The nonprofit Alliance for SoCal Innovation, which supports Southern California’s startups, announced that it had agreed with Pacific Western Bank to serve as the venture program’s principal sponsor.

According to the Alliance, the initiative improves access to institutional finance throughout the SoCal area by connecting potential early-stage entrepreneurs with venture capital. 

Wilson Sonsini and KPPB LLP are other sponsors of the enterprise. The executive director, Andy Wilson, oversees the Alliance for Southern California Innovation. 

Key Takeaway:

• The SoCal Venture Pipeline program teamed up with Pacific Western Bank to continue linking early-stage entrepreneurs with venture funding.

We Covered this in our Weekly Wire Roundup

SoCal Venture Pipeline Powered by Pacific Western Bank

Through an extensive national connection network, the SoCal Venture Pipeline program chooses SoCal entrepreneurs seeking institutional finance and immediately connects them with capital sources. They do not accept any fees, stock, or payments from entrepreneurs. Pacific Western Bank, Wilson Sonsini Goodrich & Rosati, and KPPB LLP underwrite the program.

The Pipeline has accepted 31 of its 247 candidates since its start a year ago. Alliance for SoCal ensures that business owners from all backgrounds and SoCal neighborhoods have access to funding and opportunities. 

The main goal of the SVP program is to close the access gap that prevents entrepreneurs from accessing a good network of investors to support their further growth and success. 

Additionally, they are opening up SoCal’s unrivaled innovation network to investors throughout the country, benefiting both parties.

The Pipeline’s extensive reach across Southern California drew Pacific Western Bank in. The bank offers free banking services, high-yield checking accounts, and small unsecured credit card debt to early-stage entrepreneurs. 

They have already started advising businesses participating in the initiative and introducing brand-new investors to the Pipeline.

Eligibility Criteria for Startups.

The selection committee evaluates submissions every month as part of a rolling program. 

To become eligible, companies must:

• It belongs to Southern California.
• Have strong market potential, 
• Show significant traction at the seed stage, and 
• Have funded at least $250,000.

SCEIN, Another SoCal Program to Help Startups

Alliance for SoCal focuses on general-purpose funding of startups. But, we also reported another energy innovation network from Southern California (SoCal) that helps emerging startups. 

The Southern California Energy Innovation Network (SCEIN) is a free program for startups developing solutions to help California meet its energy goals. 

It’s a niche-specific network of VCs, advisors, and incubator services to support energy innovation startups in SoCal. A grant from the California Energy Commission awarded in 2016 set up this program.

Read Here: What is the Southern California Energy Innovation Network, or SCEIN?

Startempire Wire

Wrap Up!

Alliance for SoCal aims to ensure that local entrepreneurs from all socioeconomic origins and SoCal communities have access to resources and opportunities. Pacific Western Bank and other sponsors sponsor the program. 

The bank provides early-stage business owners with free banking services, high-yield checking accounts, and a modest amount of unsecured credit card debt.