Welcome back to The Sunstone Way.
I’m excited. At last week’s Grow Long Beach event, Mayor Rex Richardson excited a lot of people with his vision of the city’s future – specifically, the city’s economic future.
I’m particularly excited because we, Sunstone Management, get to play an important role in that future as the venture capital partner in this effort. As a member of the coalition supporting the Launch Beach: 100 Startups campaign, it’s our specific responsibility to develop, register and manage the Long Beach Venture Fund.
The LBVF will support the entrepreneurs creating the 100 new businesses this plan envisions over the next five years in Long Beach. It is anticipated that the fund seeks to raise up to $25 million.
What’s So Special
This fund will be open to accredited venture capital investors who can demonstrate accredited status. It is registered as a specific type of fund that is open only to people of high net worth who qualify according to SEC (U.S. Security and Exchange Commission) rules will be able to invest. We have experts who can help determine whether you qualify – our role as the venture capital partner.
Those are the technical issues. What excites me is more of an emotional connection. By investing in the Long Beach Venture Fund you are investing in the future success of Long Beach.
This program will continue to look for and support diverse entrepreneurs looking to build something new – and create new opportunities for economic advancement. Our coalition partners – the Center for Economic Inclusion, the Long Beach Economic Partnership, the Long Beach Accelerator and others — are designed to make that happen.
Mayor Richardson wants to take advantage of five economic sectors that already are strong components of the Long Beach economy — Healthcare, Aerospace, Transportation, Sustainability, and Creative ecosystems. By focusing on startups in these areas, we will further strengthen what is already there.
For example, Long Beach already has a vibrant Space Beach component at and around the Long Beach Airport. There are plenty of business opportunities for entrepreneurs to support and further expand the aerospace activities there and elsewhere in the city.
Healthcare, from new cancer treatments to more holistic approaches for elder care, is booming in Southern California. With two major hospitals – Long Beach Memorial Medical Center and St. Mary Medical Center* – and multiple other health providers and teachers, Long Beach is poised to play an ever-larger role.
Long Beach’s number one job creator, the Port of Long Beach, offers huge opportunities in both the transportation and sustainability sectors. The Green Port already is an industry leader in goods movement and environmental improvements. Opportunities to make a difference – directly and indirectly, from electric drayage to AI-enhanced scheduling – are virtually limitless.
It is going to be particularly exciting to watch what grows in the Creative sector, because there are so many avenues to explore. Another of the coalition partners, Imprint Venture Lab, is going to have some great news in connection with the Unexpected Connections event today, and I’ll talk about them next week.
Here at Sunstone, we’ve been excited about this Long Beach initiative since Mayor Richardson first brought the subject up. As you know, we strongly believe in the power of public-private partnerships, and we are honored to be the city’s venture capital partner in the Grow Long Beach push.
We will help enrich our community in many ways with this effort.
That is The Sunstone Way!
And as always, be a Sunstone!
CEO & Managing Partner
Sunstone Management, Inc.
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Note: This presentation is for information purposes only and is not intended as an offer to sell securities or the solicitation of an offer to buy securities. Such offers are made solely pursuant to formal offering and subscription documentation in an investment fund (“Fund”).
Interests in private funds such as the Long Beach Venture Fund are offered pursuant to an exemption from registration with the SEC and are therefore high-risk, illiquid investments. Those considering such investments should be able to afford losing some or all their money. For more information about the Long Beach Venture Fund, including a summary of risks, please request a Private Placement Memorandum from Sunstone Management, Inc.
* These businesses are named for illustrative purposes only and are not participants in this initiative at this time.
More About Sunstone Management
Sunstone Management is a diversified private capital sponsor firm headquartered in Southern California that invests in diverse early-stage technology entrepreneurs who seek to build great companies. We believe in the aspirational power of the American economy to attract and inspire investors and entrepreneurs from throughout the world. We deliver new and exciting opportunities for economic growth through the creation of innovative public-private partnerships, and our unique experience across government, education, and private sectors. Identified by Financial Times as one of America’s Fastest Growing Companies three years in a row. Ranked 18th in the United States on the list of most active venture capital firms by PitchBook.
© Sunstone Management Inc., 2023