Carbajal announces $500,000 in funding for startup business incubator
–Representative Salud Carbajal (CA-24) announced that Cal Poly’s Center for Innovation and Entrepreneurship (CIE) will receive $500,000 in funding from the Department of Commerce’s Economic Development Assistance programs (EDAP) to help fund the Central Coast Innovation Lab and Accelerator Development Project in San Luis Obispo County.
The Coast Innovation Lab and Accelerator program will help local entrepreneurs fund and grow new businesses on the Central Coast. This program will help mitigate the economic impact to the region as the Diablo Canyon Power Plant implements the decommissioning process over the next several years.
“Creating good paying jobs for Central Coast residents is a top priority of mine,” said Congressman Carbajal. “I’m grateful that this federal funding, in collaboration with Cal Poly’s CIE Innovation Lab and Accelerator program, will help the San Luis Obispo community create employment opportunities for residents by encouraging local entrepreneurship and innovation. I will continue to work to grow businesses in our area and keep our communities thriving as the Diablo Canyon decommissioning comes into effect.”
“This grant will allow us to increase our economic impact throughout the County and help offset the loss of jobs from the forthcoming closure of Diablo Canyon nuclear power plant,” said CIE Executive Director Tod Nelson. “With this funding, we will be able to expand our entrepreneurial programs so startups will have all the support they need to grow locally and develop into high-growth enterprises.”
The Central Coast Innovation Lab and Accelerator program will focus on increasing regional economic diversification, particularly in the industry clusters of Knowledge and Innovation and Advanced Manufacturing. By supporting entrepreneurs and the development of new technologies and products, the Cal Poly Corporation estimates that 648 new jobs will be generated within five years of the grant’s end, with an average annual salary of over $57,000.