10-04-2011 CC RPT 09 - Laserfiche WebLink

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Cit 4 1 : 41 11 1 . 5 City Council Memorandum TO: HONORABLE MAYOR AND CITY COUNCIL FROM: DEVELOPMENT DEPARTMENT DATE: October 4, 2011 ITEM NO: 9 WARD: 1 SUBJECT: SEIZING OUR DESTINY — UPDATE ON THE INNOVATION ECONOMY INITIATIVE ISSUE: The issue before the City Council is to receive an update on the Innovation Economy Initiative. RECOMMENDATION That the City Council receive this fourth update on the Innovation Economy Initiative. BACKGROUND In early 2010, local entrepreneur Amro Albanna established the Innovation Economy Initiative (IE Initiative), a business acceleration program designed to monetize innovation. In support of this ground- breaking program, on January 5, 2010, the City Council approved a sponsorship agreement with Extreme Entrepreneurship to implement and operate the IE Initiative, helping to provide 6,900 square feet of leased office space at 1650 Spruce Street. Out of the initiative, Innovation Economy Corporation (IE Corporation) was born with the mission to create high - growth, "game- changing" companies focused on providing products and services to worldwide markets; at the same time helping existing entrepreneurs with their own growth strategies through education, professional support and cutting -edge products and services. Innovation Economy Center (1650 Spruce Street) Since moving into what is now called the Innovation Center in February 2010, Albanna has provided space and entrepreneurial support to growing companies and non - profit organizations, putting concrete action behind his plan to create an innovation resource center for small business. Current tenants include: • Broken Circle Studios. developers of entertainment software for a variety of platforms including Microsoft, Apple and Xbox Live who are also working with California State University San Bernardino (CSUSB) on efforts to develop a gaming academy. • TriTech Small Business Development Center (SBDC). a non - profit that assists small to midsize high technology companies commercialize new technologies, market their products and services and identify capital and knowledge resources. • Inland Empire Small Business Development Center (IESBDC). provides business counseling to start -up entrepreneurs and small business firms. 9 -1