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Office of the Mayor City of Los Angeles

ANTONIO R . VILLARAIGOSA

FOR IMMEDIATE RELEASE Mayors Office Contact:December 12, 2012 Barb Solish

Barb.Solish@lacity.org213-978-0741

LAMCII Contact:Bree LennonWilshire Axon(310) 402-2180 x 195bree@wilshiremedia.com

MAYOR VILLARAIGOSAS COUNCIL FOR INNOVATION ANDINDUSTRY PRESENTS INITIAL FINDINGS AND INITIATIVES

Council Presents Ideas for (t)expo Line Technology Corridor, EducationFellowship Program, Annual Innovation Competition

LOS ANGELES Mayor Villaraigosa today announced the initial findings and initiatives of theLos Angeles Mayors Council on Innovation and Industry (LAMCII) at the councils year-endmeeting. Formed in March 2012, LAMCII brings together 25 leaders from Los Angelesthriving growth company sector to identify the top issues facing the industry in the Los

Angeles region and propose actions to spur additional entrepreneurial activity and innovation.

Los Angeles is where the world creates and innovates, said Los Angeles Mayor Villaraigosa.LAMCIIs initiatives will communicate our citys boundless creativity, spur investment in high-growth industries, connect our plentiful talent to opportunity, and help LA achieve greater recognition as an innovation capital.

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"LAMCII was formed by a like-minded team of business leaders, passionate to help match theperception of LA with the reality, said Zack Zalon, Managing Partner Wilshire Axon andLAMCII founding member. Los Angeles has been home base to many of the world's mostinnovative and world changing ideas, and the LAMCII members' goal is to bring attention to

this heritage and work to ensure the city is best positioned for continued entrepreneurialsuccesses in the future.

One of LAMCIIs most ambitious policy initiatives is to promote the path of the light rail ExpoLine as a technology corridor, named the (t)expo Line, in which the City of Los Angelescan encourage and support development of high-growth communities. The existing andplanned extension of the Expo Line cuts across a large portion of Los Angeles, connectingthe hot-bed of growth companies in Venice and Santa Monica to other areas of growth inDowntown Los Angeles and Culver City, and offering much needed access tounderdeveloped areas in between. The City of Los Angeles can bolster this developmentwith tax-incentives and the contribution of city-owned parcels. City-owned parcels can beleveraged in a public-private partnership to create innovation hubs along the corridor.LAMCII is working with the regions major universities, USC and UCLA, to be cornerstonetenants and co-locate their incubation efforts at one of these locations. A graphic of theproposed (t)expo Line is attached.

The (t)expo Line offers Los Angeles a wonderful opportunity to establish its own RooseveltIsland the planned development of a large parcel in New York City to form a technologyhub, said David M. Hernand, founding partner of the Los Angeles Office of Cooley, LLP, andLACMII member. By leveraging the (t)expo Line development, Los Angeles can create newgrowth-oriented hubs in currently low-cost, underdeveloped areas with access to mass transitin between the bookends of thriving economic centers and major universities.

LAMCII also presented the Edge.LA Fellowship Program to connect LAs young talent toestablished businesses and entrepreneurs. Although LA universities are home to some of thebest architecture, design, and engineering programs in the world, LAMCIIs researchers foundthat LA is facing a brain drain. Since 2008, 54% of UCLAs engineering graduates havechosen to relocate, creating a perception that there are not enough opportunities within thecity. However, the 25 LAMCII members alone found over 500 open positions available withintheir companies. Once in full swing, the Edge.LA Fellowship will be a one-stop shop for alllocal universities and businesses to connect and find meaningful experiences and

partnerships.

"We are sitting on a goldmine of human capital. LA is the #2 college town in America and hasmore residents holding PhDs than any other. Our universities are world-renowned, home toNobel Laureates, MacArthur Fellows, and members of the National Academies, addedBrendon Cassidy, Managing Partner Wilshire Axon and LAMCII founding member. Our

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proposals from around the world in the spring of 2013. More information will be available athttp://edge.la .

LAs growth community is significantly underserved from a capital perspective relative to theopportunity, added Zack Zalon. With the Leading Edge Awards we will have the ability topromote and fund innovative companies that make LA their home.

In addition to these three initiatives, the council presented their research on LAs need for astrong narrative to communicate to the nation and the world that LA has significantopportunities for innovation and growth. With an emphasis on boundless creativity, LAMCIIwill work to propagate that message and spread the word that LA always has been, and willcontinue to be, a place of innovation and world-changing ideas.

Our goal is to create a compelling and real story for LA that defines it as the go-to place for business innovation and fundamentally changes its perception, ensuring this city is in the top3 list of must consider locations for talent, investors, businesses, and entrepreneurs, saidJimmy OMahony, Vice-Chairman of Wilshire Axon and driving force behind LAMCII.

Finally, the council is proposing ways to attract more capital, from both public and private

sources, to service LAs thriving growth company sector. Major Villaraigosa and LAMCII areworking together to advocate that LAs pension funds invest in LAs own local growth andinnovation sector.

LAMCIIs end of year booklet, with further details on these initiatives and more, is attached.

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