Mike Krenn, a well-known name in San Diego’s technology scene, has partnered with the Conrad Prebys Foundation to introduce a new $50 million venture fund, designed to boost the local economy and support emerging tech and life sciences companies.
Big Money for Local Innovators
This massive fund, named Prebys Ventures Impact Fund, is all about putting money into early-stage companies right here in San Diego. Officials say it’s a way to fill a big need, giving these young companies the cash they need to grow and succeed. Here’s what that means: more jobs, more discoveries, and more progress for the entire region.
Who’s Behind the Fund?
Let’s talk about the people steering this ship. Mike Krenn is at the helm. If you haven’t heard his name, here’s the scoop: he’s the CEO of Connect San Diego and the brains behind organizations like Tech Coast Angels and EvoNexus. Reportedly, in just the past eight years, he’s helped gather over $800 million to support local innovations. That’s no small change!
Grant Oliphant, the head honcho at the Prebys Foundation, is all in. He says this move is a big part of their plan to mix their goals with their investments. Basically, they want their money to do good things for San Diego.
And then there’s Gil Alvarado, the Foundation’s CFO. He’s in charge of watching over the fund and making sure it fits nicely within their broader portfolio.
What’s the Big Idea?
The idea is pretty straightforward: find companies in San Diego that have lots of potential and help them speed up their growth. But there’s a bit more to it:
- Focus on tech and life sciences: These are areas that can really change how we live and solve big problems, like diseases or computer issues.
- Helping the local economy: By investing in local businesses, the fund could help create more jobs and opportunities right here at home.
- Connecting with other investors: The fund isn’t just working alone; it’s looking to get other investors interested in kicking in their support too.
Mike Krenn shared his excitement about the fund. He believes that with the right support, San Diego can become an even bigger hub for new ideas and real-world solutions.
A Closer Look at the Numbers
When we dive into the numbers, the importance of this fund becomes clearer. Data shows that San Diego has been growing as a hotspot for technology and science innovation. But, starting a new company often means needing a lot of money, and that’s where many struggle. This fund aims to bridge that gap, providing the necessary fuel to drive these companies forward.
What’s Next?
The next steps for Prebys Ventures Impact Fund are about getting the word out and starting to identify the companies that could benefit the most from their support. They’ll be looking for businesses that are not only innovative but also have a plan to make a significant impact on the region and possibly even beyond.
As these plans unfold, it will be interesting to watch how the fund influences San Diego’s position as a leader in technological and scientific advancements.
