LONG BEACH, Calif.--(BUSINESS WIRE)--Long Beach Mayor Rex Richardson talked about increasing jobs and building the economy at his first Grow Long Beach forum last Thursday, then helped announce the launch of the Long Beach Venture Fund with Sunstone Management, Inc.
Mayor Richardson fleshed out plans he first proposed in January, at his first State of the City address. Grow Long Beach is a focus on further developing five already strong economic sectors – Aerospace and Aviation, Ports and Logistics, Health Care, Housing and Education, and the Creative Economy, including the arts, culture and tourism.
More than 300 people attended the main presentation at the Honda Visions Theater in the Aquarium of the Pacific. Mayor Richardson unveiled cutting-edge proposals to boost the city’s economy from a pier in the Port of Long Beach dedicated to building huge ocean-located wind turbines to generate electricity to an on-the-water amphitheater to host major concerts and events.
Launch Beach Coalition
The discussion focused more specifically on the Long Beach Venture Fund and the Launch Beach: 100 Startups campaign at a reception following the Grow Long Beach presentation. John Keisler, CEO and managing partner at Sunstone Management, Inc., announced that the fund had been opened with money from general partners Sunstone and Imprint Venture Labs.
“Long Beach’s local economy is growing in new and exciting directions,” Mayor Richardson said. “As a city, we are committed to unleashing the potential of key growth sectors that will be critical to our future prosperity and creating ripe conditions to help entrepreneurs start and grow a business in our city.”
At the reception, attended by about 40 VIPs, Keisler also introduced Leah Goold-Haws, president and CEO of the nonprofit Long Beach Economic Partnership, and Vivian Shimoyama, board chair at the Long Beach Accelerator. Both are members of the Launch Beach Coalition, with the Economic Partnership providing research along with consulting and the LBA providing the technical training for founders of the 100 businesses through its accelerator program.
“This is a powerful group of partners – one we are honored to be a part of,” Keisler said. “Thanks to the mayor for bringing us together. We are going to make a difference in our community.”
Next Steps
To help facilitate the coalition and the Long Beach Venture Fund, Sunstone has opened an office in Long Beach at 1 World Trade Center, Suite 831. The plan is for both Sunstone and the coalition partners to use the space. The telephone number is 562-441-1348.
More specifics will be discussed this week at the Unexpected Connections: Catalyzing the Creative Economy forum, sponsored by Imprint Venture Lab and the Long Beach Economic Partnership. For information about the event, which is from 9 a.m. to 1 p.m. Thursday, Oct. 5, in the Beverly O’Neill Theater, go to unexpectedconnectionsevent.com.
For more about Sunstone Management, Inc. go to www.sunstoneinvestment.com.
Note: Interests in private funds such as the Long Beach Venture Fund are offered pursuant to an exemption from registration with the SEC and are therefore high-risk, illiquid investments. Those considering such investments should be able to afford losing some or all of their money. For more information about the Long Beach Venture Fund, including a summary of risks, please request a Private Placement Memorandum from Sunstone Management, Inc.
About Sunstone Management
Sunstone Management is a diversified private capital management firm with headquarters in Southern California that provides a range of early-stage venture capital, real estate, and fixed income funds to qualified and accredited investors. The firm delivers new and exciting options for economic growth through innovative public-private partnerships, making use of its unique experience across government, education, and private sectors. Identified by Financial Times as one of America’s Fastest Growing Companies three years in a row. Ranked 18th in the United States on the list of most active venture capital firms by PitchBook.
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