SACRAMENTO – The UC Innovation and Entrepreneurship Initiative proposed by Assemblymember Jacqui Irwin (D-Thousand Oaks) has been approved in Budget Conference Committee and will be included in the budget sent to Governor Brown next week. Irwin’s proposal has been touted as a “Job Creator” by the California Chamber of Commerce.
“Our research universities are a tremendous asset to California not only in the talented workforce produced, but also the innovation that sparks start-up businesses and local economic growth.” said Assemblymember Irwin. “Put simply, this initiative will convert research and science into products that benefit society, and I am thrilled to see the Legislature come to an agreement on this investment which will provide returns to California many times over.”
The proposal was introduced by Assemblymember Irwin as AB 2664 earlier this year, citing the vital role that business incubators play in converting our taxpayer funded research into new businesses, high-paying jobs, and the future of California’s economic development. Under the proposal, the state will invest $2 million per year at each UC campus and the Lawrence Berkeley National Laboratory to start or expand business incubators that support efforts to bring research innovations to market. This funding will improve the entrepreneurial resources at each campus such as incubator space, equipment, legal services, and industry mentorship to help start-ups overcome early obstacles and attract private sector investors.
“Assemblymember Irwin affirms the critical importance of funding that would enable UC campuses to build upon its existing efforts to support innovation and entrepreneurship that will foster job creation and economic growth in California,” said UC President Janet Napolitano. “By investing in UC, California invests in California’s future.”
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. In 2014 alone, active UC startups based in California employed over 19,000 Californians and brought in more than $14 billion in revenue. Since 1980, 843 companies have formed by commercializing UC technology; 84% of these are still located in California.