Story excerpt provided by Long Beach Press Telegram
Written by Andrew Edwards
Long Beach City College is promoting a new source of funding, called “Innovate Fund SoCal,” to help finance and educate entrepreneurs attempting to create new technology-focused companies.
“It’s like an incubator,” college President Eloy Ortiz Oakley said. “It’s really an idea to help them get off the ground. They’re at a stage when they’re borrowing from themselves, their parents, their friends. They’re not really ready to go in front of a venture capitalist or a bank.”
Oakley publicly announced the fund Thursday during the Innovate!SoCal conference, which took place inside the Pacific Ballroom at the Long Beach Arena. It featured panels and speakers intended to help new businesses get off the ground.
The term “business incubator” refers to an entity that aids startups by providing entrepreneurs access to mentoring or potential investors.
As announced Thursday, Innovate Fund SoCal is intended to provide help to entrepreneurs in the fields of clean and advanced technology, biomedical devices and advanced manufacturing. Business owners can expect to be able to apply for grants of up to $25,000 or no-interest, noncollateralized loans of up to $100,000.