A pair of Glendale initiatives will be getting a financial boost from the state’s recently passed $215 billion budget for the upcoming fiscal year.
Glendale is set to receive $1 million from the state’s General Fund to launch a tech startup accelerator to support local technological companies, bolstering the city’s push to become a regional tech hub.
“Why should the conversation be about Silicon Valley when we have just as many intelligent people here in Glendale?” said state Sen. Anthony Portantino, D-La Cañada Flintridge, who helped lock in funding for the tech accelerator.
“Let’s keep that talent and excitement local,” he added.
An accelerator would offer mentoring, marketing, networking, investment opportunities and other services to early stage local tech companies seeking to progress to the “next level,” according to Jennifer Hiramoto, deputy director of Glendale’s economic development department.
Last August, the city issued a request for proposals from would-be operators of an accelerator. At that time, the city offered $150,000 over a three-year period to an operator that would match the funds 2-1, Hiramoto said.
“Through that process, we learned that we needed more funds if we were going to attract the types of exceptional operators that can run developed programs,” Hiramoto said.
Now, Hiramoto and her team plan to eventually issue a new request for proposals, retooled to account for the increased funding.
The state’s 2019-20 budget, expected to be signed by Gov. Gavin Newsom any day, also includes $800,000 for a planned bridge across the L.A. River that will link the western part of Glendale and Griffith Park.
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