Today the ΒιΆΉΣ³» Governor’s Office of Economic Development (GOED) announced the Talent Retention Program, to include a funding award of $1.4 million over three years to support a new program being developed through the ΒιΆΉΣ³»’s ΒιΆΉΣ³» Career Studio.
Modeled after the ΒιΆΉΣ³» Career Studio’s successful Pack Internship Grant Program, the new NV STEM Workforce Internship program will be launched in the 2023 spring semester. It is anticipated to connect more than 300 students with paid, competitive-wage internships with startup and early-stage high growth companies over three years. The Economic Development Authority of Western ΒιΆΉΣ³» (EDAWN) and the University’s ΒιΆΉΣ³» Center for Applied Research will partner with the ΒιΆΉΣ³» Career Studio to recruit employers that meet the industry criteria.
Round-table discussions with startup founders and entrepreneurs prompted ΒιΆΉΣ³» Governor Steve Sisolak to encourage this new Talent Retention Program “with a long-term vision to assist our young engineering and science entrepreneurs.”
“The challenge that was identified was the need for the state to support startups and technology companies by addressing their increasing need for science and engineering graduates,” said Sisolak.
The funding comes from a 2019 settlement with T-Mobile negotiated through the ΒιΆΉΣ³» Attorney General’s Office that included a charitable contribution of $30 million earmarked for enhancing entrepreneurial opportunities for women and under-represented groups. The Talent Retention Program, which includes a similar program being funded and developed at the University of ΒιΆΉΣ³», Las Vegas, was approved by the ΒιΆΉΣ³» Legislature’s Interim Finance Committee on Oct. 20, 2022, and the ΒιΆΉΣ³» State Board of Examiners on Nov. 15, 2022.
“ΒιΆΉΣ³» students are eager to apply their knowledge to real-world experiences, but getting connected to opportunities can be challenging for some students. This talent retention program will provide a new onramp to paid opportunities for our hard-working students to gain experience as they build professional networks with start-ups and entrepreneurial tech companies and contribute to their success,” said Katia Albright, director of the University’s ΒιΆΉΣ³» Career Studio.
By pairing science and engineering students with tech-based companies and startups – and paying a competitive wage of $18 per hour – GOED Senior Director of Strategic Programs and Innovation Karsten Heise noted the “talent retention program” will be a meaningful, targeted and active instrument to prevent a “ΒιΆΉΣ³» Brain Drain.”
“Additional envisioned positive impacts are that this initiative will prompt more women and minority students to enroll in science and engineering degrees as well as what we call a ‘deferred founder’ effect: as ΒιΆΉΣ³» is home to large numbers of first-generation college students who are understandably more risk-averse but as the result of (this) experience will turn into startup founders after having spent an initial few years as employees at technology companies in ΒιΆΉΣ³»,” said Heise.
“By connecting our students to cutting-edge experiences that are based right here, it can make ‘Home Means ΒιΆΉΣ³»’ a reality for more of our graduates than ever before,” said Albright.
