Los Angeles is graduating more engineers than anywhere else in the country, and is primed to become the country's next great tech center. However, there are growing pains to DTLA accommodating startups. Entrepreneurs are having a hard time finding appropriate office space in Silicon Beach, while DTLA runs perennial commercial space vacancies of over 20%, per the DCBID.
Each year, GRID110 will focus on supporting a specific sector of the burgeoning entrepreneurial scene in Downtown Los Angeles. This year, our focus is on FASHION-TECH.
WHY FASHION-TECH FIRST?
By any metric, Los Angeles is a world fashion capital. From the CIT/Fashion Industry Association March 2014 Fashion Industry Report, the LA Fashion Industry:
• Employs over 75,000 workers
• Brings in $18B+ in company revenues
• Is responsible for $6.4B+ in worker income
• Imports $46B in apparel annually
These figures rival more traditional fashion centers like New York, Paris and London. "LA Style" is a force to be reckoned with, boasting a revitalized Fashion District, amazing designers and top-selling brands. And Downtown Los Angeles (DTLA) sits at the epicenter, from FIDM to garment workers to a growing list of successful fashion-tech startups like Nasty Gal and ModCloth.
GRID110's GOALS FOR THE FIRST CYCLE
GRID110 will activate the local ecosystem by pairing 5 fashion-tech entrepreneurs with office space and mentors in DTLA. GRID110 startups will have 6 months of free office space right in the middle of the industry power players, manufacturers, buyers and designers, and gain access to powerful mentors in the industry who will help entrepreneurs refine their product, strengthen their business strategy and build their network. We will give startups a space to work during their seed stage, so they can focus on building the best possible company without spending their entire budget on rent.