The university will team up with City of Long Beach’s municipal government and Sunstone Management for an accelerator.
California State University, Long Beach (CSULB) is poised to join a public-private partnership for a US-based startup accelerator intended to support fledgling startups in the area surrounding City of Long Beach, Long Beach Business Journal has reported.
The partnership was announced by City of Long Beach’s government in partnership with CSULB’s Institute for Innovation and Entrepreneurship and private equity firm Sunstone Management. It will be run by a newly-established nonprofit vehicle, and is not expected to receive municipal funding.
Instead, the emphasis will fall on support mechanisms for early-stage startups, as well as access to institutional resources from CSULB and impartial business guidance from the nonprofit and governmental sectors.
Portfolio companies could also potentially benefit from investor connections through Sunstone Capital’s network, and to policymakers and local businesses through the city administration.
The program is currently at the letter-of-intent stage, with the three partners anticipated to form a board of directors over the next two months to settle on a more detailed framework for its operations.
Sunstone Capital will house the startups in a 3,000 square foot block at its offices, and the space could be expanded should additional capacity be required in 2020.
John Keisler, economic development director for the City of Long Beach, told the Business Journal: “The primary goal for the accelerator – big picture – is really to build the support in the city for early-stage tech startups.
“We need to provide a place where early-stage tech startups can access different forms of capital and get the preparation they need to be successful in developing their solutions as well as the legal, financial and business planning, so they can actually secure funding. That does n0t exist in the city.”