Private capital firm Sunstone Management has donated a total of $175,000 to the Long Beach Accelerator, which focuses on fostering tech start-ups, and Cal State Long Beach this month.
The company announced the $100,000 grant for the accelerator to partner in the creation of a model for the implementation and operation of a network of nonprofit, community-based technology startup accelerators.
“Based upon the results from the first cohorts in the [Long Beach Accelerator] program, the model has been impactful,” LBA Board Chair Wade Martin said in a statement. “This grant will allow us to document the LBA model and transfer that success to other communities … [and] increase opportunities for many underrepresented entrepreneurs.”
The grant will assist the accelerator in furthering its mission to cultivate early-stage technology startups by providing “access to capital, networks, technical assistance” and more, according to the announcement. The organization offers a four-month program.
Once the model has been created, Sunstone will collaborate with the accelerator as well as local and county governments to implement it in communities that lack such programs to support entrepreneurs and economic development.
“The Long Beach Accelerator is a vital resource for the creative entrepreneurs in our city and region,” Sunstone CEO John Keisler said in a statement.
Monday’s announcement comes exactly two weeks after Sunstone announced a $75,000 grant for the Cal State Long Beach Institute for Innovation and Entrepreneurship. That money will fund university-based activities that promote entrepreneurship at California State University campuses across the state.
The programs will help early-stage entrepreneurs access resources and increase awareness, according to the announcement.
“Mentorship and aiding university-based entrepreneurs is vital to growing and maintaining the pipeline of founders and innovators in our state,” Keisler said. “The [institute] is a key resource for students and academics interested in founding their own businesses, and we are pleased to support their expanding efforts.”
Under the partnership, the institute will coordinate activities in Long Beach and five other campuses: Dominguez Hills, Fullerton, Los Angeles, Northridge and Pomona. More schools are expected to be added in the future, according to the announcement.
“The collaborative effort to build awareness and engagement across the CSU community of campuses and programs is a unique opportunity,” Martin said. “This initiative will result in growing the entrepreneurial ecosystem on each campus and in the surrounding communities.”