In 2015, the County Board of Supervisors made economic development a priority to stimulate regional job growth and lift residents out of poverty. Seven industries were targeted based on their proven ability to create jobs and wealth. Bioscience is the first of the industry sectors selected by the County for focused support. The Los Angeles region generates cutting edge bioscience R&D and a trained workforce capable of launching and supporting enterprises emerging from local research institutions and incubators. Over past economic cycles including the Great Recession, bioscience jobs have proven unaffected by economic downturn.
The industry creates jobs for young and semi-skilled persons, as well as for scientists and entrepreneurs. The County manages a $10 billion budget to deliver health services to nearly 10 million residents. These expenditures can be directed to support new devices, processes, and therapies that can improve the public health of Los Angeles. The County has commissioned multiple studies, each identifying the appropriate investments to strengthen the regional life science ecosystem. Our goal is to facilitate translation of our world-class research into commercial enterprises and local job growth.
2020 BIOSCIENCE IMPACT IN LOS ANGELES COUNTY
ATTIBUTABLE JOBS
BIOSCIENCE ESTABLISHMENTS
ECONOMIC ACTIVITY
Los Angeles County Bioscience Initiative
Emerging Bioscience Hub
BIOSCIENCE WORKFORCE INVESTMENT
Los Angeles County is home to 2,890 life science establishments with direct and indirect employment of more than 190,000 jobs.
Three of the world’s most prestigious research universities (Caltech, UCLA and USC) are located in Los Angeles. Local colleges and universities award degrees to more than 5,000 new graduates annually in life sciences at all levels.
More than $53 million in annual Workforce Investment Act funds are allocated in Los Angeles to support key industry sectors such a bioscience. Federal and State guidelines require a demand-driven approach to ensure that industry has a skilled workforce to remain competitive.
Los Angeles County is working with the region’s community college system to roll launch pre-apprenticeship and apprenticeship programs connected to life sciences.
BIOSCIENCE WORKFORCE INVESTMENT
Los Angeles County is home to 2,448 life science establishments with direct and indirect employment of more than 231,000 jobs.
Three of the world’s most prestigious research universities (Caltech, UCLA and USC) are located in Los Angeles. Local colleges and universities award degrees to more than 5,000 new graduates annually in life sciences at all levels.
More than $53 million in annual Workforce Investment Act funds are allocated in Los Angeles to support key industry sectors such a bioscience. Federal and State guidelines require a demand-driven approach to ensure that industry has a skilled workforce to remain competitive.
Los Angeles County is working with the region’s community college system to roll launch pre-apprenticeship and apprenticeship programs connected to life sciences.
BIOSCIENCE WORKFORCE INVESTMENT
Los Angeles County is home to 2,448 life science establishments with direct and indirect employment of more than 231,000 jobs.
Three of the world’s most prestigious research universities (Caltech, UCLA and USC) are located in Los Angeles. Local colleges and universities award degrees to more than 5,000 new graduates annually in life sciences at all levels.
More than $53 million in annual Workforce Investment Act funds are allocated in Los Angeles to support key industry sectors such a bioscience. Federal and State guidelines require a demand-driven approach to ensure that industry has a skilled workforce to remain competitive.
Los Angeles County is working with the region’s community college system to roll launch pre-apprenticeship and apprenticeship programs connected to life sciences.
BIOSCIENCE INVESTMENT FUND
On May 31, 2019, The County of Los Angeles completed a Request for Proposals process to solicit organizations that are interested and qualified to capitalize, launch, and manage an investment fund supporting bioscience startup companies in the County as well as the local ecosystem to which they belong. MarsBio GP LLC (MarsBio) was selected from the evaluation process.
The County’s investment will be in the form of debt with patient repayment terms. The County has earmarked up to $15 million towards the launch of the Bioscience Investment Fund (Fund). While the County expects repayment of its capital plus a modest return, it also has core strategic interests in local economic development and public health as a social impact.
On June 23, 2020, the Board approves a loan of up to $15 million to invest in the Fund managed by MarsBio GP LLC. The Fund will have a geographic focus on Los Angeles County, and would target early-stage companies with Seed and Series A investments. An Economic Development Subsidy Report was prepared pursuant to CA Government Code Section 53083. More information can be found in the links below.
BIOSCIENCE VENTURE CAPITAL INVESTMENT
The County of Los Angeles Chief Executive Office is releasing this Request for Proposals (RFP) to solicit organizations that are interested and qualified to capitalize, launch, and manage an investment fund supporting bioscience startup companies in the County as well as the local ecosystem to which they belong.
Based on sectoral research and responses from the Request for Information for Los Angeles Bioscience Investment Fund issued in May 2018, the County CEO has concluded that there is sufficient capital demand and investment expertise to issue this RFP. Upon completion of the RFP solicitation process, selected proposers will enter an exclusive negotiating period with the County. The County intends to place a lead investment in up to two funds. The fund(s) will then make investments in local early stage bioscience firms and work to support the bioscience entrepreneurial ecosystem. The County Board of Supervisors has approved $15 million that can be allocated directly to the Fund.
Proposals are due Tuesday, November 13, 2018. See the RFP for more details.
