los angeles cleantech incubator

When Los Angeles Mayor Eric Garcetti took office he pledged to be the city's first "high tech mayor," but did President Joe Biden's pick for the next ambassador to India make good on that?

Biden officially named Garcetti as his pick to the ambassadorship last week, after months of speculation. If confirmed by the Senate, the mayor who oversaw an ever worsening homeless crisis and lured the Olympics back to Los Angeles will cut short his term ending in December 2022.

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The 46-year-old poet-turned-financer Taj Eldridge is raising $250 million to support Black and brown entrepreneurs and investors.

The fund will be split in two buckets, $125 million will go toward direct investments in clean tech, healthcare tech, media and fintech, as well as follow-on investments for companies that its affiliated fund managers make investments in. The rest of the funds will support fund managers raising at least $5 million that are majority-owned by Black or Brown individuals with an environmental social governance focus.

"What we like to say is we like to see funds that impact how you work, how you live and how you thrive," Eldridge told Minnie Ingersoll on the LA Venture podcast.

Eldridge, senior director of investments for the Los Angeles Cleantech Incubator, said the idea for the new fund began in 2019 before last summer's racial reckoning when he had a conversation with a "high net-worth individual" about reducing the racial wealth gap.

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Think you have what it takes to change how people get around? Then you should apply to the fourth annual L.A. New Mobility Challenge, a joint initiative of CoMotion, the Los Angeles Cleantech Incubator, the NewCities Foundation, the UK Government/ British Consulate-General in Los Angeles, SparkLabs Group and Urban Movement Labs.

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