Los Angeles is the third-best startup city in the world according to recent studies, as areas like ‘Silicon Beach’ and downtown have become home to thriving technology ventures.
In 2014 alone, $3.04 billion in investments were made to city-based startups. Over $4 billion is projected to be invested by the end of the year; already, $2.1 billion has been put toward over 180 deals.
It’s only fitting that an innovation forum would take place here with the premise of bringing out ideas for future startups and marketing the city as an alternative hub to Silicon Valley.
“We’re trying to bridge the resources and information between China and the US. In China, few people know to come [to Los Angeles] to start a startup. They think the first stop is the Bay Area,” said Jennifer Zhang, co-founder and chief operations officer of PlusYoou.
PlusYoou, an LA-based non-profit composed of startup experts, recognizes the trend of more Asians, particularly from China, coming to the United States to start businesses. However, resources to help entrepreneurs navigate the American business landscape are still limited.
On Oct. 3 and 4, the PlusYoou partnered with Blackstone LaunchPad USA, WeStart Club, Zuma Ventures and Cheung Kong Graduate School of Business for the fourth annual SoCal Innovation Forum (SIF) at the University of Southern California.
“Los Angeles is home to a burgeoning tech community with deep connections to China. Bolstered by a large and growing Chinese population, a natural synergistic and symbiotic relationship is taking root,” added David Carter, co-founder and CEO of Zuma Ventures. “The SoCal Innovation Forum is evidence of this successful economic and social interaction.”
With the theme ‘breath local, think global,’ investors, entrepreneurs and startups from China and Southern California gathered to discuss investment opportunities.
“Through events like these, we want to connect students, young professionals and entrepreneurs to opportunities, information and the right people,” Zhang said.
Among the speakers were Richard Wolpert, founder of HelloTech; David Carter, co-founder of Zuma Ventures, which creates companies from ideation to eventual launch as an independent entity, Peggie Li, director of audience development at Maker Studios, the largest multichannel network owned by The Walt Disney Company; and Eagle Yi, director of marketing and business development at Tencent America.
Wolpert, whose past experiences include launching Disney’s earliest online businesses and selling companies to Adobe and RealNetworks, shared that HelloTech raised $12.5 million in September. As the first on-demand service that has tech-savvy college students deliver support, HelloTech has expanded to Orange County, and is looking to expand to 20 cities next year.
“Our mission is very simple: to help entrepreneurs build a platform. The difference is, we have the Chinese background so we’re bringing [that] to with the local resources,” Ke Li, PlusYoou co-founder said. “Every speaker I invited here has a clear vision, so by sharing that with the audience, it will help bring the LA startup community forward.”
Since 2011, the non-profit has organized more than 50 entrepreneurial events and helped SoCal startups raise over $5 million early-stage investment.
Zhang shared that the organization hopes to see more overseas entrepreneurs coming to Los Angeles to take advantage of the opportunities that the city can offer.
“They are looking to invest or start their businesses globally. The US is the first stop usually because if you conquer the US market, that means you can conquer the world,” Zhang said.
