East LA College Foundation & OmniWorks™ Launch ESTEC™ LA Incubator For Women, Veteran, Minority, & LGBTQIA Owned Businesses
March 23, 2018 (Los Angeles, CA) The East LA College Foundation and OmniWorks™ announced today a new initiative to incubate and accelerate startup and growth-phase minority, women, veteran, and LGBTQIA owned businesses in Los Angeles. The new program is funded, in part, by a $150,000 investment by JPMorgan Chase, with additional support from Union Bank and the California Strong Workforce Program.
The ESTEC™ LA Incubator – Powered by OmniWorks, hosted by East Los Angeles College, will provide twelve months of business curriculum and high-touch incubation focused on equitable access to markets, service providers, financial resources, and capital. This is the first such incubator program for ELAC and the East Los Angeles region. Working with a network of mentors and advisors, the program’s goal is to help build economic prosperity, support quality job growth, develop intellectual property, and create generational wealth in under-served communities. The new initiative launches on April 13 on the ELAC campus and offers free services to qualified applicants including:
- A two day Entrepreneur’s Boot
Camp - Fifteen weeks of ELAC business curriculum
integrated with OmniWorks interactive workshops on contemporary business strategies - Planning, launching, building,
and growing community based businesses - Marketing strategies, interpersonal
skills, legal roadmap, and building financials - Notable guest speakers
actively working in relevant California industries - Nine months of high-touch
incubation with executive mentors - A Pitch Day with cohort and executive feedback
- A network of active
executives, mentors, and advisors - East LA College Certificates
of Completion
“This program demonstrates our college’s commitment to open a Center for Entrepreneurship and Innovation at ELAC to provide a pathway for students who are interested in launching or growing their entrepreneurial venture or who wish to harness their creative problem solving skills to boost their professional and career education development,” said Marvin Martinez, President of ELAC.
“By focusing on entrepreneurs that are often overlooked by other incubator and accelerator programs, we are democratizing access to capital, markets, and financial and businesseducation, resulting in more sustainable community-based businesses, quality jobs, and wealth generation,” commented Brent Imai, Founder of OmniWorks.
“ESTEC LA is designed to inspire and engage participants in the technical and fundamental aspects of an entrepreneurial mindset and the unlimited opportunities it can provide.Built on a rigorous and relevant framework and network of partners, our highly interactive program will enable participants to learn first- hand from successful entrepreneurs,”said Paul De La Cerda, Dean of Resource, Economic Development and Innovation & Executive Director of ELAC Foundation.
“Too few businesses, especially those owned by women, minority and veteran entrepreneurs, have access to flexible financing and the support services that are so critical to growth,” said Joseph Skowera, a Senior Vice President and Business Banking Market Manager for Chase in Los Angeles. “Yet it is these businesses that are uniquely positioned to revitalize local economies. Creating greater economic opportunity must be a responsibility for all of us. JPMorgan Chase is delighted to support the ESTEC LA Incubator-Powered by OmniWorks and its important mission.”
“Through The MUFG Union Bank Foundation, Union Bank is proud to provide financial support to help launch the first business incubator program in the East Los Angeles region,” said Kathy Patoff, Chief Operating Officer, and The MUFG Union Bank Foundation. “This grant demonstrates our commitment to equipping students, who may have more significant barriers to entry, with the skills and support they need to make their entrepreneurial dreams a reality.” If you are an entrepreneur
