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What’s Inside: Mayor Karen Bass’ State of the City Speech; The Next LA Biotech Hotspot; Heather Hutt Reappointed as Interim Councilmember; Introducing Venture Hub; BioTC Certification for Life Science Companies; City of STEM Recap; Total Rewards Survey Starts May 1; Greater LA Life Science Forum This July; and more.
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LA Moving Full Speed Ahead
Biocom California plays an integral role in the life science ecosystem of Los Angeles. As we are constantly watching the growing market and helping elevate members in the region, each member success feels like one of our own. Local life science investments are speeding up: $1.7 billion in NIH research funding went to the Greater LA region in 2022; Cedars-Sinai recently received a $140 million gift, and Children’s Hospital Los Angeles announced a $40 million collaboration with USC.
While Xencor Inc. and Cal State Los Angeles held ribbon-cutting ceremonies for their new facilities, industry growth is moving so rapidly in the region that the demand for life science real estate and lab space is outstripping construction. Our member’s research and innovation are the driving forces behind this rapid propulsion as LA continues moving full speed ahead.
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Welcome New Los Angeles Members
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Mayor Karen Bass’ First State of the City Speech
In her first State of the City speech, Mayor Karen Bass announced she intends to propose $250 million for her program Inside Safe, which has been moving unhoused residents indoors, while also pledging to create “a new L.A.” This is part of a $1.3 billion investment in housing and homelessness programs. She also pledged to focus attention on public safety, climate change, paramedic response times, pothole repairs, vacancies in the city workforce, graffiti, and other topics.
Thousand Oaks Poised to be Next Biotech Hotspot
Thousand Oaks has the potential to be one of the largest biotech hubs in the country in the next 10-15 years, according to a regional economic forecast. The Thousand Oaks City Council recognized that the growth of the life sciences sector is essential to the city’s economic development. Conejo Valley is at the center of it with dozens of life science companies based there and expectations for many more to come.
LA City Council Reappoints Heather Hutt as Interim Councilmember
The LA City Council voted to reappoint Heather Hutt as the interim replacement for former Councilmember Mark Ridley-Thomas, skipping a special election. The former Councilmember lost his seat last month after being convicted on federal corruption charges. Hutt will remain on the council through December 2024.
Additional Highlights:
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Introducing Venture Hub: Our New Platform For Investors
Biocom California’s Venture Hub is our new online platform dedicated to connecting innovators with investors—accelerating deal flow, fundraising, and discoveries around the world. In this new era of dealmaking, we created a place where life science leaders can make meaningful connections. Whether you are an investor or founder, Venture Hub connects the dots, saving valuable time, money, and effort so you can focus on creating successful outcomes.
Join Biocom California at BIO 2023 in Boston
We invite members to connect with us this coming June at the 2023 BIO Convention in Boston. Join us at Booth #2935 and get a front seat for our Innovation Stage where presentations will take place throughout the week-long convention. Our industry subject matter experts will discuss the future of life science and tech convergence, international collaborations and partnerships, and trends in cold chain, ESG and sustainability programs that help drive our members’ innovation. We are now taking submissions from dynamic, innovative companies to pitch at our Venture Hub PitchFest. CEOs and founders will have 10 minutes allocated for each pitch, followed by a 5-minute Q&A session. Don’t miss out on this
opportunity to enhance your company’s visibility and connect with investors and industry peers. Contact Tyler Morris for more information. If you are interested in partnership opportunities with Biocom California, please contact Angela Rivera.
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BioTC Certification Gains Momentum with Life Science Employers
BioTC, the only industry-recognized certification for biomanufacturing in California, is providing LA companies with high-quality employees who have the skills necessary to successfully fill technician job openings. The certification is currently available to students who complete the biomanufacturing or biotechnology career training programs at community colleges including LA Mission, LA Valley, Glendale and Citrus College. Once students complete the coursework they have the option to take the certification exam at no cost. Those who score a minimum of 70% on the exam receive their digital badge to demonstrate they met the basic competencies for the technician skills that employers expect. If you would like to learn more about how your company can connect with certification holders and other employer incentives, please contact MaryAnn Pranke at (818) 937-5051 or Vicki Brannock.
Nearly 22,000 Attended City of STEM and Los Angeles Maker Faire
Biocom California hosted an exhibitor booth at the City of STEM’s highest-attended festival yet. This year, the City of STEM partnered with the LA Maker Faire to take over the entire LA State Historic Park for a free all-day festival on April 1. The festival brought an estimated 22,000 attendees who enjoyed educational activities at more than 180 exhibitor booths, mobile museums, guided workshops, panel presentations, and entertainment on the main stage. The festival attracted the attention of news outlets such as CBS Los Angeles, Spectrum News 1, and Yahoo News.
Save the Date: Total Rewards Survey Opens May 1, 2023
Every year, the Biocom California Institute, in partnership with Mercer, gathers important information from California life science companies regarding salaries and compensation in California. This information assists companies in developing compensation plans that can attract and retain talent. But we can’t do this without you.
By participating in this survey, you’ll receive a complimentary copy of the results and gain access to:
- Vital compensation data including base salary and cash incentives.
- Benchmark data for privately-held and publicly-traded companies.
- Results by industry segment, stage of product development, and location.
- Enhancements from last year’s survey such as additional jobs and job families, robust benefits, perks and retirement plan benchmarking.
- SIRS Life Science suite of data at a discounted rate.
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Discover Your Company’s Unique ESG Rating
Stakeholders across industries are factoring environmental, social, and governance (ESG) issues in their business decisions. What does that mean for your organization? Marsh McLennan Agency’s free Marsh ESG Risk Rating tool can give your company a lens into probable ESG risks while helping to define realistic milestones. Your ESG Risk Rating provides a starting point in understanding how your ESG performance may be perceived, and potentially how it’s communicated to insurers. Explore Marsh McLennan Agency’s suite of ESG content and take your first steps to improving your organization.
Cision’s Top Three Trends in ESG Reporting
For the latest happenings in ESG initiatives, Cision summarized the top three trends in ESG reporting for the first quarter of 2023. Key takeaways were: more companies are leaning toward real-time process reporting, versus waiting for close of quarter or year; additional solutions designed to simplify ESG reporting are now available, from software to human advisors; big brands are taking advantage of seasonal trends to highlight their sustainable products. With a growing number of consumers willing to pay more for environmentally conscious products, intentional communication and marketing can skyrocket ESG resource support. Read the article here to learn
more.
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LA Startup Resources Committee Meeting
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Thursday, May 4
Virtual
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This committee is intended to support the growing early-stage ecosystem in the Greater Los Angeles region, while providing opportunities for committee members to meet other area professionals, keep current on issues affecting the local industry, share best practices and learn from each other.
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Building a Strong Financial Foundation: Avoiding Pitfalls and Embracing Resources
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Thursday, May 11
Virtual
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Learn about the common pitfalls to avoid when setting up your financial infrastructure and the importance of engaging outside resources for accounting systems, financial reporting, compliance, and day-to-day accounting. Experts will provide technical insights and showcase real-world examples from their clients.
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HR Webinar Series | Internal Equity
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Tuesday, May 23
Virtual
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Internal equity is a critically important part of your compensation package and program. Join us for a virtual presentation to better understand the steps involved in developing and analyzing a fair model for your organization. Learn how to conduct an internal analysis to ensure your programs are fair and equitable.
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2023 Greater Los Angeles Life Science Forum
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Thursday, July 13
Luxe Sunset Blvd Hotel
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Join Biocom California and BizFed Institute for our 2nd annual Greater LA Life Science Forum. This full-day event brings together local business leaders, companies, investors, and regional decision makers to discuss the latest industry developments within the Greater LA region. Connect with the community and help shape the future of the industry.
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Biocom California | Greater Los Angeles
Biocom California is the largest, most experienced leader and advocate for California’s life science sector. Our Los Angeles office aims to build the networks that are critical to growth in this thriving regional ecosystem. Our targeted programs and customized services are tailored to the specific needs of the Greater Los Angeles area, as we understand the life science sector’s unique challenges in the region and are collaborating on working toward solutions. We work on behalf of more than 1,700 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs, and create robust value-driven purchasing programs.
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