Funding for Southern California startups has stalled as some of the region's biggest investors spread money outside the region.
In 2010, roughly one in every 10 startup dollars deployed nationally funded tech companies in Southern California. A decade later, that share has remained stubbornly static, even as the total sum invested in local startups ballooned from $4 billion in 2010 to $14 billion in 2019. That's according to a new report commissioned by Alliance for SoCal Innovation, a nonprofit advocating for the local tech scene.
"The good news is the pie has gotten bigger, but our slice of it has stayed more or less the same," said Andy Wilson, the executive director of the Alliance.
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The Alliance for Southern California Innovation is LongLA, as regional investors and boosters like to frame their investment outlook.
Launched three years ago in a bid to help build a hub for technology that can rival Silicon Valley, the nonprofit has been slowly building up a network of tech companies, backers and entrepreneurs beyond Silicon Beach.