Technology & Future Focus | Invest Long Beach

Technology & Future FocusWith an eye towards the future, Long Beach believes in the power of innovation, technology and sustainability as aspects of economicWith an eye towards the future, Long Beach believes in the power of innovation, technology and sustainability as aspects of economic growth.LAUNCH BEACH INITIATIVE: INITIATIVE SECTIONFollowing Mayor Rex Richardson’s call in his recent 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 their efforts. Leaders from local organizations Sunstone Management, Sunstone Community Fund, the Long Beach 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 Beach100 Startups Campaign on January 23 with the mayor on hand.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, the Long Beach Accelerator (LBA) is supporting the growth of these early stage startups including: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.Sunstone 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 Long Beach and other non-governmental partners.* *LAUNCH BEACHOur WhyUnleash economic growth in Long Beach by attracting and supporting innovative technology startupsMissionFoster economic opportunities in Long Beach for residents, businesses, and stakeholdersVisionEstablish the Long Beach Tech Corridor by cultivating 100 diverse, early stage technology startups, buildingInvest Long Beach is leading the Launch Beach initiative and together with the coalition members, has established the following objectives:Establish Long Beach as a recognized hub for early stage technology investment and startupsProvide opportunities for generational success to Long Beach Small BusinessesAttract and retain 100 qualified startups to successfully locate in Long Beach over the next five yearsIn partnership with leaders and stakeholders of the city, build a robust ecosystem of entrepreneurship in the communityRaise $25M in early-stage venture capital investment to support 100 Launch Beach startups over five years via the Long Beach Venture FundBusiness & IndustryPromotion & AttractionTech & Future FocusAll pillarsBusiness & IndustryBusiness & IndustryPromotion & AttractionPromotion & AttractionStart a conversation with Invest Long Beach.Site selection, growing a company already here, membership or research: the right person will come back to you.Get in touch