PledgeLA and Mayor Karen Bass Join Forces to Empower L.A.'s Entrepreneurial Landscape

In a significant move to bolster Los Angeles's startup ecosystem, the Annenberg Foundation partnered with Mayor Karen Bass to host the inaugural Catalyst Awards, celebrating leaders who are making strides in enhancing access to venture capital for underrepresented communities. This event took place at the iconic El Rey Theatre, bringing together over 300 influential figures in technology, venture capital, and community building.

Spotlight on PledgeLA

PledgeLA, a coalition of tech firms and venture capitalists, aims to foster diversity and community involvement in the investment landscape of Los Angeles. Cinny Kennard, Executive Director of the Annenberg Foundation, highlighted the coalition's commitment to unlocking the city's entrepreneurial potential. “Recognizing L.A.'s boundless entrepreneurial talent—and the power of this creative region to move the needle on representation—we established PledgeLA to build a thriving ecosystem reflective and accessible to all of Los Angeles,” said Kennard.

Catalyst Awards Honor Outstanding Contributions

The Catalyst Awards were designed to honor individuals and organizations making impactful contributions to the local economy. Among the distinguished awardees was the Kwanza Jones & José E. Feliciano Initiative, co-founded by Kwanza Jones and her partner José E. Feliciano. They have committed over $200 million to various initiatives promoting education and equity, significantly impacting nonprofits and businesses serving underrepresented communities.

“Access to capital is central to our efforts,” explained Jones. “By investing in organizations focused on breaking barriers, we're cultivating an ecosystem where diversity fuels excellence.”

Furthermore, Slauson Co. received the Portfolio Catalyst award for its focus on funding companies led by people of color, with a remarkable $100 million fund directed entirely at underrepresented founders. Dana Settle was honored with the Pathbreaker Catalyst award for paving paths to investment opportunities, notably as a co-founder of Greycroft, a major player in the VC industry.

Continuing the Conversation

Following the awards ceremony, Mayor Bass and Cinny Kennard engaged in fruitful discussions aimed at developing a resilient tech ecosystem in L.A. Bass emphasized the importance of connecting investment opportunities with entrepreneurs who have historically faced barriers to entry. “Opening Los Angeles for business means working to increase investment and opportunity for Angelenos who have too often been left out,” she stated.

The ceremony also included a comprehensive review of the annual report on diversity in venture capital, conducted by UCLA's Luskin School of Public Affairs. Despite gradual improvements, the report revealed a stark underrepresentation of Black and Latina women in the startup sphere, highlighting the continued need for targeted initiatives like PledgeLA.

Looking Ahead

As PledgeLA continues to lead efforts in promoting diversity and access in the venture capital world, it remains committed to monitoring its progress year after year. The Coalition has already established vital programs placing talented graduates from underrepresented backgrounds into venture capital fellowships.

In recognition of exemplary work, the event celebrated numerous categories including “Most Inspiring Entrepreneur,” honoring startups such as ChargerHelp!, dedicated to maintaining EV charging stations, and Cherub, a platform facilitating funding for women-led businesses.

The overarching sentiment expressed throughout the evening was one of hope and determination. “This recognition from PledgeLA affirms our mission to break barriers and unlock potential,” said Jones, highlighting the essence of these awards.

Together, with initiatives like the Catalyst Awards, Los Angeles is poised for a dynamic transformation, where the dreams and aspirations of every entrepreneur contribute to the city’s economic narrative. The partnership between the Annenberg Foundation and the Mayor’s office marks a promising chapter in the journey toward inclusivity and progress in California's vibrant capital of culture and innovation.