar (he'll be permanent), said in an email sent to many folks today. He essentially wants to mimic other states that have been successful and create what is essentially a venture capital or private equity firm within state government.

You can see from the email I have posted below -- I have removed email addresses so those folks are not deluged by readers of this item -- that Hill has thought about this a lot:

To the many people receiving this email, thank you for your commitment to Nevada and for your offers to support our economic development efforts.

The Office of Economic Development will be structured to enable the most effective and efficient service to both new and existing businesses here in Nevada, as well as those looking to expand into our state. Regional Directors will coordinate efforts to help emerging and existing businesses remain healthy and grow. Sector specialists, supported by analysts, will be hired to provide the services and expertise necessary to expand targeted sectors identified in the Brookings/SRI study and the forthcoming State Economic Development Plan. While new to Nevada, this is a structure adopted by several states seen as leaders in economic development. I am asking for your help in filling these sector specialist and analyst positions.

In essence, we would like to develop a group within the Office of Economic Development with the feel and skills of a small venture capital or private equity firm. Ideally, candidates would have several years of both industry and analysis experience, as well as the drive to produce results typically found in the VC and PE firms. We would encourage sector managers to use their time helping Nevada to help their career – stay in the position for a couple of years, help grow the sector, become a subject-matter expert and use that experience and expertise to jump back into the private sector in an enhanced position, hopefully with a company they have helped incubate, grow or attract. While we see this as an excellent opportunity, it will also be viewed as a service to Nevada – compensation may well be 50% or less of the candidate’s market value. We are looking for those special people who are willing to make an investment in Nevada while also making an investment in their own future.

Targeted sectors identified in the Brookings/SRI study are:

Tourism, Gaming, and Entertainment

Health and Medical Services

IT and Business Services

Logistics, Distribution, Transportation and Related manufacturing

Mining, Material, and Manufacturing

Renewable Energy

Aerospace and Defense

I am asking that you help us find candidates for these positions – think about who you may know and pass this request on to others who may know potential candidates.

Please send information on potential candidates to me and please copy Kristen Anderson with the Nevada Commission on Economic Development.

I very much appreciate your willingness to help Nevada’s economic development efforts. I am excited by our opportunities and what we can, together, achieve.