Goleta Entrepreneurial Magnet (GEM) Kicks Off 2014 with $600,000 in Committed Funds Along with Increased Support of Private Donors and Local Businesses

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Goleta Entrepreneurial Magnet Readies Launch of Business Incubator and Summer Accelerator Program

Goleta Entrepreneurial Magnet (GEM), a provider of resources and support to science and technology start-up businesses, today announced that it has made significant headway in building its donor base with commitments from the City of Goleta, UCSB, and Goleta Valley Chamber of Commerce along with the Santa Barbara Foundation and private donors totaling over $600,000 over the course of three years. These funds will be used to launch and support GEM, the Goleta-based business incubator that will provide related business support services, and introduce its own Accelerator Program, this summer.

In addition, local businesses including, Impulse Communications, Kickstart Consulting, Latitude 34 and DocuProducts are donating critical business services for IT support, business connectivity, and outbound communications in order to help drive the sustained momentum. Thanks to the combined efforts of these in-kind and cash donors, GEM can move towards its mission of strengthening the local economy through the support of new and growing entrepreneurs.

“The support and commitment of our donors and local businesses are greatly helping GEM in progressing towards its goals,” said Doug Lynch, Executive Director of GEM. “We are excited about getting this program off the ground and all of the support that we have received this past year has helped us get closer to achieving this.”

With its new funding, GEM was able to secure a sub-lease with ATK Space at 600 Pine Avenue in Old Town Goleta. This incubator office space, which is over 4,500 square feet of fully furnished office space, containing 5 offices, a conference room, 12 cubicles, and 5 drop-in desks, is scheduled to open in February 2014. The incubator as well as the donations will allow GEM to provide training, mentors, and venture capital funding to help startup and growing businesses.

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