Three major developments in the evolving landscape of entrepreneurship in greater Sacramento underscore its growing stature within economic development. These involve a growing entrepreneurial infrastructure, increasing access to early-stage funding through angel investing and an elevation of entrepreneurship and its role in economic development activities. These developments set the stage for even more exponential expansions ahead.
First, an announcement made in late fall is now being implemented. In November, the Greater Sacramento Economic Council announced it would launch a robust entrepreneurship initiative within the organization to foster and expand the startup and innovation ecosystem within the greater Sacramento region. It would do so by partnering with the growing and evolving Sacramento Entrepreneurship Growth Alliance, which I, as executive director of the Carlsen Center for Innovation & Entrepreneurship, co-founded with Monique Brown of the Growth Factory and Laura Good of StartupSac.
GSEC will enhance the Alliance by adding capacity through coordination and connections. In addition, the Alliance and its work will be elevated in regional discussions through GSEC’s engagement, providing additional visibility to all facets of the startup ecosystem in the greater Sacramento region.
As part of this new initiative, I have joined the Board of Directors of the Greater Sacramento Economic Council. In that capacity, I now have the privilege of co-chairing GSEC’s new entrepreneurship initiative for the Alliance, alongside Rachel Zillner, co-founder and CEO of Clutch, the Rancho Cordova-based, women-owned, business services consulting firm, whose employee head count has grown to 140 since it started business in 2019.
This new partnership takes entrepreneurship to new levels of focus within the economic development infrastructure of greater Sacramento. It promises heightened visibility and connectivity to regional strategy, allowing us to better resource our ecosystem-building efforts and connect and build a more cohesive ecosystem to enhance entrepreneurship as a driver for regional economic development.
Second, a $250,000 grant to the Carlsen Center on behalf of the Sacramento Entrepreneurial Growth Alliance from the California Office of Small Business Advocate, also announced in November, is being implemented. The Carlsen Center is one of five entities in the state to receive an Accelerate California: Inclusive Innovation Hub grant in this round of funding, which supports organizations that provide entrepreneurial training, coaching and mentorship, and access to capital and small business resources.
The grant, which could grow in size in future years, will support the creation of innovation councils in three entrepreneurial sectors in which greater Sacramento has especially impressive strengths on which to build: food and agriculture, health and life sciences, and clean tech and zero-emission vehicles. The innovation councils, which are now being composed, will include representatives of entrepreneurial support organizations and subject matter experts. They will provide advice on regional strategies and support startups focused on those sectors.
The grant will also expand early-stage investment in greater Sacramento. This is a major priority for the growth of new, innovative and scalable businesses in the region.
Third, as a result of the CalOSBA grant, the Carlsen Center is launching an early-stage investment initiative with two primary components, NorCal AngelCon: an educational and community-building program beginning in April for aspiring angel investors in greater Sacramento, and the resulting final pitch event where the involved angels will make a collective investment at the AngelCon event during Global Entrepreneurship Week on Nov. 20.
The aim is to have 20 to 30 new angel investors, each committing to a $5,000 investment, making a total investment of $100,000 to $150,000 at the event. Investor rallies, called AngelConnects, are already underway to engage prospective participants, who must each be an “accredited investor,” as defined by the Securities and Exchange Commission.
These three developments elevate entrepreneurship to a new level of stature in greater Sacramento. They underscore the regional commitment to entrepreneurship, because young businesses create virtually all job growth in America.
They reinforce entrepreneurship, which has a unique capacity to generate new businesses and jobs in every community in our region ⏤ and our nation. That’s why I’m also an ambassador for the national nonprofit Right to Start, which champions entrepreneurship as a civic priority. Sacramento is creating models for the nation, and those models should be recognized.
These three developments provide vital new assets and enormous growth potential to the ever-evolving landscape of entrepreneurship in greater Sacramento. They promise an exciting year of entrepreneurial innovation ahead.
Cameron Law is executive director of the Carlsen Center for Innovation & Entrepreneurship at California State University Sacramento.
