LONG BEACH, Calif.--(BUSINESS WIRE)--Leading business organizations Sunstone Management, the Sunstone Community Fund, and the Long Beach Accelerator (LBA) today announced a five-year extension of their memorandum of understanding, continuing their partnership that began in 2020. Together, Sunstone and the LBA will continue to partner to develop LBA’s accelerator program intended to support new and innovative startups in the Long Beach community.
Sunstone and the LBA signed their extended MOU during an event on February 2 featuring staff members as well as Mayor of Long Beach Rex Richardson. Sunstone Management, the Sunstone Community Fund, and the LBA are members of the Launch Beach Coalition, a group of private, public, and nonprofit organizations working to bring 100 new startups to Long Beach over the next five years with the support of Mayor Richardson. The partnership agreement will be a key component of Mayor Richardson’s “Grow Long Beach” initiative announced at his recent State of the City address.
“The incredible team behind the Long Beach Accelerator have been crucial partners to Sunstone Management,” said John Keisler, CEO and Managing Partner of Sunstone Management. “Over the next few years, we look forward to continuing to work together to accomplish our mutual mission of bringing diverse startups to Long Beach to create a thriving economic ecosystem.”
“The past two years have been an excellent collaboration, showing us what’s possible in building a next-generation, highly valuable P3 tech accelerator in the City of Long Beach,” said Andrea White-Kjoss, Managing Director of the Long Beach Accelerator. “The extension of this relationship creates the environment to build on those early successes and make Long Beach a global tech startup hub by 2030.”
The accelerator program will accept startups identified and selected by the LBA, featuring two cohorts per year. Participating founders will have access to educational, networking and mentorship opportunities, and will receive the opportunity to be part of a Demo Day for investors. Sunstone will increase their investment to $150,000 per startup upon acceptance to the LBA program.
Since 2021, the LBA has graduated 29 cohort companies that have earned revenue of over $4 million.
Interested startups can access the online application via the LBA website. Applications for Cohort 6 will open in early February. Sign up for social media and contact list to be notified.
About Sunstone Management
Sunstone Management is a diversified private capital sponsor firm located in Southern California that invests in diverse early-stage technology entrepreneurs who seek to build great companies. We believe in the aspirational power of the American economy to attract and inspire investors and entrepreneurs from throughout the world. We deliver new and exciting opportunities for economic growth through the creation of innovative public-private partnerships, and our unique experience across government, education, and private sectors. Identified by Financial Times as one of America’s Fastest Growing Companies.
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About Sunstone Community Fund
The Sunstone Community Fund is a Donor Advised Fund managed by the National Philanthropic Trust. It is an important component of Sunstone Management’s vision to advance public-benefit programs that support the development of inclusive and vibrant entrepreneurial ecosystems. The SCF supports a network of universities, nonprofit organizations, and government agencies that develop and implement university-based entrepreneurship programs, early-stage tech accelerators, and advance local economic development through inclusive entrepreneurship and innovation.
About the Long Beach Accelerator
The Long Beach Accelerator is not your typical accelerator. It was established with the entrepreneur in mind with full support from the city, private investors, and CSULB. Program participants have access to capital to support them through acceleration and expansion. Cohort members have real government access to help navigate through the regulatory maze and provide resources and guidance at every level. They also have access to key university and industry partners and some of the largest markets in the world. The LBA is focused on providing exceptional vision and value to this ecosystem, and in seeking out and supporting companies founded by diverse entrepreneurs.