create / 2015
Were creating an ecosystem of entrepreneurs and growing new businesses.
This summer we opened our first Grid110 space in DTLA. We plan to open multiple spaces throughout downtown and around LA, that use an-accelerator type model to support the growth of startups, as well as provide programming and public events. Each space will focus on a different industry, creating sub-communities within the LA startup community and connecting the dots on an overall ecosystem.
In what areas of Los Angeles will you be directly working?
- East LA
How do you plan to use these resources to make change?
- Conduct research
- Engage residents and stakeholders
- Expand a pilot or a program
- Advocate with policymakers and leaders
How will your proposal improve the following “Create” metrics?
- Employment in the creative industries
- Concentration of manufacturing activity in LA
- Patents per capital
- Jobs per capita
- Minority- and women-owned firms
- Number of high growth startups
- Venture capital investment
- Percentage of graduates from local higher education institutions that remain in LA County 5 years after graduating (Dream Metric)
Describe in greater detail how you will make LA the best place to create.
Grid110 will make LA the best place to CREATE by growing new companies through community.
We’re creating an ecosystem of entrepreneurs, doers, movers shakers, and business makers, and we’re currently stimulating the economy in Downtown LA by supporting the growth of startup companies, and ultimately creating jobs.
GRID110 supports early stage businesses and innovative new companies by providing a free workspace, mentoring and access to resources. It’s our aim that startups participating in our program will be able to scale with a stable trajectory, thus stimulating economic development in LA.
We launched our first community space this summer, with a focus on downtown and fashion tech, and we plan to open spaces in other neighborhoods and industries in the near future.
Currently there are 5 startups in our pilot program, and it’s our goal that they will be able to afford their own office space, and will expand their team after receiving mentorship, and access to resources.
How will the community benefit?
We’re providing complementary workspace to viable companies. The 5 startups we selected for our inaugural program are the first of many companies that will participate in our programming. Cutting out the overhead cost of office space allows companies to put their money into other parts of their business.
While our first space is focused on fashion companies, our second space may focus on growing health startups in Boyle Heights, or entertainment in Hollywood, and we plan to have multiple Grid110 spaces focused on various industries over the next few years.
Mentorship is key in building a successful business. Our program connects startups to the experts they need right when they need them, whether it’s legal, financial, or HR advice, we give them the people and tools they need to grow.
Access to capital is another important piece of growing a business. We will host a Demo day in January and at the end of each program cycle to connect the community to biggest startup investors in LA.
Creating jobs and keeping talent in LA will be a hugely important byproduct of our programing, and major part of why we’re doing what we’re doing. If the best new companies exist here, and can hire, why wouldn’t the talent stay?!
We also plan on hosting public events to help build the overall local startup community and to serve as platform to support all business development and growth.
Please explain how you will evaluate your work.
We’re currently bringing together a team to help determine our metrics, and how to measure and evaluate our impact. We’re in the process of contacting companies, universities, orgs and researchers to help us determine the best metrics to measure our work. Over the next 6 months, we plan to develop an evaluation strategy in collaboration with experts.
How can the LA2050 community and other stakeholders help your proposal succeed?
- Money (financial capital)
- Volunteers/staff (human capital)
- Publicity/awareness (social capital)
- Infrastructure (building/space/vehicles, etc.)
- Technical infrastructure (computers, etc.)
- Community outreach
- Network/relationship support
- Quality improvement research