How Economic Developers can Ensure More High-Growth Tech Companies Start, Move & Grow Locally
In today’s rapidly evolving economy, the presence of thriving tech companies has become synonymous with growth and innovation.
As economic developers strive to cultivate dynamic business ecosystems, fostering a strong tech presence has emerged as a top priority.
However, this is no simple feat, as the competitive nature of the industry demands a delicate balance of providing an environment that stimulates entrepreneurship while also supporting businesses seeking to scale.
In this article, we present a case study on our partnership with the City of Burbank that has spanned 4 successful years, showcasing what we’ve done to drive more tech companies to start, move & grow in the area.
This also serves as a sneak peek into the ways our team can plug in and add value to your county.
The main highlight of our partnership with the City of Burbank was the Future of Work Accelerator, which launched in 2021 to help 25 entrepreneurs build Future of Work ventures in just 9 months.
We took a 2-pronged approach in supporting founders with the 1st phase laying the foundations for ideation and validation and the 2nd phase gearing up traction for a Demo Day to attract funding. Our efforts earned us the CALED Economic Resiliency & Recovery Award of Merit.
Additionally, we established the Untapped Startup Academy Burbank in February 2023, a self-serve online program with world-class playbooks and tools for founders to consume and work on at their own pace.
On top of the 10 hours of online content, we offer 1:1 coaching sessions that advise them on putting into practice all they learned as well as monthly live group mastermind calls to provide further assistance.
Aside from providing education and mentorship to businesses in Burbank, we also hosted a couple of events to promote innovation and entrepreneurship in the region. For this year’s LA Tech Week, we hosted Unicorns Sightings on the Eastside.
Almost 100 visionary founders and respected VCs attended to network and learn more about the exciting developments occurring on the Eastside. There were lots of great conversations around how startups can drive economic growth, and most importantly it reinforced our commitment to a vibrant business community.
The second event we organized was the Untapped AI Startup Pitchfest Burbank, where 6 rising AI startups competed for a $50,000 prize!
The judging panel comprised top-tier VCs in LA, including B Capital and TenOneTen Ventures.
We also invited Brian Mac Mahon, Founder & Head Honcho of Expert Dojo, to give an enlightening keynote on fundraising in today’s markets. As the evening concluded with refreshments and food, around 86 guests realized LA’s untapped potential.
Overall, as shown above, creating a business-friendly climate isn’t enough to entice the best talent and help them thrive.
Economic developers must collaborate with VCs, angel investors, and financial institutions to establish investment networks and funding programs specifically tailored toward tech companies.
If you are prioritizing entrepreneurship and startups that create more companies, jobs, and revenues over the next 12 months, please click here to book a call with George and learn more about how we can transform your organization.
