Reno is a city that has been shaped by years of gambling, quickie divorces, historical figures, and festivals. Now, the thriving city is home to technological advances and a startup scene that rivals Silicon Valley itself. On one of the toughest bounce backs in the country, from 13.9% unemployment in January 2011 with the majority of the homes sold being foreclosures or short sales, unemployed locals caught the entrepreneurial bug and the community dynamic shifted. Eric Raydon was one of these. After thinking, “Now [what] am I going to do?” Raydon decided to go into business with his two brothers, and began flipping properties in Midtown Reno because “[they] saw opportunities there”. Also in Midtown, Reno Mayor Hillary Schieve in 2007 prior to her inauguration became the founder of a few used clothing stores. Schieve believes that the ability to achieve such projects comes from the fact that the neighborhood was “blighted”. “We couldn’t have done something like that during a flourishing economy”, she says.

But Reno is on the up and up. Ranked 50th only above the District of Columbia, the unemployment rate for Nevada as dropped to a remarkable 7.1% with the national average at only 5.5% as of March 2015.

A few hours from the California Bay Area, across the Sierra Nevada’s, Reno is attracting big-time Bay Area names like Apple Inc. and Tesla Motors. Apple expanded their data center in 2013, and Tesla’s lithium ion battery ‘Gigafactory’, which is currently about a quarter of the way finished, has a planned completion in 2017. In addition to these huge corporations, Reno is becoming a startup hot-spot. TrainerRoad, a software application for aspiring triathletes designed to make the participant a better cyclist for just $99 a year, and EasyKeeper, a web-based application for those who manage goat herds and breeding, are among the ever-growing innovative list.

Some entrepreneurs in interviews, said that the laid-back, but outdoorsy lifestyle, close proximity to Lake Tahoe and the inexpensive real estate were huge elements in the pull towards Reno. Those factors, coupled with the business culture, are what set Reno apart from other cities. With downtown office space at only $1.61 per square foot as opposed to $5.27 in the San Francisco market (as of 2014 according to CBRE Group Inc.), it’s clear why entrepreneurs are seeing the light east of the Sierras.

“It’s got that ‘things are happening’ feeling to it. Being in Silicon Valley or Austin [Texas], you get the sense that things already happened”, said James Elste, 2012 founder of the business platform, Inquiri, which is dedicated to helping businesses grow their customer-base and revenue. “It’s cool to be here right now.”

Not all of the downtown region is on board with the new movements. Billboards for steak and eggs, $10 tees, pawn shops, and payday lenders, are still lighting up the downtown night-life. There are, however, many historical aspects of downtown Reno, that locals and tourists alike, get to enjoy as a part of the backdrop of the city. Bob Haney, a 61 year old homeless ex taxi driver waiting outside the Reno-Sparks Gospel Mission for a meal, remembers a different time. “I’ve seen the old Reno when it was a town to come to. I love this city, but people need to market it more. Half of the casinos are condominiums now.” Reno’s casinos, struggling to keep up with the competition from Indian-owned casinos in neighboring states, are making less money than in 1993, although as of 2012, the state is still leading in statewide gambling revenue (not including tribal-land gaming).

The balloon races, bowling, and rodeos helped the city as it began to fade from its glory as a gambling hot spot once Las Vegas rose to power. However, this recent bout of “Reno-vation” seems to hold promise as a less costly and less regulated market front than the California Bay Area. Chris Baum, President and Chief Executive of the Reno-Sparks Convention and Visitors Authority commented that, “the world changes, you have to change with it.” Reno is a city of flux, and this upturn is looking like a great strategy.

For more on the Reno-Tahoe area and to learn about Parc Forêt at Montrêux, be sure to check out our website!