Viewing blog posts written by Gino DiCaro
8 reasons to leverage California's venture capital with a competitive environmentPosted by Gino DiCaro, VP, Communications on July 22, 2010
California receives a majority of U.S. venture capital (VC). Always has, hopefully always will. Our state produces brilliant creative minds and ideas because of its University power and its sheer size of 35 million people. This unique outcome alone does not however equate, by default, to the meaningful job growth necessary for our many workers whom are unemployed and under-employed (a term becoming all too common for the folks forced to take any job they can find).
We must leverage our built-in VC advantage to ensure that emerging green and other products are actually produced here. California's wealth will be multiplied once VC cash gets beyond the investment board room offices and into the bank accounts of our very own hard working, middle class families.
Recently the LA Times wrote a piece about VC growth in California and the notion that it does, and will, open the floodgates to new green jobs. Often the state's VC numbers are used to support bold California-only mandates and policies, without regard for the state's competitive disadvantage. Now the impressive amount of VC investment is being used to justify opposition to Proposition 23 -- the ballot initiative to suspend AB 32 until our economy is in better shape and unemployment numbers are reduced.
I offer eight recent independent examples and statistics that refute the notion that VC and seminal green projects automatically produce the type of job growth this state needs for its economic recovery.
VC might have translated into regional job growth in times long past, but now the world is too mobile, too competitive, too global. California must find a way to compete so we can leverage our VC dollars, creative minds and ideas into broad wealth for all working families.
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