Launch Beach | Invest Long Beach

Launch BeachFollowing Mayor Rex Richardson’s call in his State of the City address for 100 new diverse startups to be brought to the City of Long Beach, a local coalition representing the public, private, and nonprofit sectors…Launch BeachTechnology and Innovation Fuel the Future of Long BeachFollowing Mayor Rex Richardson’s call in his State of the City address for 100 new diverse startups to be brought to the City of Long Beach, a local coalition representing the public, private, and nonprofit sectors announced their answer to his directive through the signing of an agreement that signals the start of the “Launch Beach” coalition. Leaders from local organizations Sunstone Management, Sunstone Community Fund, the LongBeach Accelerator, the Invest Long Beach, the Long Beach Center for Economic Inclusion, City of Long Beach Economic Development Department, CSULB Institute for Innovation & Entrepreneurship, and Imprint Venture Lab signed their agreement to form the Launch Beach 100 Startups Campaign on January 23 with the mayor on hand.“Attracting new and diverse businesses that will push the boundaries on innovation while boosting our local economy is a focal point of my administration’s Grow Long Beach Initiative and our Opportunity Beach Agenda,” said Mayor Richardson. “I applaud the Long Beach Coalition for believing in and supporting our mission to unleash the potential of the city’s emerging industries and provide good-paying jobs of the future for our residents.”Invest Long Beach is working collaboratively with the Launch Beach coalition in attracting and retaining tech start-ups to the city. The Partnership has formed a task force to work with the coalition members and accelerator alumni in understanding how to grow the startup ecosystem and build a tech corridor in the city of Long Beach.Advanced technology and innovation aligns with multiple goals of the City as it moves into the future and proceeds with new infrastructure and planning objectives.Creating competitive startups, vastly accelerating go-to-market and expansion, and, ultimately, maximizing economic opportunities and employment in the City of Long Beach and the greater Southern California region.Over the last two years, 37 companies have graduated from the LBA program who have since raised over $20M, have generated over $10M in revenue, and have hired over 120 new full-time employees (FTEs).By the end of the 3-year grant period, we expect the Long Beach Accelerator ScaleUp Program to expand the number of minority- and women- led high-tech startups that go through their program.Business & IndustryPromotion & AttractionTech & Future FocusSunstone Management and its associated donor-advised fund, the Sunstone Community Fund, are participating in the 100 Startups Campaign. Sunstone Management will be responsible for development, registration, and management of the Long Beach Venture Fund. The anticipated $25 million fund will be open to accredited venture capital investors and will be invested over time into100 early-stage technology startups who meet the requirements. In addition, SunstoneManagement will provide financial, administrative, and compliance services to support Coalition Activities, consistent with regulatory requirements.The non-profit Sunstone Community Fund will be responsible for securing grant funding to support non-profit Coalition partners to assist with the implementation of the campaign. To date, SunstoneManagement has committed to securing $100,000 per year, or $500,000 total, in charitable grants to the Coalition partners over the 5-year period. This includes grant funding already committed by the Sunstone Community Fund, as well as matching funds to be identified by the City of LongBeach and other non-governmental partners.The money the mayor spoke of is part of the Long Beach Venture Fund, which is a private investment fund with plans to raise up to $25 million from accredited investors to support and invest in early-stage businesses going through the Long Beach Accelerator as part of Launch Beach.Sunstone Management CEO John Keisler has recently announced that the Long Beach Venture Fund had received its initial capital investment – 3% of the goal from Sunstone Management and Imprint Venture Lab.“We’ve begun with Sunstone and Imprint Venture Lab as general partners,” Keisler said. “In addition to the capital (we will raise), we will be providing technical and other support.”“Well now you know you’re not alone,” Keisler said of tech start-ups. Then he announced that Sunstone Management has opened a Long Beach office on the eighth floor of the World Trade Center. “We’ll be here to help.”Invest Long Beach is proud to partner with Sunstone Management in this effort. Not only will the Launch Beach coalition support growth of the tech sector in Long Beach, but the partnership between Invest Long Beach and Sunstone will grow overall business attraction to the city.Sunstone Management is a diversified private capital management firm with headquarters in Southern California that provides a range of early-stage venture capital, real estate, and fixed income funds to qualified and accredited investors. The firm delivers new and exciting options for economic growth through innovative public-private partnerships, making use of its unique experience across government, education, and private sectors. Identified by Financial Times as one of America’s Fastest Growing Companies three years in a row. In the second quarter of 2023, PitchBook ranked Sunstone the seventh most active early-stage venture capital firm in the country, and 18th overall.The Launch Beach PartnersApostle Incubator: provides programming to support entrepreneurs from both CSULB campus and Long Beach communityApostle Business Ideation Challenge: a fast-pitch competition that gives CSULB students and student teams the opportunity to win cash prizes for their business ideasApostle Enterprise Lab: provide entrepreneurial learning experiences open to students from all CSULB collegesAEL is a classroom experience focusing on entrepreneurship theory and practiceAI is a non-credit, outside-the-classroom activity that connects the university’s rich talent pipeline to the greater Long Beach entrepreneurial communitySunstone Innovation challenge: annual campus-wide business plan competitionThe winning team receives support for their business, including $15,000 in seed funding, and space, marketing, legal, and accounting services totaling up to $35,000.CSU Demo Day: learn more about the entrepreneurial ecosystem of founders, investors, and accelerators/incubatorsOffice Space at the World Trade Centerwill be available to post-accelerator startups. Sunstone can sponsor 5 hot desks to our portfolio companies who are ready to call Long Beach home. This is a $18,900 value or $3780 savings per startup for their first year of operation to help take them to their next round of funding.Real Estate Advisory, support startups with expert knowledge and guidance to help them take the next step in making Long Beach their headquarters.Mentorship, startups will have access to a network of professional mentors within our partner network that might include workshops, training, and professional services.Access to Capital, Sunstone can choose to have follow on investment and facilitate introductions to more investors in partnership with Invest Long Beach and the LBA.Space to locate in Long Beach. The Long Beach Accelerator has secured inspiring, collaborative workspace in downtown Long Beach that is available for cohort members and alumni, including conference room space.Access to operating capital. While you’re building and growing, it’s nice to have the bills taken care of. The LBA, in collaboration with both equity funders and non-dilutive sources, helps you with the extra runway so you can focus on your business.Mentorship and coaching to develop an exit strategy. Leverage experience and networks to supercharge your trajectory. Mentors will provide continuity and constructive feedback, and help hold you accountable to you and an intensive program designed for your success.Preparation to approach investors. Pitching investors doesn’t come easy to most. But with preparation and practice, you’ll have the confidence in your business plan and pitching skills so that your product and execution abilities will shine through.Strategic Partnerships and Revenue. Perhaps the most important person to a business is your customer. During your time at LBA, you will have opportunities for introductions in your industry with a focus on finding early partnerships to grow into lasting customer relationships.And much more. Not every startup is alike and we’ve put together a package of resources worth over $500K that is as unique as your idea. Contact us with any questions, or register here.Streamlining procedures for business registration, licensing, and compliance to ease the challenges startups face in managing their initial operations, while taking into account the possibility of a technology startup ombudsman to provide dedicated support.Offer tax incentives to early-stage startups to foster an environment of financial feasibility.Identify and promote funding opportunities, fostering an ecosystem of financial accessibility.Enhancing physical and digital infrastructure to fortify the foundations of startup operations.Championing policies that foster innovation, fostering an environment conducive for startup success.Access to a network of industry experts across multiple disciplines including the Mayor’s Strategic Growth Council and LAEDC Industry CouncilMake available research and data including industry sector profiles and reports including the Grow Long Beach initiativeCommissioned a series of industry profiles reflecting the Mayor’s priority sectors including: Aerospace & Aviation (including Space Beach), Transportation & Logistics (including Supply Chain & Goods Movement), Tourism & Hospitality including Food & Entertainment, Healthcare, Education, Creative Economies, and Advanced Air/Urban Air MobilityAccess to international partnerships as facilitated by the World Trade Center Long Beach, which is an initiative of the Invest Long BeachConvening, facilitation and coordination on behalf of the consortium members including bringing in speakers, special guests, experts and other resourcesAccess to support grant applications and other funding models including through public/private partnershipsPromote the economic and community development benefits of the consortium and tech startup ecosystemDeploy marketing and promotional materials that showcase the City of Long Beach as a destination for high quality venture capital investors and startup foundersStructure,collect, analyze, and report economic datarelated to venture capital investment and startup activity; and, make this information available to the publicCreative StudiosAccommodate 10 –12 creative startups at the Startup Studio located at the Psychic Temple Broadway locationReference general partner agreement, value $16K a month for studio spaceMentorshipStartups will have access to a network of professional mentors within our partner network that might include workshops, training, and professional servicesTraining curriculums tap into ETPIn-kind staff participation, mentorshipMarketingMarketing strategy and support via Intertrend, an end-to-end creative agency as well as its family of brands (digital arm, media planning/buying, out-of-home, experiential)Facilitate Entrepreneur trainings and workshops (2-3 annually)Connect local businesses to funding and contract opportunities within the CityProvide technical assistance to small businessesProvide administrative support to Business Improvements DistrictsLearn key success factors to business resiliencyGet business tools to bring back to your business and teamExperience learning with fellow business ownersCreate a vision for your best 2024 and beyondDevelop growth opportunity plansConnection to a network of over 3,000 families and 1,000 small businesses within Long BeachInterested In Joining Launch Beach?Please let us know what's on your mind. 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