Unmanned Aerial Vehicle The latest drone news
This opinion column was submitted by Michael Bustamante, president and founder of the Latino Consumer Federation
When people think about Nevada and our economy, they immediately turn to gaming and the hospitality industry. Technological innovation is just as important for our economic future. From Tesla’s Nevada based Gigafactory, one of the largest manufacturing plants for electric vehicles in the world to the groundbreaking Team Roadrunner, an unmanned aerial vehicle consortium that holds the record for the longest delivery made by a drone, our state is driving technological progress.
Despite these industries creating thousands of well-paying jobs that benefit all Nevadans, Congress is currently debating antitrust legislation that could stifle this burgeoning source of innovation. At a time when venture capital is drying up in the U.S., and inflation is soaring, the last thing Nevadans need is for Congress to put up another economic roadblock in our path to prosperity.
Because of Nevada’s strong workforce, robust venture capital firms and unique innovative spirit, we’ve quickly turned into the next Silicon Valley. More than 74,000 Nevadans work for innovative tech companies with much of this workforce coming to Nevada over the last decade. Due to our local startup culture and pro-growth regulations, Nevada has become a hub for technology companies, ranging from well-known firms such as Tesla and Panasonic to home-grown startups. To highlight this amazing growth, during the COVID-19 pandemic, 59 tech companies moved to Northern Nevada, and 29 new corporate headquarters were established in the state.
The strength of our technology sector also comes from the local talent we have in our great state. Take, for example, Nevada native Weili Dai, who co-founded the multimillion-dollar AI and metaverse company MeetKai. She has been named by Forbes as one of the most powerful women in the world.
The technological future of both Nevada and the U.S. is clearly bright at a time in which the world is changing very fast. In this moment of uncertainty, venture capital in tech-startups has dried up, inflation is at a record high, and there are whispers of a future recession. All these looming hazards pose grave threats to Nevada’s technology sector. Instead of fostering U.S. innovation and our evolving economy to meet these challenges, members of Congress have introduced shortsighted antitrust regulations that would further put our states’ economy at risk.
The anti-technology legislation being discussed today would essentially prevent large tech companies from investing in or purchasing startups that provide helpful new services that could complement existing platform features. The net result would be drastic reduction in the incentives for entrepreneurs to risk creating a startup. In such a market, angel investors would be less likely to support a new business that larger competitors could not purchase. Don’t take my word for it: Look at what happened in the European Union when they passed similar regulations and saw investment and innovation quickly dry up.
Unfortunately, our legacy sectors of gaming and hospitality would also be at risk as well. Nevada’s famous casinos and hotels rely on innovation to improve the visitor experience, increase efficiency, and remain the best in the world.
For example, when COVID-19 struck, concerns about direct close contact put the future of the industry at risk, since no one felt comfortable handling chips or paper currency. However, innovations including biometrics and mobile wallets allowed casinos to provide service while maintaining safety. In 2021, Resorts World became the first casino to implement cashless gambling. Visitors can use a mobile wallet to load slot machines or even to bankroll poker or card games.
Nevada is the land of opportunity and Nevadans understand the importance of empowering entrepreneurs and supporting home-grown startups. At a time when the U.S. economy is sputtering, and the technology sector is vital for many hardworking Nevadans, we urge our members of Congress to continue supporting American innovation and prevent reckless antitrust legislation from being signed into law.
Michael Bustamante is president and founder of the Latino Consumer Federation, a nonprofit organization dedicated to the advancement and empowerment of the Latino community and its growing consumer base.
Have your say:How to submit an opinion column or letter to the editor
