Mayor Rex Richardson and Long Beach Coalition Announce Initiative to Bring 100 Diverse Startups to City
LONG BEACH, CALIFORNIA–(BUSINESS WIRE) – Following Mayor Rex Richardson’s call in his recent State of the City address for 100 new diverse startups to be brought to the City of Long Beach, a local coalition representing the public, private, and nonprofit sectors announced their answer to his directive through the signing of an agreement that signals the start of their efforts. Leaders from local organizations Sunstone Management, Sunstone Community Fund, the Long Beach Accelerator, the Long Beach Economic Partnership, the Long Beach Center for Economic Inclusion, City of Long Beach Economic Development Department, CSULB Institute for Innovation & Entrepreneurship, and Imprint Venture Lab signed their agreement to form the Launch Beach 100 Startups Campaign on January 23 with the mayor on hand.
“Attracting new and diverse businesses that will push the boundaries on innovation while boosting our local economy is a focal point of my administration’s Grow Long Beach Initiative and our Opportunity Beach Agenda,” said Mayor Richardson. “I applaud the Long Beach Coalition for believing in and supporting our mission to unleash the potential of the city’s emerging industries and provide good-paying jobs of the future for our residents.”
“The 100 Startups Campaign is a crucial mission for the City of Long Beach, and one that Sunstone Management and the Sunstone Community Fund is truly honored to be a part of,” said John Keisler, CEO & Managing Partner of Sunstone Management. “Mayor Richardson understands the importance of a thriving startup ecosystem, and we and our partners look forward to driving towards our goal over the next five years.” Keisler also served as a member of Mayor Richardson’s transition team.
Sunstone Management and its associated donor-advised fund, the Sunstone Community Fund, are participating in the 100 Startups Campaign. Sunstone Management will be responsible for development, registration, and management of the Long Beach Venture Fund. The anticipated $25 million fund will be open to accredited venture capital investors and will be invested over time into 100 early-stage technology startups who meet the requirements. In addition, Sunstone Management will provide financial, administrative, and compliance services to support Coalition activities, consistent with regulatory requirements.
The non-profit Sunstone Community Fund will be responsible for securing grant funding to support non-profit Coalition partners to assist with the implementation of the campaign. To date, Sunstone Management has committed to securing $100,000 per year, or $500,000 total, in charitable grants to the Coalition partners over the 5-year period. This includes grant funding already committed by the Sunstone Community Fund, as well as matching funds to be identified by the City of Long Beach and other non-governmental partners.
About Sunstone Management
Sunstone Management is a diversified private capital sponsor firm located 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.
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About Sunstone Community Fund
The Sunstone Community Fund is a Donor Advised Fund managed by the National Philanthropic Trust. It is an important component of Sunstone Management’s vision to advance public-benefit programs that support the development of inclusive and vibrant entrepreneurial ecosystems. The SCF supports a network of universities, nonprofit organizations, and government agencies that develop and implement university-based entrepreneurship programs, early-stage tech accelerators, and advance local economic development through inclusive entrepreneurship and innovation.