Thursday, Nov. 29, 2001 | 10:44 a.m.
A nonprofit organization committed to increasing the number of Internet-based companies in Las Vegas has broadened its scope and has changed its name to reflect its new mission.
The Internet Business Alliance of Nevada, established in February 2000, has changed its name to the Technology Business Alliance of Nevada and on Wednesday announced a strategy to seek capital to finance small technology companies.
Scott Frost, chairman of TBAN, and Richard Fitzpatrick, president and "chief energizing officer," unveiled the strategy at a lunch meeting attended by about 100 local technology professionals.
Frost explained that TBAN has developed a network of "catalysts" -- known as a Virtual Accelerator -- that will help start-up companies and small businesses by providing resources for growth. That includes experienced companies that already have sought and received permits and licensing and have sources of capital.
"The Virtual Accelerator program will give companies access to a best of the breed network," Frost said. "It's not a situation where we're building it and hoping they will come. We're getting companies here and then helping them."
Fitzpatrick said the strategy also includes pursuing small companies, reasoning that it's more likely TBAN would be successful getting several start-ups with the potential for growth than one large company that already is entrenched in another city.
The network of catalysts already has seven companies with specific expertise in legal matters, marketing, staffing, telecommunications, venture capital and website design services. Companies that specialize in banking, accounting, real estate, political consulting and equipment consulting are being sought.
Frost announced the first five companies that have taken advantage of the Virtual Accelerator program: ABANX, an Internet transaction processing company; MXM Media, a game development company specializing in live interactive casino games; Platon Technologies, an encryption company; Rangefire, a company that offers a wide range of Internet technology applications; and SSA Inc., a company that blends Internet and telecommunications applications.
Las Vegas Mayor Oscar Goodman opened the meeting by applauding TBAN's new focus -- and inviting high-tech companies to locate their businesses downtown. Goodman said one of the biggest roadblocks to high-tech companies coming to Las Vegas, the perceived subpar status of education, could be solved if companies relocate to Las Vegas and demand more of the public schools and university system.
Industry leaders attending Wednesday's lunch said in addition to views on education, the biggest problem facing Las Vegas in attracting high-tech companies is convincing companies that the city has more to offer than entertainment and gaming.
Goodman said convincing companies of that is more important than ever since the tourism downturn following the Sept. 11 terrorist attacks proved that Las Vegas has to diversify its economy to protect itself from unexpected events.
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