At its September 12 meeting, the Irvine City Council unanimously approved a Letter of Intent (LOI) with Sunstone Management to work toward the development of a formal Memorandum of Understanding to create the Irvine Accelerator. The LOI outlines the vision, mission, and objectives of the partnership, as well as the responsibilities required for the creation, operation, and sustainability of the Irvine Accelerator.
The Irvine Accelerator is envisioned to be an innovative public-private partnership between the City of Irvine and Sunstone Management. It will create a strong, interconnected, diverse, inclusive, and highly successful entrepreneurial ecosystem in Irvine that attracts and retains the brightest ideas, people, and commercial ventures to Irvine.
“The creation of an Irvine Accelerator will help put Irvine on the map as a premier location for individuals seeking to found and establish high-tech and future-focused business ventures,” said Mayor Farrah N. Khan. “This public-private partnership with Sunstone Management is a major milestone in strengthening economic development in Irvine and was facilitated through my establishment of an Innovation Council in 2021.”
The Irvine Accelerator's mission is to create jobs and drive economic growth in the region by providing pre-seed capital and business assistance to promising startups with significant growth potential. Some key objectives for the Irvine Accelerator are to:
- Provide space for early-stage startup companies to connect with resources and build capacity to secure venture capital funding.
- Provide mentorship and technical assistance to help early-stage startups to scale.
- Provide an opportunity for investors to identify and invest in early-stage startup companies with capacity to scale.
“Irvine is home to top-rated universities and a growing technology, biotech, and MedTech sector. Irvine’s progress and development hinges on the next generation of founder-based companies with the vision and determination to bring innovative ideas to market,” said Vice Mayor Tammy Kim. “To foster and strengthen our economic development ecosystem, it is imperative that we provide education, mentorship, and access to capital so early-stage companies can reach their full potential. The establishment of the Irvine Accelerator is our commitment to nurturing innovation, ensuring Irvine remains an innovation hub, and preserving our exceptional quality of life."
Sunstone Management is a diversified private capital management firm headquartered in Southern California that provides a range of early-stage venture capital, real estate, and fixed-income funds to qualified and accredited investors. The firm delivers new and exciting options for economic growth through innovative public-private partnerships, making use of its unique experience across government, education, and private sectors. It was one of the founding partners of the Long Beach Accelerator, established in 2019.
To view the Letter of Intent, please click here. For more information about economic development at the City of Irvine, please visit cityofirvine.org/econdev.