A vibrant entrepreneurial environment is necessary for innovation and sustained increases to an area’s productivity. Growth in venture capital investment, technology transfer from the national labs, and the formation of groups dedicated to encouraging innovation are important elements of the support structure benefitting Tri-Valley businesses.
The Tri-Valley is a hub of startup success In 2012, Tri-Valley companies raised $272 million in startup investment funds, ranking the region 19th in venture capital (VC) investment in the United States. According to Mirador estimates, VC funding for Tri- Valley companies has continued to grow, exceeding $350 million in 2016, an increase of nearly 30% since 2012. IMPLAN (Impact Analysis for Planning) studies of multiple effects estimate that every $1 million investment in scientific R&D
Labs fuel innovation
The Tri-Valley has access to two local, world-class research laboratories, Lawrence Livermore National Laboratory (LLNL) and Sandia Labs. Through spin-off startups and companies who want proximity to the labs for research purposes, Stephan Kiefer, Director of Innovation & Economic Development for Livermore, has seen firsthand that “the labs are an asset to the entire Tri-Valley.”
Innovation beyond the labs
The entrepreneurial environment of the Tri-Valley extends beyond the labs. A strong base of successful, established companies, a growing startup scene, and increasing economic ties to Silicon Valley are encouraging tangible innovation. Several institutions have formed in recent years to provide resources for startups and companies looking to innovate.