Los Angeles County has received $23.92 million in state funding to accelerate growth in its life sciences sector and create 10,000 high-quality jobs by 2030, reports the Santa Monica Daily Press.
The funding is expected to support four interconnected regional projects:
- expanding graduation space and funding for promising companies,
- providing incentives to attract outside firms,
- strengthening connectivity and collaboration within the cluster, and
- developing a narrative around the LA region's value proposition in life sciences.
"This landmark investment positions LA County as a national leader in life sciences innovation and job creation," said Supervisor Holly J. Mitchell, who represents the Second District. "Life science is one of the fastest growing sectors in LA County, and this investment by California Jobs First will help build on the exciting momentum under way."
The Santa Monica Daily Press says the California Jobs First Regional Investment Initiative awarded the funding to support the LA Region's 5-Year Life Sciences Industry Strategy and Action Plan, which aims to establish the area as a global leader in bio-innovation. The Los Angeles County Department of Economic Opportunity and its partners will use the money to implement key components of the comprehensive strategy.
Kelly LoBianco, director of the LA County Department of Economic Opportunity, said the 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 LA."
The initiative builds on LA County's existing assets, including world-class research institutions, an extensive network of anchor firms, and a robust talent pipeline. However, officials said the region has faced challenges in coordination and visibility that the new funding will help address.
"LA County has the talent, the research, and the infrastructure," said Stephen Cheung, president and CEO of the LA County Economic Development Corporation. "This funding allows us to connect the dots and help life sciences companies land here, grow here, and hire here."