Kelly LoBianco, director of the Los Angeles County Department of Economic Opportunity, speaks about a$23.92 million grant her department received through the California Jobs First Regional Investment Initiative to advance sustainable and equitable economic growth. The funds will be used to start a five-year Life Science Industry Strategy and Action plan.
Courtesy photo
Wave Staff Report
LOS ANGELES — The county Department of Economic Opportunity has received $23.92 million through the California Jobs First Regional Investment Initiative to advance sustainable and equitable economic growth.
The funds will be used to start a five-year Life Science Industry Strategy and Action plan to establish the region as a global leader in bio-innovation and create 10,000 high-quality, inclusive jobs by 2030.
The strategy was announced by the Department of Economic Opportunity in July. It outlines eight recommendations to build on the county’s core assets, including a world-class talent pipeline, powerhouse research institutions and an extensive bench of top anchor firms.
“This landmark investment positions L.A. County as a national leader in life sciences innovation and job creation,” county Supervisor Holly Mitchell said. “Life science is one of the fastest growing sectors in L.A. County, and this investment by California Jobs First will help build on the exciting momentum underway.
“By expanding the infrastructure companies need to grow here, we’re strengthening our economy, attracting and retaining major employers and building the foundation for long-term growth,” Mitchell added.
“This funding will fast-track implementation of our five-year regional strategy and action plan, driving inclusive industry growth, expanding high-quality job pathways, and building the infrastructure needed to keep cutting-edge innovation and talent right here in L.A.,” said Kelly LoBianco, director of the Department of Economic Opportunity.
“This initiative builds a future where the life sciences sector serves as a catalyst for inclusive, high-quality jobs for the people of Los Angeles County,” said Stephen Cheung, president and CEO of the L.A. County Economic Development Corporation. “By anchoring leading life science companies in our region, we’re laying the foundation for an economy that is more innovative, equitable and resilient. L.A. County has the talent, the research, and the infrastructure. This funding allows us to connect the dots and help life sciences companies land here, grow here, and hire here.”
The money will fund four interconnected regional projects that include expanding life sciences infrastructure for growth and attracting large life sciences employers.
Over the last decade, the county has expanded incubation space for life sciences firms, but bottlenecks have emerged at the graduation stage as growing firms lack affordable space once they complete the incubation stage. With extremely low graduation space vacancy rates, many early-stage companies leave the region for jurisdictions where space is more readily available.
“Los Angeles County has every ingredient to lead the world in life sciences — research, talent, diversity, and scale,” said Stephanie Hsieh, CEO of BioscienceLA. “What we’ve lacked is the shared visibility and alignment to act as one region. “Through California Jobs First, BioscienceLA alongside our cluster partners … will serve as the connective framework for the LA Bioscience Cluster. By uniting people, data, and stories, we will transform fragmentation into coordinated action — driving equitable job creation, expanding economic mobility opportunities, and positioning Los Angeles as a globally competitive, community-centered bioscience hub.”
The county Department of Economic Opportunity creates quality jobs and helps small businesses and high-road employers start and grow.
