Starburst Accelerator, LLC
Los Angeles Area Aerospace Ventures Accelerator Enhancement Project
Los Angeles, CA
Venture Challenge
Federal Share: $1,431,931
Local Match: $1,431,931
The 2020 EDA Venture Challenge grant will fund the creation of the Starburst-UCLA Public Private Partnership (PPP) “Scale Aerospace Ventures” innovation hub, building on an existing ecosystem of entrepreneurship ready to scale the next generation of startups based in the aerospace capital of the world.
The Starburst-UCLA PPP is designed to inspire a generation of students, entrepreneurs and investors, to pursue entrepreneurship in the aerospace industry. This PPP will provide an ecosystem for the creation of startups looking to transition (spinout) research and development of novel and disruptive technologies developed in the UCLA Mechanical and Aerospace Engineering Department as well as its broader UCLA Technology Development Group (TDG). Together, the team will vet entrepreneurs and prospective startups that stand to benefit local job growth as well as accelerate the goals of the US Space Force, the Department of Defense and NASA.
Over the next five years, the anticipated impact of this initiative will be the formation of an efficient process for the development of early-stage technologies originating both within and outside the UCLA network into new ventures, creating jobs and growing the Los Angeles (LA) County economy. Over three years, this “Scale Aerospace Ventures” innovation hub expects to source and accelerate at least 45 new startups. We anticipate 50 percent will raise an average of $2M in seed funding, and 20 percent will raise an average of $10M in Series A funding, enabling over 300 local high-tech jobs in the aerospace sector.