In conjunction with UCLA’s Technology Development Group and Amgen Ventures & Business Development in LA, this is a video of a panel discussion on the biotech industry. It is moderated by Rajit Malhotra, Executive Chairman of Dyve Biosciences and TDG Board Member.
UCLA is LA County’s fourth largest employer. Thanks to this public research educational institute in Westwood, LA, there are 72,000+ full-time jobs, generating $11.06 billion in Californian economic activity for the 2016-17 fiscal year.
As well as its employees and economic impact on the county, a report by Beacon Economics found 24 startups using UCLA-developed technology were launched in the 2016-17 fiscal year and 70 inventions from UCLA were licensed for commercial use.
According to Gene Block, Chancellor at UCLA:
“UCLA’s contributions to our state’s economic vitality are significant and widespread, from discovering life-changing technologies to employing tens of thousands of Californians. Measuring this economic impact allows us to demonstrate how every dollar invested in UCLA pays substantial dividends back to people throughout our state.”
In addition, it was found that UCLA’s expenditure is having a positive impact on licensing, research and technology which is benefiting the overall economy.
Los Angeles might just be a great place for owners of small businesses to begin their new enterprise. They are privy to a huge network of entrepreneurs, great talent and skill from top colleges like UCLA, USC, and a staggering 45 million of visiting consumers every single year.
Rather than being deterred by the high cost of living there, connections between the local community and budding entrepreneurs are now being formed with the help of SoCal founders. In addition, funding has been provided by IdeaLab, MuckerLab and Science Inc., as well as mentoring and establishing connections.
LA breeds a ton of creative talent. Hollywood anyway is a meeting place for the entertainment world and thus talent in this industry is diverse with a slew of eclectic individuals. There have been many success stories in LA including Light My Fire (boutique retailer selling over 1,000 types of hot sauce), offering locals a totally unique experience.
Another thing LA has going for it is the fact that its population is not contained in one urban cure (like NYC and Chicago). Indeed, the City of Los Angeles spans more than 503 square miles and in this space are contained very diverse individuals, communities and lifestyles. That makes it easier for burgeoning entrepreneurs looking to start a business too.
So entrepreneurs should start thinking about starting their next venture in sunny LA!