IRVINE – A diverse group of five cities has signed on as partners in the third annual Sunstone Economic Development Challenge @ USC Price for 2024-25.
The Challenge partners student teams from the University of Southern California Sol Price School of Public Policy to consult through the year and create new strategies to leverage startups and workforce development to drive economic growth. Sunstone’s sponsorship includes a $5,000 prize to the winning team through the Sunstone Community Fund.
Participants this year range from Santa Clarita, the third largest city in Los Angeles County with a population of more than 230,000 residents, to Nevada City, the gold rush town on the western slope of the Sierra Nevada in northern California with a population of 3,000. Other participating cities are Carson, Cypress and Glendora.
Last school year’s partners were Culver City, Lomita, Pasadena, San Bernardino and Torrance, with the student team helping San Bernardino taking the $5,000 prize. The inaugural program resulted in economic development proposals for Long Beach, Irvine, El Segundo, and Garden Grove.
“I am interested in having a student team help us better understand the commercial real estate needs and location requirements for companies in the aerospace, space tech, and satellite launch industries,” Eric Romero, Carson’s Economic Development Manager, said in a statement. “Some questions that we have include but are not limited to: How much square footage do these companies typically need? Are their building specs like height requirements, number of entrance/exit points, and energy requirements that are important? Are there zoning/land use and plan check challenges that need to be addressed?”
This unique partnership of public policy students (mostly graduate students) and government economic development officials was sparked by the USC City/County Management Fellowship (CMF) and John Keisler, who is the CEO and managing partner at Sunstone, a USC Price School graduate and a member of the fellowship.
“This program is a great example of the power of partnerships,” Keisler said. “Cities work with educational institutions, with support from the private sector, resulting in stronger job creation for their communities.”
Each municipality has unique needs, and officials are looking to the student teams to help define alternatives.
“The City of Cypress faces the challenge of revitalizing commercial properties, especially older shopping centers, to attract new businesses and enhance job creation,” Christopher Wong, Cypress Business Development Manager, wrote. “By concentrating on specific areas needing revitalization, Cypress can balance growth while preserving its quality of life.”
Attracting small businesses and finding affordable housing is key to keeping Nevada City vibrant, City Manager Sean Grayson said. Santa Clarita has decided to forgo requiring business licenses and registration, making it easier for potential business owners to locate there, but also making it difficult to track economic development or coordinate outreach.
Officials in Glendale, nestled at the base of the San Gabriel Mountains, faces an essentially built-out city seeking growth. A new economic development plan is in place for students to build on, according to Management Analyst Alycia Suniga.
“The City recognizes that fostering a healthy commercial sector not only enhances the quality of life in Glendora, but also ensures the City’s financial health,” Suniga wrote. “The EAP requests substantial funding from the City Council, one million dollars to develop and implement programs such as a Beautification Grant, Business Loans and Job Creation Tax Credits. Upon approval from City Council these programs will need to be developed and implemented.”
There already has been an orientation session for students interested in participating in the challenge. Teams will be formed and work started later this fall, with the final presentations taking place in April 2025.
For details, go to the Challenge website, sites.usc.edu/sunstone-price-challenge, or email Ryan Phong at ryan.phong@sunstoneinvestment.com.
About Sunstone Community Fund
The Sunstone Community Fund is a key component of the Sunstone Management vision to advance public benefit programs that support the development of inclusive and vibrant entrepreneurial ecosystems. A Donor Advised Fund managed by the National Philanthropic Trust, the SCF supports a network of universities, nonprofit organizations, and government agencies that develop and implement entrepreneurship programs, early-stage tech accelerators, and advance local economic development.
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Jennifer Huang
Sunstone Management
(562) 732-0617