Assemblymember Irwin Initiative Approved by Assembly Budget Committee
SACRAMENTO – An initiative to invest $22 Million in UC-run business incubators was included in the version of the budget approved by the Assembly Budget Committee today. The proposal will be consider by the Joint Budget Conference Committee next week.
Assemblymember Jacqui Irwin (D-Thousand Oaks) introduced the UC Innovation and Entrepreneurship Initiative (AB 2664) earlier this year, citing the vital role that business incubators play in converting our taxpayer funded research into new businesses, new high-paying jobs, and the future of California’s economic development.
“Our UC business incubators have been 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.” said Assemblymember Irwin. “As our state and economy continues to expand and evolve, these business incubators do not have the space and resources to meet demand. This funding will lead to new innovative businesses and provide returns to California many times over.”
The initiative would provide a targeted 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. 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.
The University of California is a significant source of technology, talent, and support for new companies forming in California. 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. Since 1980, 843 companies have formed for the purpose of commercializing UC technology; 84% of these are still located in California.