New program launches


By
 in

The Blackstone Charitable Foundation announced this Friday that it would be expanding its campus entrepreneurship program, Blackstone LaunchPad, to the Annenberg Innovation Lab.

The foundation will also be expanded to the University of California, Los Angeles, the University of California, Irvine and the Los Angeles Economic Development Corporation.

The program will pledge $3.5 million over three years to both nurture relationships between participating schools and create an entrepreneurial environment for students across all disciplines.

Over the next five years, Blackstone LaunchPad has the capability to create around 1,400 new entrepreneurial projects in California.

Many southern California officials are hopeful about the success the program will bring to their region.

“Blackstone LaunchPad fosters the talent, courage and curiosity that we value in student entrepreneurs at USC and across our partner institutions,” said Elizabeth Garrett, provost and senior vice president for Academic Affairs, in a press release. “The expanded access and flexibility afforded by this program, in association with the Annenberg Innovation Lab, will provide a strong foundation for creating new ventures that enhance both our academic community and the Southern California region.”

After the program’s initial success in Michigan, it was recognized by President Barack Obama’s “Startup America” Initiative and the group vowed to extend LaunchPad to five new regions over five years. The southern California Blackstone LaunchPad project will be the final expansion of the campus entrepreneurship program after Michigan, Ohio, Pennsylvania, Florida and Montana.

All 11 campuses involved with Blackstone LaunchPad are interconnected through the program, and students are able to exchange ideas across a national organization of more than 350,000 peers and expert advisers.

Funding for the LaunchPad is part of The Blackstone Charitable Foundation’s $50 million, five-year Entrepreneurship Initiative, which aims to enable economic growth by encouraging and supporting                  up-and-coming entrepreneurs across the country.

“Through Blackstone LaunchPad, students have access to the right tools to take their ideas to market and to truly become successful entrepreneurs with their ventures rooted in California, ultimately strengthening local economies,” said Blackstone’s Chairman, CEO and      Co-Founder Stephen A. Schwarzman in a press release.

Entrepreneurial programs have been praised by government officials for being conducive to local and national economies.

“Helping entrepreneurs succeed is critical for growing our economy and creating jobs here in California and across the country,” said Xavier Becerra, chairman of the House Democratic Caucus, in a press release. “The Southern California region has always been a place of great innovation and I am glad our students will have greater opportunities to unleash those next big ideas and spur local economic growth.”