Do you own or are you planning to start a small business in the Los Angeles Basin? If so, you’ll be interested to know that Long Beach City College is promoting a new source of funding, called “Innovate Fund So Cal,” to help finance and educate entrepreneurs attempting to create new technology-focused companies.
The Innovation Fund So Cal’s goal is stimulating regional entrepreneurial activity, wealth creation and social prosperity by funding and mentoring entrepreneurs launching innovation-led startups with high-growth potential.
Innovation Fund So Cal’s funding is ideal for entrepreneurs who are:
- First-time founders or relatively inexperienced
- Receptive to coaching
- Building their management experience and assembling a management team
- Incorporating in the L.A. Basin and committed to staying here for at least six years
- Developing or using proprietary, patentable or patented intellectual property, technology, or trade secrets with the potential to disrupt industries of at least $100 million per year
- Capable of generating $20 million to $50 million in revenues within five to 10 years
- Committed to participating in and providing educational experiences and employment opportunities to students and L.A. Basin residents
Innovation Funding So Cal funds will be awarded in an annual competition that provides funding at two levels:
- A-Level Awards (up to $25,000) are grants often used for proof of concept, market evaluation, patent filings, etc.
- B-Level Awards (up to $100,000) are non-collateralized loans often used by startups to further prove their concept, develop and refine their business model and customer acquisition plans, conduct market tests, hire key personnel, etc.
The deadline to submit an application is 9pm PST Monday, March 24th.
To learn more about Innovation Fund So Cal and apply for funding, visit the Innovation Fund So Cal website.