The Initiative for a Competitive Inner City (ICIC) today announced participation from the Los Angeles Mayor’s Office of Economic & Business Policy (OEBP) and entrepreneur Magic Johnson for this fall’s Inner City Capital Connections (ICCC) program, which educates investment-ready inner city companies about equity and other sources of growth capital, and matches them with potential investors. Johnson will be the keynote speaker at the sixth annual ICCC, hosted in partnership with Bank of America.
ICCC will be held in Los Angeles November 15-16 at the Westin Bonaventure, 404 South Figueroa Street. The two-day event will feature a full day of speed-pitching to potential investors, along with workshops and individual assessments on investment potential.
The Mayor’s Office of Economic & Business Policy works to create jobs and create and retain businesses in Los Angeles through innovative economic development initiatives. Through a partnership with the Mayor’s Office of Small Business Services, the Los Angeles Minority Business Opportunity Center, OEBP and ICIC, the City of Los Angeles will reach out a number of growing businesses in Los Angeles to bring much-needed capital to companies in economically distressed areas and help the ICCC program better understand the Los Angeles small business environment.
“We are delighted that ICCC is bringing their conference back to Los Angeles and to partner with Bank of America and my good friend Magic Johnson,” said Mayor Antonio Villaraigosa. “Public-private partnerships such as this will bring much needed capital to our entrepreneurs and growing businesses and help lead us back to economic recovery.” For more than 25 years, Magic Johnson Enterprises has been a leader in revitalizing and providing quality entertainment, products and services to ethnically diverse, urban communities.
The deadline for ICCC nominations is September 30, 2010. Eligible companies must be:
•Headquartered in or have 51 percent or more of a physical operations presence in an economically distressed urban area.
•Be a for-profit corporation, partnership or proprietorship with revenues of more than $2 million in 2009.
More than 250 companies were nominated for last year’s ICCC program. This year, ICCC hopes to select 100 companies for participation from across the country.
The ICCC is a free program providing web-based training workshops, a daylong educational program on equity and growth financing, and a one-day event connecting business participants with investors including private equity firms, VCs, mezzanine investors and angel investors.
Since the launch of the ICCC program in 2005, nearly 200 inner city companies and 150 equity providers have been selected to participate. Participating companies have raised more than $335 million in capital and experienced a compound growth rate of 23 percent.
For more information about nominating a company for the ICCC, visit www.icic.org/iccc2010nom
The Initiative for a Competitive Inner City is a nonprofit research and strategy organization and the leading authority on U.S. inner city economies and the businesses that thrive there. Founded in 1994 by Harvard Business School Professor Michael Porter, ICIC expands inner city economies by providing businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities. ICIC’s unique knowledge and expertise about inner city success factors and thriving companies is developed from specialized urban networks and path-breaking research.
For more information, visit: www.icic.org.
About Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.