Story excerpt provided by Long Beach Post
Written by Brian Addison
Long Beach City College (LBCC) announced at their inaugural innovation and entrepreneurship conference the launch of Innovation Fund SoCal (IFSC), a program which will provide funding and mentoring for up-and-coming entrepreneurs attempting to build their startups.
The conference, innovate!socal 2014, is a partnership with LBCC and Ewing Marion Kauffman Foundation and welcomed the announcement of the program. IFSC will soon begin offering micro-grants up to $25K and no-interest, non-collateralized loans of up to $100K to startup companies throughout the Los Angeles basin.
The ultimate hope is to spur economic development through the doors of the city college based upon the model of the Innovation Fund at Lorain County Community College, which began in 2007. That program has raised over $14M while investing over $7M in hundreds of startups.