Innovation Fund Socal Looks to Spur Local Startups
2014-10-30 · By Editor
Long Beach City College (LBCC) announced that the funding cycle for Innovation Fund SoCal is now open. Applicants have an opportunity to receive a $50,000 no-interest, non-collateralized loan to help their startup companies focused on clean and advanced manufacturing, bio medical devices, advanced energy technologies. Applications will be accepted online now until December 1, 2014.
Innovation Fund SoCal was created in 2013 in partnership with the Kauffman Foundation to stimulate regional entrepreneurial activity, wealth creation, and social prosperity by funding and mentoring promising entrepreneurs launching innovative startup companies with high-growth potential.
“Community colleges have emerged as important engines for entrepreneurial activity and Innovation Fund SoCal has been a different way for LBCC to engage and assist our local entrepreneurs,” said Long Beach Community College District Superintendent-President Eloy Ortiz Oakley. “We learned a lot from our pilot program earlier this year, and we’re looking forward to working with selected startups to enhance their success, and join LBCC’s efforts to develop our regional economy.”
Awardees are selected through a competitive process that include an initial application, interview and two rounds of pitches before selection panels comprised of a cross-section of professionals with technical, industry, financial, business, commercialization and startup experience and expertise. The final round of pitching will take place in front of a live audience during the 2015 Innovate!SoCal Conference on March 26, 2015.
Awards will be made in the amount of a $50,000 no-interest and non-collateralized loan with a 1:1 match requirement from the startup. For more information including the process and how to apply visit www.innovationfundsocal.org.
Long Beach City College is the host to a number of small business and entrepreneurial initiatives including Goldman Sachs 10,000 Small Businesses and the Los Angeles Regional Small Business Development Center. LBCC was recently named 2014 Entrepreneurial College by the National Association for Community College Entrepreneurship.