SACRAMENTO – To ensure that California can fully capitalize from it is UC research pipeline, Assemblymember Jacqui Irwin (D-Thousand Oaks) introduced AB 2664, a bill to provide an investment of $2 million per year, for three years at each UC campus and the Lawrence Berkeley National Laboratory to start or expand business incubators that bring research innovations to market. AB 2664 was just approved unanimously by the Assembly Higher Education Committee and was recently named one of this year’s “Job Creator” bills by the California Chamber of Commerce.
“Most of our UC campuses are among the top rankings of our country’s research universities,” said Assemblymember Irwin. “That research engine is a tremendous asset to California not only in the talented workforce it produces, but also the innovation that sparks start-up businesses and local economic growth. With this investment we can continue to leverage our taxpayer investment in UC research into economic growth and new, high-paying jobs for years to come.”
As the research arm of the State, the University of California has driven innovation and economic growth throughout its history. UC is now the world’s academic leader in the number of research inventions. In 2014 alone, active UC companies based in California employed over 19,000 Californians and brought in more than $14 billion in revenue. Under AB 2664 funding would expand the UC’s innovation ecosystem to all campuses throughout the state and their respective communities. In recent years, the UC’s ability to provide entrepreneurial services has reached its capacity, and this investment is needed in order to keep pace with the demand for innovation and entrepreneurial infrastructure.
This funding would be used to establish a robust innovation infrastructure at each campus, providing basics such as incubator space, legal services, and entrepreneur training to attract private sector investors. Under this bill, the return on investment, including local economic impact, would be regularly reported on to ensure maximum impact of the state’s investment.
Speaking of Assemblymember Irwin’s legislation, Nancy Lindholm, President of the Oxnard Chamber of Commerce said, “AB 2664 is an important investment in California’s future. We must continue to lead the nation in innovation. It is imperative that our universities prepare student to create jobs, not just to get jobs,”
There are currently 16 UC-run business incubators across the UC campuses that have been a breeding ground for successful business and game-changing innovations. Some incubators are in early stages of development that grow quickly with an infusion of funding. For example, the Skydeck incubator at UC Berkeley launched in 2012 as a partnership between the Office of Research, the College of Engineering, and the Haas School of Business. Since then, Skydeck has hosted 84 startup teams, which have gone on to raise $93 million and create over 650 jobs.
**Assemblymember Irwin’s website: http://asmdc.org/irwin