Los Angeles Bioscience Industry Gets Boost From L.A. County Contract
LAEDC to lead development of implementation plan for Los Angeles regional industry cluster, setting stage for jobs growth
LOS ANGELES (November 10, 2015) – Today, the Los Angeles County Economic Development Corporation (LAEDC) has been selected by County of Los Angeles to lead a diverse coalition of biosciences-related stakeholders in the development of an implementation plan for the region’s bioscience industry cluster. The goal of this action plan is to create skilled jobs and build capacity by leveraging our region’s resources in innovation, R&D, talent development, physical and real estate assets, and all stages of financing to foster significant growth in the bioscience industry in the Los Angeles County region.
Selection of the LAEDC and this coalition of stakeholders is the most recent step in an ongoing process led by L.A. County Supervisor Mark Ridley-Thomas to accelerate the development of the Biosciences industry cluster, as the Board of Supervisors moves to establish an Economic Development Trust Fund with an element focused on industry cluster development.
Assembled by the LAEDC, this coalition is comprised of a team of capable and experienced organizations with specific knowledge and expertise in regional bioscience industry capacity-building;
- The LAEDC, a 501c3 and the region’s leader for economic development and industry cluster strategy and implementation, including real estate advisory services through its LA Public Landowner Assistance Network
- BioAccel, a 501c3, works with qualifying entrepreneurs and their early-stage bioscience technology and medical device companies to identify start-up funding as well as provide training and mentorship to accelerate commercialization, improve healthcare, and diversify economic development.
- Biocom, one of the largest regional life science associations in the world, representing more than 700 member companies in Southern California, and a key driver of San Diego’s bioscience industry growth
- Collaborative Economics, which performs regional industry cluster economic development and workforce development with specific experience in the bioscience industry
- CommonWeal, which identifies and engages networks of serial entrepreneurs, investors and their affiliated companies that play a critical role in driving value creation and robust regional economies
- Keck Graduate Institute (KGI), a higher learning institution and leader in professional development, with an educational and research mission to translate basic scientific discoveries into practical health applications.
- Additional supporting organizations in the effort include Barbara Halsey Consulting, which facilitates partnerships between the public and private sectors to move workforce, education and social improvement projects forward, Hart Realty Advisors, specializing in real estate investment management, San Gabriel Valley Economic Partnership, providing regional support and field staff, Santa Clarita Valley Economic Development Corporation, providing regional support and field staff, and the Valley Economic Alliance, providing regional support and field staff.
The work will look at the entire bioscience ecosystem in the Los Angeles County region to develop an actionable plan to grow the biosciences industry cluster here. The scope of the plan will include strategies to leverage the university/medical center based training and research assets across the County, engage investment and entrepreneurial communities in a cohesive way, and identify several specific physical sites in L.A. County where industry cluster facilities can be developed.
“The work we are undertaking will answer the question, ‘How can we – as an economic region – create the well-paying jobs of tomorrow while also ensuring that more of our residents are able to access these jobs?’ ,” said LAEDC chief executive officer Bill Allen. “Our Los Angeles County Supervisors are investing in job creation by approving the development of an implementation plan, and we wholly endorse this well-considered strategy of industry cluster development.”
Current evidence suggests that focused industry cluster development unleashes incredible growth potential when used as an approach that cuts across the traditional fields and tools of economic and workforce development, helping to enhance their effectiveness. Traded or export-oriented industry clusters, such as biosciences, sell goods and services beyond the region and produce a powerful and reinforcing cycle of job creation, wage growth, investment and economic prosperity. As concentrations of businesses, support services, suppliers and competitors grow, they generate better products and improved processes, and attract skilled workers, becoming even more competitive, gaining market share.
About the LAEDC www.laedc.org
As the Southern California region’s premier economic development organization, the Los Angeles County Economic Development Corporation (LAEDC) provides economic development leadership to promote a globally competitive, prosperous and growing L.A. County economy to improve the health and well-being of our residents and communities and enable those residents to meet their basic human need for a job. We achieve this through objective economic research and analysis, strategic assistance to government and business, and targeted public policy. Our efforts are guided and supported by the expertise and counsel of our business, government and education members and partners. The LAEDC is a private, nonprofit organization established in 1981 under section 501(c) (3).
For more information contact: Lawren Markle, LAEDC Director of Public Relations and Marketing, [email protected], 213-236-4847