LAS VEGAS (FOX5) — A new analysis from the University of Nevada, Las Vegas shows that women and minority entrepreneurs have played a central role in Nevada’s post-pandemic small business growth.
According to the UNLV Center for Business and Economic Research, 40% of all small businesses in the state of Nevada were created after the COVID-19 pandemic. Hispanic-owned, Black-owned, and Asian-owned small businesses were among the fastest-growing in Nevada from 2019 to 2022. Women-owned small businesses outpaced male-owned businesses by 17% during that same time period.
What’s driving the growth
Andrew Woods, director of the UNLV Center for Business and Economic Research, said job loss during the pandemic contributed to a wave of new business creation.
“A lot of people, as they were unemployed… had now maybe time to think about starting that business they always wanted to start,” Woods said. “And it’s through programs at the federal, state, and local level, we essentially made it risk-free to start a business during that period.”
Woods said the growth has been sustained. “We saw a lot of non-traditional communities, communities of color, women — those businesses are still in existence and operating as of as far as we can tell today,” he said. “So there wasn’t this spike and then it went away. It continues today for at least four years after the pandemic.”
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Las Vegas entrepreneurs reflect the trend
Eric Sanchez, CEO and co-founder of x2l.bio, is one of those post-pandemic entrepreneurs. Sanchez, who said he has been a serial entrepreneur for over 22 years, is developing remote wearable technology aimed at measuring VO2 max for a general consumer audience.
“We’re democratizing VO2 max to the general population, to the masses,” Sanchez said. “You don’t just have to be an athlete. You can be someone that just works 9 to 5 day-to-day and is a weekend warrior.”
Sanchez said the company plans to manufacture its masks in Las Vegas and cited local support for technology companies as a factor in its growth plans.
Small business owner Lorraine Yarde said she returned to executive search work during the pandemic.
“I help my clients find key executive employees to help drive their business and grow revenue,” Yarde said.
She has since expanded her focus to helping other women launch their own startups. She now works with the City of Henderson on that effort.
“I’m a connector, a community builder,” she shared.
Yarde’s nonprofit, Innovation Henderson, is launching community workshops in September.
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