California receives a majority of U.S. venture capital (VC). Always
has, hopefully always will. Our state produces brilliant creative
minds and ideas because of its University power and its sheer size of
35 million people. This unique outcome alone does not however equate,
by default, to the meaningful job growth necessary for our many workers
whom are unemployed and under-employed (a term becoming all too common
for the folks forced to take any job they can find).
We must leverage our built-in VC advantage to ensure that emerging
green and other products are actually produced here. California’s
wealth will be multiplied once VC cash gets beyond the investment board
room offices and into the bank accounts of our very own hard working,
middle class families.
Recently the LA Times wrote a piece about VC growth in California and the notion
that it does, and will, open the floodgates to new green jobs. Often
the state’s VC numbers are used to support bold California-only
mandates and policies, without regard for the state’s competitive
disadvantage. Now the impressive amount of VC investment is being used to justify opposition to Proposition 23 — the
ballot initiative to suspend AB 32 until our economy is in better shape
and unemployment numbers are reduced.